Paul Bromen grew up working in his family’s small property management business. When he was in college his grandparents gave him their car and he used the money he made from selling that car to start investing in stocks. Eventually, he got into Real Estate and he accumulated his wealth via Real Estate through buying, holding and flipping apartment buildings.
We recently caught up with Paul Bromen and here’s what went down:
Could you please tell our readers a brief background about yourself and how you started making money?
My name is Paul Bromen and I grew up working in my family’s small property management business. When I was in college my grandparents gave me their car and I used the money I made from selling that car to start investing in stocks. All summer I day-traded Exxon and Apple.
How did you get started in business?
In college, I received a grant to start a business called Thrift Ninja. I and my two business partners bought vintage and designer clothing and then sold it on eBay. I actually thought I would be more successful LOL But I wasn’t smart enough to know how hard it was back then.
What is your main source of income?
My main source of income is Real Estate as well as an e-commerce based income.
Would you be willing to tell us your current net worth? How did you accumulate your net worth?
It’s always fluctuating based on the market and I don’t feel comfortable pinning down a number. I accumulated my wealth via Real Estate through buying, holding and flipping apartment buildings. Lately, I’ve also had outsized success in the stock market.
What are you currently doing to maintain/grow your net worth?
I recently started buying income producing websites such as Uponamattress.com. I think there is a lot of potential in the future for this to be a serious asset class. Although, there is also a lot of potentials to get ripped off so I am proceeding slowly and considering my first couple deals to be educational rather than profit focused.
What is the toughest decision you had to make in the last few months?
There was a moment when it looked I should walk away from the deal for Uponamattress.com based on low sales during a trial period. They eventually picked up and I am glad that I stayed with it.
What have you learned in the process of becoming wealthy that others can learn from?
Once an investment or business has accelerated it’s probably time to sell. Don’t wait until it slows down. A lot of times, the perception of potential increased earnings acceleration will drive the appreciation more than a solid, but stable track record.
If you could go back in a time machine to the time when you were first making a name for yourself, what advice would you give yourself?
Don’t waste time on businesses that can’t scale and stay away from skateboards.
What is the best advice you have ever been given?
“In all my life, I only regret the things I didn’t do, not the things I did.”
What advice would you give to a newbie Entrepreneur setting up their first business?
Don’t worry too much. Don’t be afraid to start a side hustle and “play business” for a while. It will set you up for future success.