[OnlyTheNuts]

I made a thread a while back here: My uncle wants to give me $10,000 to invest.... advice?

It's basically about my uncle offering to give me 10k to invest and people giving suggestions on things I could do. One of the most practical suggestions was to try to get my uncle to mentor me. So I went ahead and sent him an email explaining to him what i've learned (so he doesnt think im lazy and uninterested), and asking if he'd be willing to help me. He shortly replied with something along the lines of:

"You are a smart ambitious young man. I am in China right now though and will get back to you next week."

Then next week came around and he sent me another email saying he would like to discuss this with me on the phone.

So basically my question now is, does anyone have any particular topics or questions they think would be a good idea to talk with him about in case he is expecting me to specifically ask him for advice or what to do? I'm hoping he's got something in mind or something specific he wants to talk to me about but if he were to just pick up the phone and say "Hey how's it going, so wassup?" I don't want to have no direction of what i'm talking about.

So far I was thinking to just ask him about how he got started, tell him what I currently know, some of my goals of what I would like to have 10 years from now, and just maybe throw out some specific ideas of what I could do. Im leaning towards real estate since he made his millions from this and it's what ive been reading about most so maybe I could ask him to help me through the process of buying my first piece of property?

I don't want to waste this opportunity and want to get the best help I can. What would you guys ask about?

[Steve]

Simple Question:
If you where starting again and only had $10,000 what would you do to start your empire? The good thing about this is, a lot of his answers will require more than $10,000 allowing him to either offer more, or PARTNER with you.

Plus, if it is his idea not yours he feel much more obligated to help you make success happen.

I would also request a weekly meeting with your uncle to help share ideas, concepts. Also, ask what books you should read.

[OnlyTheNuts]

Thank you for the response. One problem is that he lives in mississippi, while I am from maryland. Otherwise I would it would definitely be alot easier.

[akula]

the mean approach: there is no advice, this deal's for you to drop. you gotta pick up lessons as you go along and make mistakes.

if you've got no idea what you're doing, you shouldn't be taking his money.

imagine if you were the uncle and your nephew pulled this whole "I'm so smart" act even though he had no idea what was going on, what people expected of him and what his role was. you wouldn't be a happy uncle.

the nice approach: there is no nice approach. this is a friends, family and fools kind of a deal. normal rules of deal making don't apply. the only thing you should do is tell the person what ever they want to hear, grab the money and try not to blow it all in one go.

warning: with these situations, if the business works out - it'll be your uncles credit and if the business goes bust - you'll be the idiot in the family and be stuck with a sense of obligation to your uncle.

do this properly: if you're gonna be taking people's money, at least make sure you deserve it, so you can feel a sense of achievement about it.

everything, always, without exceptions has strings attached to it. even emotional ones. in business; it is practical to always give before you take...and taking a lot. right now, you're faced with someone giving you something, but don't assume that you're not gonna end up giving back 10x fold. keep your eyes peeled - don't let your self be manipulated.

[Steve]

Let's face it. For loosing $10,000 he won't be the IDIOT of the family.

His uncle offered, he didn't ask. This is different than a partnership -- his uncle sounds well established, and would be helping for reasons beyond profit, he is not counting on a return.

Akula, is right though, if you think certian results could lead to family conflict proceed with caution. Too me it sounds like it will be a way for you to become closer to your uncle and gain some experience while you are at it.

So what, if his uncle makes him pay back $100,000 if the $10,000 helps start a successful business. Without it, no gain would be made.

[akula]

a man has to become his own man. no free lunch or free shots for entrepreneurs.

[BenBale]

well his uncle sounds loaded to me, and maybe he doesnt expect his newphew to make loads of money on his first try, maybe he would be happy with him just getting some experience, without risking any of his hard earned money. Like it might take the newphew over a year to save 10k where as it will take his uncle less than a month?

I dont know what his uncles mind set is in giving the 10k. But i doubt you will be the idiot of the family for losing 10k. 10k is not that much. If it was 100k i would understand you been the idiot but 10k is nothing.

[OnlyTheNuts]

My uncle is not giving me 10k with any expectations of returns, I would certainly not feel like the idiot of the family so i'm not even sure what in the world you are talking about. My uncle offered me 10k because he's filthy rich and thought it would be great to help someone else in his family interested in it to learn about how to generate that kind of wealth. I certainly would feel no sense of obligation to paying him the money back since he offered and I already have alot more than 10k to my name right now anyway. Im more concerned with learning from his fountain of knowledge on how to use your money to make money. That's worth alot more than this 10k. And plus, 10k to him is like a fart in the wind.

[Steve]

If his uncle gives him 10k, it doesn't mean his uncle made him. It means OnlyTheNuts took what was infront of him and turned it into success.

If you have an opportunity to get help from someone along the path and you turn it down because you want to be "self made" you are cutting yourself short.

Embrace the opportunities you have infront of you!

[NeeJam]

Originally Posted by Steve

If his uncle gives him 10k, it doesn't mean his uncle made him. It means OnlyTheNuts took what was infront of him and turned it into success.

If you have an opportunity to get help from someone along the path and you turn it down because you want to be "self made" you are cutting yourself short.

Embrace the opportunities you have infront of you!

what a post, completly agree with you on that one

[OnlyTheNuts]

I agree too! Now can you guys give me some other ideas of what you'd ask about? I plan to do what was previously suggested and had someo ther stuff in mind but wanted to see if there were good ideas others had as well.