The Barefoot Investor has found a new ‘hero’ who earns more than 90 percent of all Aussies, despite not having gone to university.
Scott Pape was asked by young entrepreneur Sam, 23, what to do with his money after starting a successful but ‘very unsexy’ window cleaning business.
Sam founded the company in the hope of becoming financially dependent. Last year, Sam earned $160,000 while working only 35-40 hours a week.
Sam’s annual earnings place him among the seven per cent of Australian earners without a university degree, according to Australian Taxation Office 2020-2021 data.
Sam said he “didn’t want to be a slave” to someone else’s business and discovered his freedom came from the money he earned washing windows.
The ‘unsexy’ company has also given Sam a significant amount of savings, investing $300,000 in stock 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 ‘unsexy’ company
In response to Sam’s email, Mr Pape called the young businessman his ‘new hero’.
He also praised Sam’s work ethic and his approach to running a business.
Mr Pape described Sam’s venture as the opportunity of a lifetime.
“He’s not paying back the HECS (student loan). He earns great coins. And not only does he work a lot less than most of us, you can be sure that when he stops he may be staring out the window, but he’s certainly not thinking about them,” Mr. Pape wrote.
“That’s because Sam has what he calls an ‘unsexy company.’
According to Mr. Pape, many other Gen Zers could soon be on the precipice of starting their own businesses like Sam, on the backs of the baby boomers.
There are currently 2.6 million small businesses across Australia.
“And almost half of the owners of these businesses are run by people over the age of 50,” Mr. Pape wrote.
“They’re all getting older, and they’re going to be increasingly looking to retire. (So) who’s going to buy them? Young(er) people of course.’
“These are the types of companies you want to buy. After all, they are established, having passed the ‘kill zone’ of the first five years. They have regular customers, reliable revenue streams and trained staff and systems.
Sam is among eight percent of Australian small business owners under the age of 30.
The entrepreneur, Sam, runs a window cleaning business and is now in the top 7 percent of Australian earners, while also having almost $400,000 in savings (stock image)
