Two separate young professionals that want to be entrepreneurs reached out to me this past week asking for advice. In each case they’re married, have great jobs, a mortgage, and want an angel investor to invest in their idea so that they can quit their day job while maintaining their current lifestyle. The chance of that happening is slim-to-none. Yes, investment from the three Fs (friends, families, and fools) is possible, but they want to avoid that route.
These young men have an entrepreneurial desire but are trapped by the American dream.
Of course, the American dream I’m referring to is home ownership. Home ownership requires them to keep working on their salary since their spouse’s salary alone doesn’t cover their costs. What about selling the home? The home price has decreased so much that they can’t afford to sell it. Their remaining option, which I suggested, is to rent out their house, live in an apartment, and cut their costs such that they can live off one salary and pursue their dream. Both young professionals said they didn’t want to do that.
What do you think? Would you invest in young professionals that want to be entrepreneurs but aren’t willing to make serious personal sacrifices to do it?