Magazine article Black Enterprise

Golden Goals: Entrepreneurs Strive for Millionaire Status, Early Retirement. (Investment Strategies)

Magazine article Black Enterprise

Golden Goals: Entrepreneurs Strive for Millionaire Status, Early Retirement. (Investment Strategies)

Article excerpt

After successfully turning $100,000 of debt into a distant memory, Jacquelyn Cato-Mitchell and Reginald Mitchell started flourishing business ventures that provide adequate financial freedom. Now, the California couple hopes to finalize the purchase of a new home by year-end, and start a family shortly after that. Finally, they'd like to retire as multimillionaires in five years, so that they can live a debt-flee, carefree lifestyle in their prime.

With their determination and sound advice from C. Wayne Mauldin, a senior investment consultant at Banc of America Investment Services Inc. in San Francisco, the couple has gotten a great start, Reginald, 35, is a deputy sheriff in Contra Costa County, and Jacquelyn, 37, is an entrepreneur in the senior-care business. Jacquelyn owns Golden Connection Registry Services, an 8-year-old placement and referral service for seniors who want to relocate to assisted living, retirement, or residential-care facilities. She also owns two residential senior-care facilities--Vintage Estates I and Vintage Estates II, both in California.

Earlier this year, Jacqueline also started a consulting service, similarly named the Golden Connection, which assists individuals and corporations that want to launch their own residential care and assisted-living facilities in California, Arizona, and Nevada.

Since marrying three years ago, the Mitchells increased their income to a combined $250,000 a year, and they'd like to boost it even more. The goal is to double the revenues Jacquelyn's businesses made last year from $250,000 to a projected $500,000 over the next 12 months, and then to $1 million over the next 24 months. …

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