In our ongoing series, Better Know a Millionaire, we interview Nellie Akalp to discuss the legalities involved in incorporating your own business.
Nellie and her husband started My Corporation in 1997 to help small businesses handle the paperwork involved in incorporating. After eight years of hard work they sold the business to Intuit for millions of dollars. But like all of our millionaires to date, Nellie didn’t stop working once she had that money in the bank.
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Not satisfied with ultra early retirement, Nellie and her husband started a new venture, CorpNet, a one stop shop for small businesses to help with legal filings, compliance, and the paper work required to set up a business.
Nellie and her husband were living paycheck to paycheck when they started the first company. It started making money pretty quickly and they were able to pay off their student loans. When the company was sold they found themselves with twenty million dollars. Now they started living a little more luxuriously, a house bought with cash, a Mercedes, and lots of travel.
Another thread running through our millionaire interviews is that they manage their own money. It’s the only way to really know what’s happening with your money. They invest money back into the business and own commercial real estate. And they do not day trade.
Nellie has four children and they know not to expect to become trust fund babies. They do chores for their allowance, mom and dad will pay for their education but then they will be on their own to make their own life.
All of our millionaires agree that the money did not bring additional happiness. Nellie advises that if you have a business plan whose end goal is to get rich, throw that out and come up with a business that you feel passionate about. That is what brings happiness.
It’s so interesting to hear each millionaire’s story and how much they all have in common. I’m actually starting to believe them when they say that money does not buy happiness.
Corp Net: A one stop shop to get your small business set up.
Mint: Start tracking your spending today.
Betterment: The easy way to invest.