Prosper.com streamlined the process of person-to-person lending and took great advantage of the web. You can find how prosper.com works here.

All you have to do to get rich is to invest money… WISELY. The idea is not new, the tools just became much easier and more accessible.

The three keys to be successful.

Do you think you are free? Well, the idea of freedom is also quite a successful meme. We have thousands of memes in our heads now and they use us every single day. Need a proof? Did you ever tried to get rid of nasty, but somehow “catchy” little tune playing just in your head? You hate it, but the tape goes on, headphones are not necessary. The little meme is just training you so you will never forget it. One day you may even pass the tune you don’t like to your friends.

There are not too many things we have to be really good at to spread our genes. Do you think evolution gave us such a capable brain only for that purpose? Think again.

Now it is the time we change the roles. Now it is the time we use the meme’s own desire to spread to carry with it the powerful ideas we choose.

People skillful at using memes are quickly becoming the kings in the world plugged to the Internet.

Well. Yes. No one would care if you don’t write one. But I can guarantee you that your business won’t go very far if you don’t have (at least a one page) business plan. How can I be so sure? Because YoungsterInc has been there and done that. There are so many different business opportunities. There are times in the past when we were lazy and decided not to write our business plan, we ended up going no where. If you don’t write down or remember what your mission and vision is, your business and you will be easily drifted away.

Even for youngster like you who have amazing energy. You still only have 24 hours a day to do so much. Not to mention you still need time to eat, sleep, play video game and hang out with your friends. Writing a business plan will help you focus and spend your time even better and smarter. Here are some essential business plan questions you must answer:

1. Vision - What kind of business are you building? How big would this business be?
2. Mission - Why does your business exist?
3. Objective - What kind of results will your business achieve? (e.g. Build an excellent website with 1 million per month traffic)
4. Strategy - How will you go about and achieve your objective?
5. Action - What is the list of tasks that must be done to achieve your objective?

There is a lot more great stuff that can help you in the book, but for now, if you can at least answer the questions listed above, you are off a good start!

Have fun! Related Articles:

• How to Make some Money as a Youngster Blogger?
• My friends don’t think starting my own business is cool
• My mom won’t let me start my own business
• The Story of Bill - A homeless high school drop out became a Billionaire!
• 11 Lessons from a High School Drop Out Millionaire

1. Choose a niche (specific) topic that you are absolutely passionate about to discuss on your blog. The narrower the topic, the better it would be.
2. Setup up multiple blogs if you are have different interest.  Don’t try to do too much on one blog.
3. Write really really good article on your blog(s).  Articles that can truly help people.  If you are very very good content, readers will pass it along to their friends.  Word of mouth marketing is the most effective marketing on the planet.
4. Identify and research other blogs that focuses on the same topics.  If you think their blog is pretty good, you can do one for of the following:
   1. Contribute and reference back to your website
   2. Advertise on that website
   3. Email and partner with them
5. Submit your article to blog directory BlogCarnival
6. Contribute in online forum, social networking sites (such as mylot.com, myspace) and answer questions that people have.  Answer the question genuinely and reference back to your website of course
7. Setup Google Adsense, AdBrite, ContentLink, BlogAds, etc
8. Tell everyone about your blog
9. Make sure you tag your posts always
10. Send your posts to friends or people that you know they will like.  PLEASE DO NOT SPAM anyone!!  You will get caught and they will never read your email again.
11. Learn Search Engine Optimization (SEO) – We are improving on this too!

Have fun! Related Articles:

• You Too Can Do It 
• My friends don’t think starting my own business is cool
• My mom won’t let me start my own business
• The Story of Bill – A homeless high school drop out became a Billionaire!
• 11 Lessons from a High School Drop Out Millionaire

Copy this address directly in your software…

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• Youngsters should stop surfing the internet or player video game

• Youngsters should study hard and be a good student

• Youngsters should play and be good at sport

• Youngsters should not worry about money

• Youngsters should get scholarship

• Youngsters should work at McDonald and make $8 per hour

• Youngsters should make more friends

Here are the YoungsterInc.com’s views of today’s youngsters:

• Youngsters should surf the internet and identify more money making opportunities (be very careful of course)

• Youngsters should study smart and be a great leader. It is more important to be a master networker than a straight A book worm who can’t communicate

• Youngsters should play and be good at the money game

• Youngsters should understand accounting, credit, finance, income etc as soon as possible

• Youngsters should get entrepreneur awards

• Youngsters should not work for money but let money work for them.

• Youngsters should find more mentors (millionaire, billionaires, etc)

Shhh.. Your parents might not agree with what we say.

Related Articles:

• You Too Can Do It
• My friends don’t think starting my own business is cool
• My mom won’t let me start my own business
• The Story of Bill - A homeless high school drop out became a Billionaire!
• 11 Lessons from a High School Drop Out Millionaire

]]> http://www.youngsterinc.com/2007/04/16/the-7-world-views-of-youngsters/feed/ http://www.youngsterinc.com/2007/04/14/are-you-a-tiger/ http://www.youngsterinc.com/2007/04/14/are-you-a-tiger/#comments Sat, 14 Apr 2007 09:03:58 +0000 Edith http://www.youngsterinc.com/2007/04/14/are-you-a-tiger/ Most people (youngsters or adults) don’t like to commit because they are not sure what they really want and often still searching for the ultimate answer.

Can you imagine if Tiger Woods still deciding if he wants to play golf or not?
Can you imagine if Madonna still deciding if she wants to sing or not?
Can you imagine if Yo Yo Ma still deciding if he wants to play cello or not?
Can you imagine if Michael Jordon still deciding if he wants to play basketball or not?
The golf, entertainment, music or basketball industries could be dramatically different if any of these people are still deciding.

How about you?

Have you decide what you want to become? Nothing worthwhile will come easy.

The chance of you becoming the next Tiger Woods is actually higher than winning the lottery. Think about this. You have no control if you would win the lottery or not, but you have complete control of how many balls you can hit everyday.

Think about it.

The most amazing thing is:

When people talk about golf, you think of Tiger Woods.
When people talk about cello player , you think of Yo Yo Ma.
When people talk about basketball, you think of Michael Jordan (at least for me old school).

You get the point.

Becoming the next youngest entrepreneur and millionaire only take one person and one decision.

You know plenty of people who have done it. What are you waiting for?

Related Articles:

• You Too Can Do It
• My friends don’t think starting my own business is cool
• My mom won’t let me start my own business
• The Story of Bill - A homeless high school drop out became a Billionaire!
• 11 Lessons from a High School Drop Out Millionaire

]]> http://www.youngsterinc.com/2007/04/14/are-you-a-tiger/feed/ http://www.youngsterinc.com/2007/04/12/may-your-day-be-a-shay-day/ http://www.youngsterinc.com/2007/04/12/may-your-day-be-a-shay-day/#comments Thu, 12 Apr 2007 08:35:02 +0000 Edith http://www.youngsterinc.com/2007/04/12/may-your-day-be-a-shay-day/ Forward this story to everyone you know.  Every inspiring story can make a difference in someone else’s life.   You can choose to pass along a little spark of love and humanity or pass up those opportunities and leave the world a little bit colder in the process.  A wise man once said every society is judged by how it treats it’s least fortunate members.

This is a story from a YoungsterInc’s friend:

At a fundraising dinner for a school that serves children with learning disabilities, the father of one of the students delivered a speech that would never be forgotten by all who attended. After extolling the school and its dedicated staff, he offered a question: “When not interfered with by outside influences, everything nature does is done with perfection. Yet my son, Shay, cannot learn things as other children do. He cannot understand things as other children do. Where is the natural order of things in my son?” The audience was stilled by the query. The father continued. “I believe that when a child like Shay, who is mentally and physically disabled comes into the world, an opportunity to realize true human nature presents itself, and it comes in the way other people treat that child.”

Shay’s father knew that most of the boys would not want someone like Shay on their team, but the father also understood that if his son were allowed to play, it would give him a much-needed sense of belonging and some confidence to be accepted by others in spite of his handicaps.

Shay’s father approached one of the boys on the field and asked (not expecting much) if Shay could play. The boy looked around for guidance and said, “We’re losing by six runs and the game is in the eighth inning. I guess he can be on our team and we’ll try to put him in to bat in the ninth inning.”Shay struggled over to the team’s bench and, with a broad smile, put on a team shirt. His Father watched with a small tear in his eye and warmth in his heart. The boys saw the father’s joy at his son being accepted. In the bottom of the eighth inning, Shay’s team scored a few runs but was still behind by three.In the top of the ninth inning, Shay put on a glove and played in the right field. Even though no hits came his way, he was obviously ecstatic just to be in the game and on the field, grinning from ear to ear as his father waved to him from the stands.In the bottom of the ninth inning, Shay’s team scored again. Now, with two outs and the bases loaded, the potential winning run was on base and Shay was scheduled to be next at bat.

Everyone knew hat a hit was all but impossible because Shay didn’t even know how to hold the bat properly, much less connect with the ball.

However, as Shay stepped up to the plate, the pitcher, recognizing that the other team was putting winning aside for this moment in Shay’s life, moved in a few steps to lob the ball in softly so Shay could at least make contact.The first pitch came and Shay swung clumsily and missed. The pitcher again took a few steps forward to toss the ball softly towards Shay. As the pitch came in, Shay swung at the ball and hit a slow ground ball right back to the pitcher.The game would now be over. The pitcher picked up the soft grounder and could have easily thrown the ball to the first baseman. Shay would have been out and that would have been the end of the game.

Instead, the pitcher threw the ball right over the first baseman’s head, out of reach of all teammates. Everyone from the stands and both teams started
yelling, “Shay, run to first! Run to first!”

Never in his life had Shay ever run that far, but he made it to first base. He scampered down the baseline,wide-eyed and startled. Everyone yelled, “Run to second, run to second!”Catching his breath, Shay awkwardly ran towards second, gleaming and struggling to make it to the base. By the time Shay rounded towards second
base, the right fielder had the ball … the smallest guy on their team who now had his first chance to be the hero for his team.  He could have thrown the ball to the second-baseman for the tag, but he understood the pitcher’s intentions so he, too, intentionally threw the ball high and far over the third-baseman’s head.Shay ran toward third base deliriously as the runners ahead of him circled the bases toward home. All were screaming, “Shay, Shay, Shay, all the Way Shay.”Shay reached third base because the opposing shortstop ran to help him by
turning him in the direction of third base, and shouted, “Run to third! Shay, run to third!”

“That day”, said the father softly with tears now rolling down his face,”The boys from both teams helped bring a piece of true love and humanity into this world”.Shay didn’t make it to another summer. He died that winter, having never forgotten being the hero and making his father so happy, and coming home and seeing his mother tearfully embrace her little hero of the day!
 May your day, be a Shay Day.
 Related Articles:

• You Too Can Do It

• My friends don’t think starting my own business is cool

• My mom won’t let me start my own business

• The Story of Bill – A homeless high school drop out became a Billionaire!

Chris said: Don’t ever let somebody tell you that you can’t do something. Not even me. If you got a dream, you got to protect it. People can’t do something themselves, they want to tell you that you can’t do it. If you want something, go get it. Period.
To all youngsters, go get your dream. Don’t let anybody else say you can’t do this.

Related Articles:
My friends don’t think starting my own business is cool
11 Lessons from a High School Drop Out Millionaire
You Too Can Do It
My mom won’t let me start my own business

]]> http://www.youngsterinc.com/2007/04/10/lesson-learned-from-movie-%e2%80%98the-pursuit-of-happyness%e2%80%99/feed/ http://www.youngsterinc.com/2007/04/08/the-story-of-bill-%e2%80%93-a-homeless-high-school-drop-out-became-a-billionaire/ http://www.youngsterinc.com/2007/04/08/the-story-of-bill-%e2%80%93-a-homeless-high-school-drop-out-became-a-billionaire/#comments Mon, 09 Apr 2007 01:04:35 +0000 Edith http://www.youngsterinc.com/2007/04/08/the-story-of-bill-%e2%80%93-a-homeless-high-school-drop-out-became-a-billionaire/ For those of you who live around the Toronto and Niagara area, you are in luck! Bill is conducting a FREE 2 hour seminar in person in these two towns. Click here for Bill’s free seminars info.

Bill Bartmann was once homeless, high school drop out and a street gang member. 30 years later, he became a CEO of a 6000 people company, the 25^th wealthiest person in America and a billionaire.

How did he turn himself around and eventually became a billionaire? Our YoungsterInc representative was very lucky to hear Bill’s speech earlier this month. Here is a summary of Bill Bartmann’s story:

Bill was raised in very poor family. When he was growing up, his family barely had enough food for all his brothers and sisters to eat. He left home when he was 14 and joined a traveling carnival. In his journey, he met some wrong people and became a street gang member and later on a teenage alcoholic. Bill and his gang members did a lot of bad things and he slowly saw his friends dying one by one…

Bill asked himself one day: ‘Is this how I am going to spend the rest of my life?’ Bill realized he was hanging out with the wrong crowd. He also realized that being a tough guy is not really the way to go. He could beat people up, but so what? Bill finally understood. He needed his education and was determine to restart his life.

Now in his early twenties, Bill decided to go back to high school. Despite the funny looks from other kids who are much younger than him, he finished high school and later on graduated from college and even law school! His determination helped him to live though all the tough time and he finally became the ‘smart’ guy.

After law school, Bill then realized being a smart guy was really not enough. Being a smart guy means he has to work for the rest of his life for someone else. This time he was determined to be a rich guy. Within five years, Bill built his company and employed over 6000 people. He then later became the 25^th wealthiest person in America….

Bill’s lesson learned from life:

1. Live your dream
   
2. Don’t call goal a goal. Call it a promise and promise yourself you will achieve what you say you would.
   
3. Everything in life is a choice
   
4. You can’t look forward if you keep looking backward
   
5. The single most important view of yourself is your own

Related Articles:

Profile of Stewart Hsu: Born and raised in NY, Stewart attended university in the Mid-West, and moved to the San Francisco Bay Area in 1998.  Three “start-ups” later, Stewart realized he could not depend on an IPO to create his wealth, so he committed to taking full responsibility for his own results.  Since then, Stewart has invested in over 15 properties in 6 states over the last 3 and half years.  His latest transaction is a 60-unit apartment building in Dallas, TX.  Stewart has 3 passions in life 1) investing in real estate, 2) continuous personal development and 3) sharing his experiences and insights with people.  Stewart’s working on sharing those ideas on his website www.stewarthsu.com to be launched May 2007, come check it out.
 

Interview Continues:
 Youngster:  You mentioned mentors earlier.  Where do you find your mentors? For our shy youngsters here, how do you ask? Stewart:  I used to be really shy.  I was a bit of a geek/nerd in school, into video games, and not really into meeting lots of people.  Since then, I’ve gotten past that fear and now really enjoy meeting and talking with people (also known as “networking”).  It’s fun. I’m always looking to help people these days, and more often then not, when I need something, I can usually find support through my own network.  For my mentors, I look for outstanding people that not only have achieved great success in their business life, but also their personal life.  I want to learn from people who’ve learned how to live a well balance life.  That’s what I want.  I pay special attention to those relationships and nurture them.

Profile of Stewart Hsu: Born and raised in NY, Stewart attended university in the Mid-West, and moved to the San Francisco Bay Area in 1998. Three “start-ups” later, Stewart realized he could not depend on an IPO to create his wealth, so he committed to taking full responsibility for his own results. Since then, Stewart has invested in over 15 properties in 6 states over the last 3 and half years. His latest transaction is a 60-unit apartment building in Dallas, TX. Stewart has 3 passions in life 1) investing in real estate, 2) continuous personal development and 3) sharing his experiences and insights with people. Stewart’s working on sharing those ideas on his website www.stewarthsu.com to be launched May 2007, come check it out.

Interview Continues:

Youngster: Tell us what is the biggest mistake you have made as an entrepreneur?

Stewart: Not always taking full responsibility for every endeavor I choose to be a part of. For me this happened with an investment I made with a few friends. I assumed the other people would take care of some of the details and I didn’t want to push too hard because they were friends. The investment didn’t turn out as expected, though I am thankful we are all still friends.

I caution you on doing business with friends. If you do decide to partner with friends, that can work out well, but a) try to limit it to as few people as possible and b) you need to lay down the rules in advance (write it out and agree to it). Rockfeller said “It’s better to have a friendship based on business, than a business based on friendship.” To carry this idea one step further, don’t expect other people to do things you expect, always take ownership fully for anything you expect needs to be done. Ownership doesn’t mean you have to do everything yourself, but rather ensuring everything gets done by someone with the level of quality that’s reflective of you. How you do anything, is how you do everything.

Youngster: Stewart, that is very very good advice. I always wanted to start a business with friends. Is there any specific personality traits you look for you find business partners?

Stewart:

a) Optimism. Ever notice that all the work and creative stuff gets done by people who believe they’ll find a way to make it happen? They don’t give up until they’ve achieved their goal. Be an optimist. See the future as how you can make it better. It’s the optimists that create the world.

b) Seek to add value. Be a problem solver; look for problems then solve them the best you can. Look for products and services that people may not yet know they want or need. In general, if you can give something of value to other people first, more will come back to you later. Call it good manners, good karma, or the law of reciprocation; I can tell you first hand that it works.

c) Persistence. Benjamin Franklin said “Energy and persistence conquer all things.” By taking action, you’re putting your energy into it, and with persistence, more doors will open to you than you could have possibly imagined from the start.

Profile of Stewart Hsu: Born and raised in NY, Stewart attended university in the Mid-West, and moved to the San Francisco Bay Area in 1998. Three “start-ups” later, Stewart realized he could not depend on an IPO to create his wealth, so he committed to taking full responsibility for his own results. Since then, Stewart has invested in over 15 properties in 6 states over the last 3 and half years. His latest transaction is a 60-unit apartment building in Dallas, TX. Stewart has 3 passions in life 1) investing in real estate, 2) continuous personal development and 3) sharing his experiences and insights with people. Stewart’s working on sharing those ideas on his website www.stewarthsu.com to be launched May 2007, come check it out.

Interview Continues:
Youngster: Tell us what is the biggest mistake you have made as an entrepreneur?

Profile of Stewart Hsu: Born and raised in NY, Stewart attended university in the Mid-West, and moved to the San Francisco Bay Area in 1998.  Three “start-ups” later, Stewart realized he could not depend on an IPO to create his wealth, so he committed to taking full responsibility for his own results.  Since then, Stewart has invested in over 15 properties in 6 states over the last 3 and half years.  His latest transaction is a 60-unit apartment building in Dallas, TX.  Stewart has 3 passions in life 1) investing in real estate, 2) continuous personal development and 3) sharing his experiences and insights with people.  Stewart’s working on sharing those ideas on his website www.stewarthsu.com to be launched May 2007, come check it out.
 

Interview Continues:
 

Youngster:   Stewart, you probably get this question a lot… If you can start your career & entrepreneur all over again, what path would you take?

Stewart: That’s a tough one.  I feel fortunate to have majored in Accounting and Finance in college, even though I didn’t use that knowledge when I first got out of college. That knowledge has come in more useful since I’ve made the switch to real estate investing full time.  Accounting is the language of business; understanding the numbers for any business is vital.  

If I were to start over, I would have placed more emphasis on Sales & Marketing skills, with the underlying theme of always seeking ways to add value.  Also, without a doubt, I wish I had started investing in real estate a lot sooner.  Over time, owning real estate is very powerful.  I know I will be investing in real estate for the rest of my life and will definitely be teaching my kids the same.  Start early.  Start now youngsters!

Youngster:  What age is a good age to start your own business? And why?  Can our youngster fan really start their own business? 

Stewart:  Youngster of course can start!  You guys should do it as soon as possible.  I think you can start learning the principles of running a good business when you’re very young, whether it be a lemonade stand, selling cookies, delivering newspapers, etc.  I’ve got a good friend who started his own “lawn care services” business when he was 13, he had a few of his friends help out (i.e. his employees).  His customers received excellent lawn care, his friends made money, and he made a profit, it was total win-win all around.  It was awesome.  As a bonus, he even understood the importance of “giving back” and employee appreciation, i.e. each month, he would treat his employees/friends to an all you can eat pizza lunch.  You’re never too young to start to learn how to manage money and to figure out ways to provide value-add products & services.

Youngster:  That is a great advice.   Our youngster fan can read more about the lawn care business on our site.  Stewart, it is easy to say to start now, but I am sure you had some challenges when you first started.  Can you tell us about that? 

Staying focused and managing my time. We live in real-time world that is constantly bombarding us with new information.  I get plenty of e-mails and phone calls, and sifting through on the high priority ones while keeping my life in balance can be a challenge.  We need to learn how to figure out what’s important to each of us as an individual, set our individual goals, then don’t let anything distract or get in our way of achieving them.

Youngster:  I am sure lots of our youngsters can echo that.  

Related Post:

• YoungsterInc Live with Real Estate Guru Stewart Hsu - Part 1
• YoungsterInc Live with Real Estate Guru Stewart Hsu - Part 3
• YoungsterInc Live with Real Estate Guru Stewart Hsu - Part 4 (Final)
• Money Talks: Three Most Important Scorecards of your Business
• Turn a broken lawn mow into a business?

Profile of Stewart Hsu: Born and raised in NY, Stewart attended university in the Mid-West, and moved to the San Francisco Bay Area in 1998.  Three “start-ups” later, Stewart realized he could not depend on an IPO to create his wealth, so he committed to taking full responsibility for his own results.  Since then, Stewart has invested in over 15 properties in 6 states over the last 3 and half years.  His latest transaction is a 60-unit apartment building in Dallas, TX.  Stewart has 3 passions in life 1) investing in real estate, 2) continuous personal development and 3) sharing his experiences and insights with people.  Stewart’s working on sharing those ideas on his website www.stewarthsu.com to be launched May 2007, come check it out.
 

Interview begins:

Youngster:   Welcome to Youngster Inc Stewart! 

Stewart:  Thank you Youngster Inc.  Hello everyone!   

Youngster:   Stewart, can you tell our youngsters a little bit of your success highlights?   What have you done since you left the Silicon High Tech world?

Stewart:  I successfully owning and/or operating over 15 properties in 6 states; buying and running a 60-unit apartment building in Dallas, TX.  Have a great relationship with my business & life partner, Edith, whom I couldn’t have even done the half of it without.

Youngster:   Wow… impressive.  So… tell us why Real Estate?

Stewart:  Superior Returns with Great Leverage.  Real estate is a true asset that banks will lend you money on.  Banks won’t lend you money on a stock portfolio.  Leverage means you can put down 10% to 30% of the price of the real estate, and the bank will lend you the other 70% to 90% in order to purchase the property.  Because of this great leverage it’s not uncommon for you to achieve annual returns of 20%+ on your cash invested.  I’ve done deals where I exceeded an annual return of 100%.  It’s phenomenal.

Youngster:   It’s cool…but is real estate really safe?

Stewart:  Real Estate is definitely safe.  Imagine even if you over pay at the purchase for real estate, if you can hold on to it long enough, you’ll still make money on it in the long run.  You need to do your homework to ensure you’re buying in growth areas.  All you have to do is buy where there will be job and population growth; typically the people follow where the jobs go, so focus on jobs.  It’s not uncommon for a stock price to drop by 20% in a day vs. for real estate it’s rare for it to drop by 20% in a year.  Real estate is one of the few products that everyone uses every day.  Think about it, every store, every house, every gas station, etc.  Real estate has always been around and will be around for as long as I can tell.

Youngster:   I have never thought about real estate that way…… But how about the heavy tax?

Stewart: The IRS is on your side.  Seriously, there are a number of tax incentives the IRS provides for the person that purchases investment real estate.  Though these benefits, the IRS is actually encouraging you to own investment real estate. Did you know there are actually more tax benefits for owning investment real estate vs. the home you live in?  Also, since a real estate investment is treated like a business, it’s perhaps one of the easiest businesses to get started in. Anyone can do it and you’re never too young to start.  I’ve met people in their early-teens buying property; I’ll admit I wish I had started that young!

Youngster:   Early-teens buying properties?  Wow… YoungsterInc would love to interview them. J  That is great inspiration for our other youngsters here!

Related Post:

Mastermind fan club is a youngster version of a mastermind group. A mastermind fan club is formed when two or more youngsters get together on a regular basis in the spirit of helping each other to achieve their goals and business faster.

What’s in it for me for setup a fan club?
Well… Have you ever heard of 2 brains are always better than 1. You will gain not only the knowledge from other youngsters, but also their support, experience and ideas. You will have your own fan club to help track your progress and cheer you on!

How to setup a mastermind fan club?
You can start your own mastermind fan club now! You can start with other youngsters you know. Ideally someone you trust and who are willing to help. An ideal youngster mastermind candidate will be someone who is honest, open, and helpful and also have a goal of his or her own. If you have any trouble convincing anyone to join your mastermind fan club, don’t forget to review My friends don’t think starting my own business is cool

How often should the fan club meet?
It’s is really up to you, but it must be on a regular basis! Youngster Inc would suggest at least once a month. This way you can keep track of each other progress. Ideally it would be even better if you can meet twice a month.

What do you do with your mastermind fan club?
Well… you can do anything that is related to achieving your goals. You can brainstorm, get feedback, update your progress status, etc. You can meet in person or on the phone or even on instant messaging. The meeting must be real time! Email does not count!

Have fun setting up your own youngster mastermind fan club. Please share this idea with anyone who can benefit from this fan club concept. I would love to hear your story. BTW – don’t forget to name your mastermind group!!

Other Interesting Articles:

• My friends don’t think starting my own business is cool

• 11 Lessons from a High School Drop Out Millionaire

• How to remember your customers’ names?

The three most important scorecards of any businesses are:
- Balance Sheet
- Income Statement
- Cash Flow Statement

First of all, let’s discuss why we need to understand these score cards. Running a business is just like playing a basketball game. Without keeping track of the score, you would have no idea if you are doing well or not doing well. The Balance Sheet is just like a picture of your game, you can see your performance at a particular point of time (e.g. half time). Balance sheet is great but you would have no idea what you need to improve from just a snapshot. So what do you need instead? A movie! The Income statement and cash flow statement. These statements are the replay of your game. By looking at these movies, you can tell exactly where you need to improve to play a better game.

Balance Sheet
Balance sheet has of 3 major components:
1) Asset – This section lists out all the cash, inventory, real estate, account receivable or machine that your business own.
2) Liability – This section lists out everything you owe including account payable, debts and tax dues.
3) Equity – This section lists out everything you own including stock, earnings, etc.

Regardless of which format of the balance sheet you are looking at, the following equation will always be true:

Asset = Liability + Equity

Income Statement
Income statement composes of 3 major numbers:
1) Revenue
2) Expense
3) Net Income (profit)

Imagine you see the magic number ‘profit’ of $100 in your income statement. What does it mean? Well, before you go celebrate, can you tell the difference between the 2 scenarios below?

Scenario One
I sell bicycles and here is my performance this past month:

Sold 10 Bikes (Revenue): $1000
Cost for 10 Bikes (Expense): $900
Profit: $100

Scenario Two
I sell bicycles and here is my performance this past month:
Sold 2 Bikes (Revenue): $200
Cost for 2 Bikes (Expense): $100
Profit: $100