I want to own a resort...I am 20 years old and want to start saving now...how do you save for this?

Question

I work a part time job so basically i have no money....but do you have any ideas on how i could save to evantually own my own resort? Thanks

why wow? i have to start somewhere....

Answer 1

You don't need to save the whole amount. All you need is around 10% for a down payment. You can always finance the rest. You are young and you have a very ambitious idea. Which is a good idea. In order to get financing you are going to need a business plan. Writing a business plan is not hard. Do an on-line search and you can find some examples. Another good idea would be for you to get some real world experience in the resort/tourist industry. I don't know where your part-time job is but if it is not in a hotel, resort or tourist attraction change jobs. Get to know the people in charge tell them your plans and learn all you can from their years of experience. There is really only one way to save the money for the down payment and that is to pay off your bills and cut your expenses.

Answer 2

You probably wont be able to buy a resort by yourself, but rather should find a group of developers or investors that have the same interests that you do.

Start by getting an education in hospitality or property management and learn the tricks of the trade for resort ownership and operation.

Then finally when you know what exactly it is you want to do, come up with a business plan that you can propose to investors.

I think an honest time-line between getting educated and finding the right property for you to invest in would be 2-5 years.

I love how you have the drive to succeed at such a young age. I hope that you make your dreams come true.

Answer 3

OK I think you know you need a education that wasnt your question!

The best way to save money and get good growth is to set up a flexible unit linked savings plan.

The minimum is 150 dollars a month which if not affordable you will never have enough to start your resort.

each month you will be buying units in funds like sterling bond funds avrg return 5-6% or more agressive hedge funds or precious metals with the state of world economy yeild 30% plus as your young you should have a mixed bag of say 5 funds in 5 different asset classes.

You can expect tax free growth of about 15 - 20 % per year. With compound interest this soon grows and in 5 years time you will have a consiferable ammount to use as collateral for a bank loan.

If you want to know more email [e-mail]

www.vn-am.com

Answer 4

Gregory is damn right. This is a stretch. it is good you have a goal, but you need to consider other factors. Consider a partnership in a business with the money saved. You might want to start small and then with the money invested and cash you receive save that and add to your capital. Partnership is the easiest way. You save yourself the headaches, and not every one takes on the same responsibilities. Some people dont even physically have to set foot into an establishment to be a partner.

Another thing is; befriend someone with similiar goals and interests. There is so much to learn from yourself through other people.

Answer 5

That's not how you do it. I doubt anybody but the super rich can save to buy a resort, they cost too much money. You have to get into the network of the owners, generally through being able to run a resort. Then you look for people that need people to become part investors and buy in. Then you get enough money through the part ownerships and running a resort to buy a resort when one becomes available.

Answer 6

Go work at a resort for awhile and get lots of expierence in the business end of running the resort.And keep your credit report clean so when you get ready to buy resort you will use other peoples money i.e. investors and banks.

Answer 7

Start invest from now.
You will amaze. I recommend you invest in Euro America Index..where money grows for all good thing in life!
http://www.eaindex.com/CMGK2058

Answer 8

wow