The Barefoot Investor has found a new “hero” who earns more than 90 per cent of all Australians, despite not having gone to university.
Young entrepreneur Sam, 23, asked Scott Pape what he should do with his money after starting a successful but “very unattractive” window washing business.
Setting up the business in hopes of becoming financially dependent, Sam earned $160,000 last year while only working 35 to 40 hours a week.
His annual earnings put Sam among the top seven per cent of Australians without a university degree, according to Australian Taxation Office records for 2020-21.
Sam said he “didn’t want to be a slave” in someone else’s business and discovered that his freedom came with the money he earned washing windows.
The “unattractive” business has also allowed Sam to save a considerable amount, investing $300,000 in stocks and $90,000 in cash.
‘My question is, what else should I do with it?’ he asked the financial guru.
The Barefoot Investor, aka Scott Pape (pictured), has revealed his 23-year-old “hero” who makes $160,000 a year without a college degree by owning an “unattractive” business.
In response to Sam’s email, Pape praised the young businessman as his “new hero.”
He also praised Sam’s work ethic and his approach to owning a business.
Pape described Sam’s company as the opportunity of a lifetime.
‘You are not paying HECS (student loan). He’s making big bucks. And not only does he work a lot less than most of us, you can bet that when he’s done he can look out the window, but he certainly doesn’t think about them,” Pape wrote.
“That’s because Sam has what he calls an ‘unattractive business.’
According to Pape, many other members of Generation Z could soon be on the precipice of owning their own business, like Sam, at the expense of baby boomers.
There are currently 2.6 million small businesses across Australia.
“And nearly half of these business owners are run by people over 50,” Pape wrote.
“Everyone is getting older and more and more will be looking to retire. (So) who is going to buy them? Younger people (more), of course.’
‘These are the types of businesses you want to buy. After all, they are established, having passed the ‘death zone’ of the first five years. They have repeat customers, reliable revenue streams, and trained staff and systems in place.
Sam is among the eight per cent of Australian small business owners under the age of 30.
Entrepreneur Sam runs a window washing business and is now among the top 7 per cent of Australians with almost $400,000 in savings (file image).