A Perfect Study On How to Build Wealth From Nothing
I realize that in today's economy millions of people are looking for simple, easy or quick ways to make money. For many people an extra $500 or $1,000 a month would be a real game changer. So why then should I spend time talking about a young man who is a self-made Billionaire by the time he was 30 years old? Is it possible that reading and studying the case of Jared Isaacman can somehow help you find a way to make an extra $1,000 or $2,000 a month? I suggest that it can. Allow me explain.
Before we get into the details of the Jared Isaacman story let me just say that what this young entrepreneur accomplished while still in his 20s, was absolutely phenomenal. By the time Jared was 30 his credit card processing company was valued at just over a $Billion dollars. Of course he had to do something with all of the millions he made so he began buying jet airplanes. To date he owns a fleet of approximately 10 jet airplanes. I say approximately because who knows what he has purchased in the past year or so.
As you read about Jared Isaacman you will probably, like me, come to the conclusion that he is indeed a very smart guy. In fact you may conclude that he is a near genius as one competitor noted.
I would suggest that as you search for ways to make money, start a business, and perhaps even become rich, you try to draw some lessons from a young man who finished high school at 16, skipped college, and was a multi-millionaire by his mid-20s.
For the sake of argument let's just agree for a moment that Jared is much smarter than you and I. You still have a very powerful mind that is fully capable of processing information, performing calculations, thinking, reasoning, studying, etc. You may not be quite as smart as Jared, but you have some of the same tools that he has. You have a powerful processor called a brain. Perhaps you will never be a billionaire or own 10 jet aircraft. But that does not mean you won't be worth $5 million or even $10 million and own your own plane or two.
A DESIRE TO SUCCEED AND CREATE WEALTH
When it came to graduating from high school early Jared Isaacman had this to say; Jared had a couple of siblings out in the real world already becoming successful in their fields. One of them was a doctor. Jared felt a strong urge to put high school behind him and get out in the real world where he could realize success.
One of Jared's first jobs right out of high school, and quite possibly the only job he ever held, was working in the information systems division of a large credit card processing company in Jew Jersey, Merchant Services Inc.
But here is the kicker. At the young age of 16 Jared wasn't just working in the Information Systems department, he was the head of the department. Jared's title was none other than the Director of Information Systems. This is when you start to realize that Jared Isaacman was quite possibly a whiz kid.
LAUNCHING A MULTI-MILLION DOLLAR BUSINESS AT 16
After working only 8 months for Merchant Services Inc, Jared had a clear picture of what he needed to do. It was apparent to him that he needed to break away and launch his own company. That company that in a few short years would become one of the largest credit card and bank card payment processing companies in the entire U.S.; United Bank Card Inc. of Hampton New Jersey.
Jared said, "I very quickly understood the core principles of the industry and how it worked, and I could see the potential very early so I went out on my own." Get this; Jared was still only 16 years old when he launched UBC from his father's basement in 1999.
According to Jared, during his 8 months working as Merchant Services Inc.'s Information System Director he learned how the credit card processing business worked.
Jared states "I first learned how the banks and networks operated and also how the interchange works, and from there things started to make sense." Jared also realized that the industry and the company he was working for were extremely inefficient and about 20 years behind in technology. On top of that they outsourced almost everything they did.
Jared realized that he could speed up the way credit cards were processed. Not only that but he believed he could do more for less by bringing everything in-house including automated reporting, tracking, online sales & marketing and customer service. Also by this time, Jared says that he realized he did not just want a job, he wanted much more of a challenge out of life.
Jared walked away from Merchant Services Inc. with the inside knowledge he needed to launch what would soon become a multi-million dollar business To get started Jared accepted $10,000 worth of stocks from his grandfather which he used as startup capital. He then hired several friends, but each with a specific expertise or specialty such as sales, programming, or technical areas.
STARTUP BUSINESS ADVICE FROM A SALESMAN
Jared credits his father, the salesman, for a lot of his success in life and the success of his startup company. He states that his father taught him a lot about diplomacy, the art of selling and how to get along with everyone. Eventually, Jared would hire both his father and his mother to work for him.
Jared is a self-described work-aholic. He states that he is never content with the status-quo. Today Jared talks about wealthy friends that do nothing but fish and play golf. Jared fails to see the fun in it, and is perfectly content to continue working 100 hour weeks shaking up the credit card processing industry.
In 2007 Jared was named finalist for Earnst & Young's Entrepreneur of the year award.
His company, UBC has been ranked on the Inc. 500 list of the fastest growing private companies in the U.S. for the 3rd consecutive time.
What about his old company, Merchant Services Inc? The director of operations for Merchant Services, Mario Parisi says of Jared, "He's smart, he's business savvy, and I think he's near borderline genius."
Jared has since started a second banking company, United Cash Solutions, a nationwide ATM sales and services company.
So what does Jared do with his millions of dollars of personal wealth at his disposal? Jared gives back to community in the way of a philanthropist. Homeless shelters, Make-A-Wish Foundation, and his own charity- Pennies for Humanity- are just some of the ways Jared gives back. Ok, so what about toys. He must have some grown up toys right?
SELF-MADE MILLIONAIRE TAKES UP AVIATION AS A HOBBY
After his business success Jared became interested in aviation and earned his pilots license at a young age. In a relatively short amount of time he purchased the following aircraft, all of which he pilots himself.
G58 Beech Baron
Cessna Citation CJ2
Cessna Citation III
Czech L39 ZA fighter jet
Canadian T-33 fighter jet
North American T-28C Trojan
More recently he is the proud owner of three A-4 Skyhawks which are in the process of being fully restored.
In addition Jared is part owner of 26 North Aviation, an aircraft charter and management company. Not bad for only being 27..ish years old (at the time.)
As if he was not busy enough, Jared recently set a round the world speed record in his Citation CJ2 completing the trip in 61 hours, 51 minutes and 15 seconds, a 21 hour improvement over the old record that stood for 18 years. Oh, and this was not just a rich kid having fun, he used the trip as a fundraiser for the Make-A-Wish Foundation raising over $60,000.
Finally, and more recently Jared has signed on as CEO and co-founder of Draken International, a CAS (Commercial Air Services) company that specializes in providing tactical aircraft for the U.S. Government and Department of Defense for tactical simulation and threat assessment training exercises. Draken International is now the largest owner of tactical aircraft in the U.S. with aircraft such as Douglas A-4K Skyhawk's, Aermacchi MB-339CB's and Mikoyan Mig-21UM and Mig-21BIS fighters in their inventory.
Somewhere between 16 year old entrepreneur and billionaire business owner, Jared managed to earn an aviation degree from Embry Riddle Aeronautical University.
Jared Isaacman; From whiz kid to Billionaire businessman
He is someone to keep your eye on.
How can Jared's success help you discover ways to make money?
Don't get caught up with the idea that everyone else is somehow smarter than you. Innate ability will not compensate for the lack of hard work. Even Thomas Edison recognized this when he said "Genius is on percent inspiration and ninety-nine percent perspiration," I.E. hard work!
Also note there is a re-occurring theme to Jared's story. Many successful businesses are launched by someone leaving their current employer, after learning the business, and knowing they can do it better. It is a story that is told over and over again in business circles.
The good news is you don't have to be a Whiz Kid like Jared Isaacman in order to enjoy financial success in America. Owning your own business is still the quickest way to become a Millionaire in our free enterprise system. So keep exercising that super computer known as your brain and always, always, look for opportunity.
Model yourself after Jared Isaacman and one day you might be the self-made millionaire that everyone is talking about.