I Was Homeless… Now I Make $5M/Year

Summary

Mark Jenny, founder of RVshare, which sold for over $100 million, shares his rags-to-riches story, from growing up homeless to building an Airbnb business earning $12 million annually with minimal work. Despite early struggles and multiple business ventures, including some he's not proud of, Mark emphasizes the importance of persistence, learning, and finding fulfillment in business. His journey illustrates the value of owning one's time, the power of building unique experiences, and the pursuit of happiness beyond financial success.

Takeaways

• 🌟 Mark Jenny is known for founding RVshare, which sold for over $100 million, and for having a successful Airbnb business making $12 million annually while working only 30 minutes a week.
• 🏠 Mark grew up homeless and faced significant hardships, such as living behind a tire shop with minimal amenities.
• 💡 Despite these challenges, he started over 30 businesses, quickly growing one to over a million dollars in monthly revenue.
• 💸 Mark has sold a billion dollars' worth of products online but found many of his early ventures unfulfilling, likening himself to a snake oil salesman.
• 📈 A pivotal moment in his life was a visit to wealthy relatives in New York City, which opened his eyes to a new lifestyle and motivated him to pursue success.
• 👨‍💼 Mark learned about business and finance from books and early experiences, including an eye-opening internship at Merrill Lynch.
• 🚀 His first major success was creating a website builder that earned him over a million dollars a month, despite starting with no coding knowledge.
• 💼 Over his career, Mark has launched various businesses, including digital publishing, health supplements, and web hosting.
• 🏅 One of his most significant decisions was stepping away from an unfulfilling but lucrative supplement business to start RVshare, which aligned more with his values.
• 💰 Mark emphasizes the importance of owning one's time and finding passive income streams to achieve true financial freedom.

Q & A

What is Mark Jenny known for primarily?

Mark Jenny is primarily known for starting the company RVshare, which was sold for over $100 million, and for having an Airbnb business that generates $12 million with only 30 minutes to an hour of work per week.

How did Mark's upbringing influence his early life and business endeavors?

Mark grew up homeless in an area with many drug problems, which made him desperate to change his situation. This background influenced his early life and business endeavors by making him persistent and driven to succeed, starting over 30 businesses within a short period.

What pivotal moment in Mark's life led him to believe that money could bring happiness?

The pivotal moment was when Mark visited his wealthy relatives in New York City at the age of 13. Experiencing their lifestyle and seeing their happiness, he initially believed that money was the key to happiness.

How did Mark's first million-dollar business idea come about?

Mark's first million-dollar business idea came about when he built a free website builder that required users to sign up for web hosting through his affiliate link. This business took off quickly and started generating over a million dollars a month.

What was the turning point for Mark in realizing that money does not equate to happiness?

The turning point for Mark was later in life when he realized that money doesn't make one happier or less happy; it just allows one to become more of who they are and do more of what they want to do.

How did Mark's early businesses, which were not fulfilling, affect his approach to business?

Mark felt unfulfilled selling health supplements that he did not believe in, which led him to close down businesses that he did not see himself doing forever, even if they were profitable.

What business did Mark start after realizing that he needed to find a business he could be proud of and could do forever?

After realizing the need for a fulfilling business, Mark started RVshare, which eventually became a successful venture that he could be proud of.

How did Mark's approach to business change after selling RVshare?

After selling RVshare, Mark became more focused on building unique experiences with his Airbnb business, investing in properties that offered something different and could stand the test of time.

What advice does Mark give to people who are just starting out and want to make their first million?

Mark advises people to seek out successful individuals in their desired field, offer to work with them for free to learn from them, and to be persistent in gaining valuable experience and knowledge.

What does Mark consider the most important aspect of life?

Mark considers family and friends to be the most important aspects of life, emphasizing the importance of building and sharing experiences with loved ones.

What is Mark's investment thesis for his Airbnb business?

Mark's investment thesis for his Airbnb business is to create unique and memorable experiences by building or buying properties that offer something different and special, aiming for a 10% return on investment.