Trio of Friends Generate Wealth With Financial Advice

Notes from Chris

Episode 1055

Michael McDermott and two of his friends, Evan and Grant, had a desire to leave their jobs and work on something they were more passionate about. Each of them also had corporate jobs that came with suits, ties, conference calls, and cubicles. Michael worked in operations, Evan in finance, and Grant in marketing. They had salaries and benefits, but something was missing: inspiration and drive.

In fact, they viewed those suits and cubicles as symbols of imprisonment … an 8-5 jail cell for their next forty years. Unless, of course, they made an escape.

In an effort to shorten that time frame, the three friends would talk about investing during sessions at the gym. They figured that a solid investment plan could emancipate them from long commutes and office politics.

However, something interesting surfaced during their research. Very quickly, they realized that the average person has no idea about investing. They either don't want to know, find it too complicated, or simply get bad advice.

They believed that effective investing offers a realistic path to getting rich slowly and were adamant that everyone should be armed with solid advice.

Thinking quickly, they put a deposit down on an idea. It was an opportunity they saw could become a side business, and possibly something much more. While their original goal was to learn as much as they could about investing, they now felt like they knew enough to offer some sort of product or service to those wanting to do the same.

They noticed that most errors people made with investing were human. They’d invest emotionally, usually in the wrong stocks or bonds, and then get out at the wrong time. Or worse, they wouldn’t invest at all and end up without any savings.

Michael, Evan, and Grant envisioned creating an online platform, commonly called a robo advisor. A robo advisor is similar to a traditional financial adviser, but the service is offered online only. There are no offices, no extraneous staff, and minimal overhead. By forgoing those expenses, they could allow low investment commitments while keeping their own costs low.

The best part was that all three could combine their skills and work on the project together, which they called Polaris Portfolios. They also agreed that the business should be self-funded, which meant no outside investment. They’d have to remain resourceful and solve problems in a cost-effective way, but the lack of funds meant they could keep control.

They built the first version of their website on Weebly—a free website builder—and used LegalZoom to incorporate. They also needed to obtain certification to become qualified advisers. After that, they invested three thousand dollars of their own money into the venture for any ongoing expenses. It made for a total of around four thousand in startup costs.

Michael, Evan and Grant are now all in on Polaris Portfolios, and have left their jobs to dedicate themselves to it. Their hope is to continue to keep compounding their efforts all while improving services for their customers.

After investing their time into escaping traditional employment, the three friends are starting to see real dividends.

 

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MENTIONED IN THIS EPISODE:

• Polaris Portfolios: Learn more about the financial advising services of Polaris Portfolios on their website.
• When the guys first started they created their website using Weebly and got legal help with Legal Zoom

 

SEE ALSO:

• Financial Blog Sprouts into $35,000/Month Money Tree: A registered nurse and financial manager start a blog for millennials. After a rough beginning, they figure out their audience and go on to earn tens of thousands of dollars a month.
• Millennial Invests Side Income For Passive Profits: A man on a mission goes from unemployed to day job, then from side hustler to millionaire in five years. Putting 80% of his income into investments for an early retirement made total cents.
• Serial Side Hustler Works from 180 Sq Ft Airstream: An engineer charts a new career teaching personal finance, all while living on the road in an Airstream travel trailer.

Yours in the revolution,