We are a homeschooling family. Because of so many of my “politically incorrect” views, I have no confidence in the current education system to know what is right or wrong for my children. The public-school system has an agenda, and that agenda is to turn our children into “good citizens of a humanistic world”; a world which based primarily on socialistic practices and totalitarian leadership.
As a believer, I was first and foremost motivated to home school my children in accordance with the Biblical mandate given to us in Deuteronomy 6: to teach them the Truths of scripture and to live that Truth out in front of them in a way that wakes the Word a Living Word. Second to that, it was my mission to impress upon them the principles of hard work and honest practices, with hopes of steering them down a path away from the conventional, W-2 job that I have spent my life toiling over, by teaching them entrepreneurship.
It was my dream and desire to do just that when we undertook homeschooling over a decade ago but, just as Steinbeck wrote, “The best laid plans of mice and men often go awry,” here I am with three of my four children graduated and onto the next stages of their lives, having myself just escaped the clutches of my conventional, W-2 job. Fortunately, though, it is not too late.
Now, there are some significant expenses associated with homeschooling. While our tax dollars automatically contribute to the public school system, there is no tax relief or other financial input for home school families. But I now have the solution to that dilemma. Did you guess it? Entrepreneurship. Here’s where we start killing a few birds with one stone…
Entrepreneurship is about running successful businesses. Most tax breaks available are provided to individuals that run businesses. Additionally, there is no better way to learn (or to teach) entrepreneurial business practices than to be involved directly in entrepreneurial business activities.
Up until 2018, existing Federal income tax law permitted underage children to earn up to $6,300 per year without having to pay any income tax or file a tax return. With the new tax laws of 2018, that limit has now increased to $12,000 per child.
With that in mind, let’s assume that under the 2018 tax law, you have four underage children in your for-profit, real estate investing apprenticeship, home school academy. Dads or moms, whoever happens to be the breadwinner outside the home, it’s time for you to begin to begin to consider an exit strategy that will enable you to join the Academy full-time once your family’s for-profit academy has attained sufficient revenue levels to replace your existing income. After all, isn’t it better to have two full-time parents dedicated to the spiritual development and entrepreneurial apprenticeship of your precious children than it is to have just one?
It’s time for you to get started.
You’re going to be selling two things in this home based business: 1) Real estate and 2) Real estate investment education services.
Now, before you can sell real estate properties, you need to acquire them; and before you can acquire them, you need to learn how to identify, fund, and buy under-market priced real estate properties… which you can then pick up and turn around for, at the minimum, a $30,000 profit. (Just think… how many $30,000 profits would you need to fix and flip in a single year to replace your household’s primary bread-winner’s salary? That becomes your first business target.)
But let’s not get ahead of ourselves. In addition to the profit center associated with the selling of your fix and flips, there is further revenue potential through the sales of your real estate investment education services. This curriculum will serve as both a major education tool for your home school academy, as well as be a proponent of your entrepreneurial business endeavor which will bring in revenue, thus serving as the know-how, as well as being the means, for the aforementioned tax breaks you will receive to combat the expenses associated with homeschooling your children. Costing $20,000, it will incur a $10,000 commission each time a curriculum package is sold. It contains over 450 hours of real estate investment education, covering topics of vocational tracks on Fix and Flips, Lease Options, Short-Sales, Multi-Family Properties, Commercial Real Estate, and more.
Once your children learn how to profitably maneuver through all these vocational tracks, the possibilities are endless. They can decide which one is best suited to their own individual personality and will have the freedom to be able to earn from that while they do whatever else they want to do in their lives.
Now let’s recap.
Step one: Study the course material with the intent to apply what your family learns.
Step two: Map out an execution plan for the latest tactics and strategies that are being learned.
Step three: Begin executing.
Take the following possible scenario, for instance:
Utilize Velocity Banking principles by applying them to existing debt (including the home mortgage), so that the entire family can witness the evaporation of all the family’s indebtedness. Over time, apply Fix and Flip profits as the down payments on Buy and Hold properties, and once the home mortgage is retired, you can apply Velocity Banking once again toward extinguishing the lines of credit on the Buy and Hold properties until, lo and behold, everything is owned debt free and the roots of multi-generational wealth will begin to grow deeper and deeper.
Meanwhile, the students so inclined can hone their web development skills as they build and maintain the family business website, while other siblings enhance their marketing skills. Those drawn to sales can master the art of closing the deal, and before you know, you will have a functional and business savvy team that would put corporate America to shame. Others yet can develop any number of vocational trades in effort to contribute to the construction side of the rehab efforts, and before you know it, you not only have a revenue wielding family business, but you’ve set your children up for a life of financial and personal freedom.
So what are you waiting for?