My Wealth Journey

Have you ever wonder how much money franchises like Cold Stone, Jamba Juice, McDonalds, or other non-food related franchises made? Well, the answer is when done properly, it can provide a very nice lifestyle. Yesterday, I ran into an old friend who got into the franchise business with a restaurant a few years ago and we started chatting a bit about her business.

I learned that while it is very hard work and long hours, especially with a restaurant, the payoff and ROI is very attractive. She has already made all her money back and it is only her second year. Franchises usually require a start-up fee, which in this case was about 40K, an annual franchise fee based off gross income, and they typically require you to purchase supplies from them. In my friend’s case, she did not have to purchase supplies from them because the franchise is not too large and did not have it’s own supply chain just yet.

To learn more about franchise opportunities in business, check out this site here.

A little over 8 months ago, I was involved in a small accident which I was deemed at fault. I didn’t agree with that but that was out of my control. My concern was how much my auto insurance would go up because of the claim. Everyones always talking about avoiding putting claims through to the auto insurance company because of how much it jumps after they are forced to pay out. My auto policy just got renewed and the cost of the auto insurance for California actually went down.

I talked to a few other people who had minor accidents and they said it didn’t really affect their cost at all. So it seems like a myth for your first accident. I was really relieved since I was expecting at least a 10-20% jump in the cost.