Starting a Business at 16 and the Lesson's I've Learned Along the Way | with Chris Naugle

Starting a Business at 16 and the Lesson's I've Learned Along the Way | with Chris Naugle

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i started my first business when i was 16 years old i definitely didn't have all the answers but what i did have was a drive and a passion for success now where i'm at today is very different than where i was at there but i had a lot of learning experiences and a lot of them came along this journey some great some scary some horrible as you can probably imagine but the bottom line is it's my journey so let me tell you a little bit about that i'm chris snogle and again my job is to teach you how to become the bank when i was young i grew up in a lower lower middle class family my dad was an alcoholic my mom had to raise me it was a huge struggle for now i know not that's not the norm for all of you but that was my norm and i'll never forget growing up my mother always because she couldn't buy things we didn't have the money to buy me the things that i wanted she always taught me to dream so as a kid i would always draw pictures of the things i wanted i even remember in school there was this skateboard that i wanted and i would just fixate and draw pictures that i saw in the magazines well whether it was skateboards or bmx bikes or dirt bikes whatever it was that's how i articulated them and these dreams that i would come up with and these things that i wanted became so real that i vividly remember having dreams true dreams at night of me actually riding the skateboard or riding the dirt bike that's how real it became now i was just a young kid my gosh i might have been seven years old with the skateboarder eight i mean and to think back to that one of the things i know now is if you dream it and you believe it you can achieve it that's from napoleon hill but back then that was just that was life that's all i knew now even though that wasn't the norm i always wanted more as a kid and growing up in a household when my mom needed something what she would do is save her spare change in a little jar and i would watch the process of her do this and the jar would fill up and then when the time was right my mom would ask me to help her count and we'd roll change i know many of you probably don't even know what that's like but that's what we did and then when she saved enough she bought what she wanted and to me that experience and watching that happen over time it was exciting so my mom got me this little black box i still have it i wish i had it on me right now a little slide top and she said you need to start saving money for the things that you want to buy there's a lot of things i wanted but at that time it was a kx 125. i had been fixating on this stupid dirt bike forever drawing pictures having those dreams and i started saving i did odds and ends jobs i'd shovel the neighbor's driveway i'd mow lawns i'd go around and pick up leaves in the fall whatever i could across the street my neighbor had a horse farm so i'd go over there and clean the stalls and i'd get a little money here there and i would give it all to my mom and she put it in this box never forget the day and my mom said hey chris do you want to go look at that dirt bike that was like the greatest day ever for me so we went to this place called heblers that sold these dirt bikes and i test drove to an rm and a kx and after i got done with it i thought you know that was the best day of my life i got to ride the dirt bike i've always wanted and i just thought we were going to go home and my mother says to me she says would you like that dirt bike i was so confused but of course i'm a kid i'm like yeah i want the dirt bike and she says well let's buy it and you can take it home today see what i didn't realize because i wasn't keeping track of it but i had saved enough money to buy that dirt bike folks i can't even explain the feeling i felt when she told me that the only thing i can think of is pride and joy and we took it home and that was the first real experience but that doesn't explain the magnitude of what that lesson taught my mom literally taught me what today i know is the first law of wealth which is saving ten percent of the money you make now i may not have been saving ten percent but i was saving and i was delaying instant gratification and that was not because i wanted to delay instant gratification was just because that was just the way it was the whole rest of my upbringing was the same when i wanted something i fixated on it i used to go fishing with my dad like he that's the one thing he really taught me is fishing and i loved it but i'd always have to go to a pond and i didn't always have access to go to a pond to fish so i didn't get to fish as much as i wanted i had this idea that why don't i just dig a hole in the backyard and i'll just make my own darn pond i mean when you're a kid there's no boundary to what your creativity can be your dreams are as big as they want to be until life tries to knock them down tell you you can't do this and you can't do that because everybody's trying to get you to conform to their failed reality but when i was a kid i didn't have that conformity coming at me it was just whatever i wanted i did i grabbed a shovel because my mom said yeah go out and dig it and i went i started digging in the far right corner of my yard and i hit bedrock and i remember i kept trying to find a way around the bedrock and i said mom i can't get past the rock she said chris you're you're doing it wrong you've got to find a place where the water lays like where there's water after the snow melts i live in buffalo new york we have no lack of snow and i remember at the tail end of our yard we had about a two acre lot there was this low spot in every spring there was a big almost like mini pond back there but it always dried up so i got this idea i started digging the pond there all summer long i dug and i dug and i just kept digging this thing and i literally dug a pond there's a youtube video up on here that shows that pond now the funniest part is is you know i dug this hole and i when it filled up because it was spring it it basically had water and i went up the street i caught some bass and some sunfish and i put them in there and i would sit out there for hours casting into my pond that i did i never caught a fish and yes the pond did dry up and animals probably got to enjoy the fish that i caught but it was the act of doing it that was so exciting fast forward to the early 2000s the way i grew up without having money led me to want a lot because i always wanted more so i accomplished two major goals by the time i was in my my late teens early 20s one of them was i accomplished the goal of becoming a pro snowboarder it was something i began to fixate on much after the the fishpond but i began fixating on the idea of becoming a pro snowboarder i became a pro snowboard but along with that i had started my first company at the age of 16 and that was not because i wanted to be an entrepreneur not because i wanted to make a bunch of money but because i quit my job because i was treated so poorly at the restaurant i worked at that when i came home i needed a plan b i needed an excuse to tell mom why i quit and i told her well mom i'm going to start a clothing line in the basement can i convert part of the basement into my office and i did just that we drywalled it all up and got it nice and that was the headquarters for my company at the age of 16 called fat clothing company phat and i would make shirts with my art teacher mr michalski after school every day we'd print the shirts i would then take them in my backpack and sell them in school friends would see this and they'd be like oh i got this cool idea for a shirt i would take their drawing i would make it a shirt that was a fat clothing shirt then they would help me sell them because they were proud of it so now instead of having one sales person me i had two and that continued on well it even got to the point where after some time i started selling my clothes on the road to snowboard and skateboard shops that i had stopped at that were putting snowboard contests on that i was riding in and i got the second idea it's about 17 years old and i had seen all these shop owners who had the ultimate freedom i'd never seen this before i remember being in this one shop in canada and it was a shop that i sold my clothes to and the guy said hey do you want to go riding snowboarding and i'm like yeah when you're off work he's like let's go right now to me it was like like this guy can just leave work anytime he wants to go snowboard like what so the idea was formed like i needed my own shop i mean i had the fat clothing company and i was the man so i got the idea for fat man board shops so i was selling my shirts at this flea market every weekend and the guy that i kind of rented a booth with or actually sold his stuff to be able to sell mine that was my rent his time he had the idea of doing a shop too so we came together and we opened the store fat man board shops but see it didn't just open because we needed seventy thousand dollars so i'm 17 years old i need seventy thousand dollars to open this dream shop called fat man board shops where am i gonna get that so i did what any other 17 year old would do i went around all the people in your family that have money or you think have money and i asked them can i borrow 70 grand and i heard things like no absolutely not you're an idiot this isn't gonna work you're gonna fail you're gonna shoot your eye out kid you know all that kind of stuff my father was one of them and told me that and then he went on to say hey come over to the factory and i'll get you a job as if like my destiny was going to be your destiny dad i don't want to work at a factory i have different ambitions different goals see again people in your lives will try to get you to conform to what they know it's not that they're trying to do that out of out of malice or out of any ill will it's just all they know but when you conform to somebody else's failed realities their failed dreams and their failed life not entirely but you get the drift you literally conform to a life that you weren't meant to do my life wasn't meant to work at a factory like my father my life was to go out and create things so my mother saw this happening saw my dream almost die i remember her saying to me well what is it going to take to do this she had no money so she was just trying to edge me out and keep me going and i said mom i went to this bank and i had my business plan because i learned how to write a business plan and they said we'll give you an sba backed loan kid but we need collateral i didn't even know what collateral was you know when they told me it's something to back the loan i'm like oh i got a 1986 buick skyhawk i got a kx 125 and i got an awesome baseball card collection yeah well that wasn't what they were looking for so i told my mom that they needed collateral by chance my mom well our house i should say not just my mom's house the house she got in the divorce was worth 72 thousand dollars that's how much equity she had in it my mom gave me my start really it's almost brings tears and try to hold it together but she put her house on the line so that i could get this loan so i could chase my dream my mother literally gave me that opportunity now that is the ultimate act of giving because think about it my mother a woman who had to save her spare change to buy a lawnmower just put the only asset the biggest asset she has in her life on the line for a punk 17 year old kid to chase his dream i wouldn't suggest she did that by today's standards but she did and that's how i got my start and i ran those stores successfully all the way you know going well open multiple locations and then all of a sudden i remember one day i'm driving down the thruway and on the radio i had heard that a plane hit the towers you remember this this was effectively 911 but i didn't know it and after 9 11 happened the recession kicked in now i'd never seen a recession i want to parallel this to today anybody that's 38 years old or younger has never seen a recession that would impact their lives so now back to me okay i'm in my early 20s i'd never seen a recession until this.com crash what i didn't realize is that a recession brings everything down it's like the tide all when the tide goes down all boats go down well my business sales dropped about 30 i was highly leveraged i was on my third location and i needed to get a job so what i did is what every other 20 some year old would do you go to little caesars and you ask them if they're hiring delivery drivers i mean hey that's going to pay for the the truck you know that i had they weren't hiring since when does little caesars not need delivery drivers well that was the moment but i think it was the universe telling me that wasn't my path so i put my resume out my resume was nothing special two years a community college business owner and i never put a suit on in my life and you know who reaches out to me wall street companies so all of a sudden now i'm going to an interview at a wall street firm i have no idea what to say i've never bought a stock in my life actually i had watched my mom buy a mutual fund through a family friend that we had that was the only exposure i ever had to any financial product i interviewed the guy throws the keys down on the table and says if you work for this firm you'll have this car i think it was a porsche or something i'm like so sign me up how do i how do i start where do i sign and i ended up working there and quitting and going to another firm but that was my start in wall street this is a very strange time for me because remember i'm a skateboard snowboarder i never put a suit on i wore hoodies and beanies and now i gotta wear blue gray and black suits every single day i go to work it messes with your mind you can't just pivot like that just easily every day i felt foreign i didn't even feel like i was in my own skin so here's what i did i went to my show my store that i still had and we sold this company called vulcan i ordered vulcan suits you probably didn't even know vulcan made suits but they did and i found them and by putting a suit on that was made by a snowboard skateboard manufacturer was just enough to get my mind in the right place to say this is okay i think i can do this when i was in the bullpen sitting there and pounding the phones to make these guys in the outside you know offices more and more money i wanted one of those offices and i remember looking at it and saying how do i get one of those and i talked to a few of them and they told me the path and i'm like you know what these guys they have these big offices make millions of dollars they show up late they show up at 8 30 9 o'clock then when they show up 8 39 they leave for lunch for two hours when they leave for lunch for two hours about 4 35 o'clock they're gone for the day and i just said to myself you know what if i want one of those offices all i got to do is what they're unwilling to do i showed up at seven i pounded the phone through lunch i didn't go out for lunch and when 4 35 came and nobody was in that office guess where i was out seeing the clients that i talked to on the lunch break and very quickly i became one of the top advisors matter of fact i skyrocketed my first year i made seventy four thousand dollars more money than i'd ever made by today's standards that might not be a lot but we're talking 2003. for a 23 year old that was a lot of money and then i made over 100 the next year and just went north i had flipped a couple houses 106 107. they didn't go great but i got the taste of that and in 2008 my lease came due at my biggest store okay my fat man shop and i said why am i gonna pay an increased rent to this guy when i can buy this dilapidated building there was a paint store that was two buildings down for sale i'll buy that i'll convert it into a three unit strip mall and i'll have my tenants pay me rent brilliant idea you heard what year i did that right 2008 you would think that being an advisor i would have saw the storm coming the great recession but i didn't and it hit me like a mac truck it's full steam ahead and i'll never forget at the early years of that recession i was one payment away from being able to pay these hard money lenders that gave me the money now these weren't the kind of guys you didn't pay monthly checks to because if you didn't i don't know if they would have just taken the property they probably would have taken a pinky or maybe a big toe or something who knows they weren't the right kind of people to borrow but they were the only ones that would give me the money so i took it and i went home one night my girlfriend had just moved into my house and i remember sitting her down and i said sweetie i need your help i need your help paying the mortgage i need your help paying the utilities and by the way my friend pete's gonna move into that bedroom as if i was then gonna say any questions when you're backed into a corner you make difficult decisions and this was just the only decision i knew to make at that point i had no one else to go to i'd already exhausted everything i had i thought in my mind i think i thought i had a 50 50 shot of her sticking around my friends later told me i had about a 10 shot but i think she kind of liked me because she did stay and that's how i made it through the great recession and how i narrowly avoided going bankrupt the next phase of my life from 2009 to 14 was an interesting one i had watched everything plummet and i was smart enough to know how to invest because i read a lot of warren buffett books and one of the books said the secret to making money is to buy low sell high and if you do that you won't lose money so i knew that real estate was low and i said all right i need to buy real estate from 2009 to 14 i took every penny i made in wall street every extra dollar i had i leveraged my 401k i took loans i i took money from my whole life policies that i had started and i put it all into real estate and i built up to 36 units and then in 2014 i went to get my 37th property and the same banker that had taken me out of that strip mall hard money loan the same banker that had helped me get all these loans for these real estate says to me we can't do this alone you don't fit the little box in other words your debt to income ratio is out of whack and i didn't quite understand the magnitude of what was going on i said okay i won't do the 37th but then what they did the bank then froze my line of credit i was pretty much dead in the water i didn't know that because without the line of credit i couldn't finish the properties without finishing the properties i couldn't generate rent and i couldn't afford all this overhead and it spiraled down quickly 2014 was the hardest period of time in my life it was the hardest period of time in my life to date because everything that i thought i had going for me just crumbled underneath me because of one error one error that i didn't even know i made because i thought i knew what i didn't know you know will rogers i've read his quote went on to say the biggest problem in america is not what we don't know the biggest problem in america is what people think they know that just ain't so you see i thought i knew what wasn't so that was the problem i was an advisor right i was the money guy i thought i knew what i was doing and all of a sudden one thing and it all comes crumbling down so bad that i had to sell our dream house that me and larissa had bought larissa's the girlfriend that moved into my house who is now my fiance it was like our dream and now all of a sudden i didn't have enough money to keep it going so i sold that i i'll never forget right when i sold it i decided i was going to sell all my belongings and i remember putting an ad in craigslist to sell my bedroom set i don't know if you guys have ever been at this low of a point but it's the point where you're sitting there and you watch these strangers walk into the house that you no longer are gonna have and they walk out with your bedroom set that was the magnitude of that so you can see folks my story is one where i've had money and i've lost it i've had money and i've lost it again each one of those losses creating a new learning experience because of failure now i'm not gonna lie to you and say oh yeah every time i was at the bottom i was like oh this is great i'm learning no i wanted to quit i wanted to throw the freaking towel and i didn't wanna face the music my mother was in my ear saying why can't you just be happy why can't you just be content you make okay money at the firm why don't you just go deeper into that and i started actually believing this and saying yeah mom maybe i should now remember my mom's the one that watched and helped me with my dream but my mom saw me crumbling and she just didn't like that so i almost gave up but i don't know something in me just said no i got a postcard in the mail and i read it and it was the come to this three-day seminar to learn how to flip houses and i know exactly what you're thinking dude don't you ever learn but if i flip the postcard over on the backside it said if you come to this three-day seminar we will give you a free ipod shuffle maybe some of you have gotten that i had nothing to lose but i had an ipod shuffle to gain so off i went to this seminar boring the first day but the second day two guys get up there mike and greg never forget this they start talking about money i'm the money guy i perk up i'm like whoa but what they were talking about was the complete opposite of everything i'd ever been taught about money as a financial advisor of 14 years at that point everything they said was foreign to me they talked about money they talked about how they were getting money they talked about how they were funding real estate deals they talked about how being the bank was the ultimate in real estate and i'm just like this is this is completely crazy i took my credit card out of my wallet ran to the back of that room as fast as i could not just to get the ipod shuffle because you had to wait till the end of it i just wanted more of what these two guys were talking about i swiped my card for 2 900 which i didn't have came home told larissa who had finally moved back into my little apartment that i had moved into after we lost the house we didn't lose it we had to sell it and i told her i just spent 2 900 we're going to this three day training it's going to change our life we're going to learn how to flip houses we're going to become superstars what do you think her reaction was you think it was as excited as i was she said chris how much did you just spend don't worry about that we're going to this event it's gonna be awesome blah blah blah and she says i work fridays i can't take a day off i said well we're gonna have to take a vacation day or something and she said my dad's my manager like what am i gonna say long story short she ended up taking that day off we went to that three day and it did change our life it was the beginning of where we are today and i'm gonna fast forward through that whole time because it was a period of learning educating getting coach getting mentored following and mimicking some very extremely wealthy individuals and learning everything that i didn't learn as a financial advisor so i started questioning everything i had learned the traditional financial method to me was a dying thing it wasn't real because that wasn't what the wealthiest people i knew were doing now me and my wife went on to flip hundreds of houses 270 and actually be 271 soon okay we don't do too many flips anymore but our goal back then was to get a tv show because we were sitting at an event watching two speakers two tv show stars on the stage i look over at larissa and i said sweetie if we're ever gonna be on that stage we gotta have a show just like that that creative mind that that dream came up and i'm like we're gonna create a show it's going to be jackass meets flipper flop we're going to have my skate team come into the houses as we're demoing them we're going to make ramps they're going to skate we're going to video this it's going to be sweet in the winter i'm going to do pulleys i'm going to jump up on the roof anyway i'm getting excited but that's exactly what it was we made our first sizzle reels we sent them off to all the networks hg a and e and they all said no just like that all this time i'd spent 40 grand on production and video and all this stuff and just to get a big no from all of them they liked the idea but it just wasn't in the square box and i remember the square box from the bank i'm like damn it i got to figure this square box out so i went to that mike guy that i met and i said mike do you know another producer that knows the square box hgtv wants he did he connected me we did all the interviews we got them to take us on and we made what was called what aired as risky builders was our pilot that we did on hgtv in 2018 so we actually made it to the big stage we aired with our heroes tarik and christina from flipper flipperflop right next to them we never made it onto series which was the greatest thing because when that door slammed shut it opened another door to what i do today and what i do today is help tens of thousands of people learn the truth about money learn what i didn't learn as a financial advisor what my entire life i was sheltered from not because i wanted to be sheltered but because society doesn't want you to know what these secrets are so i teach them today and i set people free from what i call financial slavery by teaching people like you how to become your own bank that's my story and i'm sticking with it so folks if you like that video and my story you're gonna love this video predicting the future of real estate what's next check it out and we'll see you on the next episode

2022-09-24 22:05

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