James.S: Millionaire by 30

[jrws]

Well I am going to be using this pretty much as an online journal so that I have somewhere where I can get some feedback on what I do.
I will edit this post in a little while with my background and why it is so important to me.

14/1/11
Got my dad to buy the book (didn't have a credit card >_<), I have already devoured it, but am re-reading it. I though it was well written and I am looking for those "Aha" moments that exist.

[jrws]

16/3/11
Finally doing something :O took ages to get off my BFA and do something but now I am. Here is my ideal plan:

My Goal Amount of Money Needed
$4k a month
$500 Free $3.5K expenses
$48k a year or $2880 000 (2.88mil (20% increase for inflation) lump sum for 50 years

Goal outline
Time Assets(networth, investments, businesses)
30 years(31/12/24) 10mil+, 10 investment properties, 50k passive(per month), 120k turnover(per month)
29 years(31/12/23) 9mil+, 5 investment properties, 35k passive(per month), 100k turnover(per month)
28 years(31/12/22) 7mil, 3 investment properties, 25k passive(per month), 80k turnover
26 years(31/12/19) 5 mill, 2 investment properties, 15k passive(per month), 50k turnover
25 years(31/12/18) 1.2mil, 1 investment property, 10k passive (per month), 30k turnover
23 years(31/12/16) 500k, 1 investment property, 5k passive (per month), 10k turnover (per month)
22 years (31/12/15) 100k, 1 investment property, 2.5k passive (per month), 5k turnover (per month)
20 years (31/12/13) 50k, 1 investment property, 1k passive (per month)
19 years (31/12/12) 7.5k (saved, i.e. liquid) 100 passive (per month)
30 days (25 April) 2k saved

I am going to do something everyday that will help me achieve this goal.
Start: $0
Finish: $2000 (or there abouts)
I plan to do this by doing my car washing AND supplementing it by using e-bay to sell things as well as fiverr. In addition to attempting to complete as many freelance jobs as possible.

James.S

[jrws]

17/3/11
So what am I planning to do today? Well once I have gotten home and finished my homework I plan to do a bit of research on generating ideas and IP. I have two invention ideas, not revolutionary but perhaps useful. Need to find if there is a market for them so I can perhaps get a prototype ready... Apart from that I need to gather some extra money, probably seeing if I can borrow from some friends about $25 so I can print 250 pamphlets.
Then I need to cut them and finally post them. I wonder what my conversion rate will be? Interesting. I am very excited, my why is going to drive me until completion.

[Swift T]

16/3/11
Finally doing something :O took ages to get off my BFA and do something but now I am. Here is my ideal plan:

My Goal Amount of Money Needed
$4k a month
$500 Free $3.5K expenses
$48k a year or $2880 000 (2.88mil (20% increase for inflation) lump sum for 50 years

Goal outline
Time Assets(networth, investments, businesses)
30 years(31/12/24) 10mil+, 10 investment properties, 50k passive(per month), 120k turnover(per month)
29 years(31/12/23) 9mil+, 5 investment properties, 35k passive(per month), 100k turnover(per month)
28 years(31/12/22) 7mil, 3 investment properties, 25k passive(per month), 80k turnover
26 years(31/12/19) 5 mill, 2 investment properties, 15k passive(per month), 50k turnover
25 years(31/12/18) 1.2mil, 1 investment property, 10k passive (per month), 30k turnover
23 years(31/12/16) 500k, 1 investment property, 5k passive (per month), 10k turnover (per month)
22 years (31/12/15) 100k, 1 investment property, 2.5k passive (per month), 5k turnover (per month)
20 years (31/12/13) 50k, 1 investment property, 1k passive (per month)
19 years (31/12/12) 7.5k (saved, i.e. liquid) 100 passive (per month)
30 days (25 April) 2k saved

I am going to do something everyday that will help me achieve this goal.
Start: $0
Finish: $2000 (or there abouts)
I plan to do this by doing my car washing AND supplementing it by using e-bay to sell things as well as fiverr. In addition to attempting to complete as many freelance jobs as possible.

James.S

how are you planning on going from having 7.5k liquid funds at 19 to having 50k just a year later at 20?

kudos for posting the plan though! need to do something like this myself

[jrws]

Dunno yet. It's 50k of assests, I have some business ideas, and I think I can do it. Its a stretch aiming for the stars but at the very least I will land on the moon Which is why I said is was my ideal XD
Thanks for posting.
James. S (Multi)Millionaire by 30

[oddball]

Is making money just based off of the couple invention ideas? or did I miss something?

[jrws]

No I have some business ideas I have that I am going to explore. I have to see if there is a market. If there is, the ideas I have could be quite profitable.

[jrws]

20/3/11
I think I have found out the money formula:
Wealth = perceived value of a product * impact * time
So for example:
10*1000(people)*50(days) = 500k
Maybe it is not. If it isn't, oh well, but if it is...
I am also going to be writing my day by day plan. I plan to read about 52 books (1 a week (could probably read more but for the sake of simplicity)) I intend to write down my goals for the next 365 days that will correspond with what is above, and I will do something each and every day to achieve them. The very least I am willing to accept is that by my 30th birthday I will have $1mil.

I hope to keep everyone informed on my progress.

[G_Alexander]

The "shotgun blast" approach you are taking can lead to you putting way too many irons in the fire and ultimately lead you to end up with nothing.

I would suggest you stop chasing a certain dollar value until you have an opportunity for a running business. The difference between an idea and an opportunity is that an opportunity draws cash to itself.

Once you figure out your business model (read: your value creation model) and plan accordingly, you can worry about quantitative analysis, cash flow origination, and improving performance.

Not trying to single you out, but far too many threads on the Fastlane in the "Goals/Plans" sub-forum are becoming more focused on personal wealth dream-numbers rather than valuable idea origination/discussion and planning.

[aikay77]

James, I wish you God speed. I KNOW YOU CAN DO IT. Go James, go James, go James!

[jrws]

@G_Alexendar: I understand what you are saying, I am chosing that number so I know once I have gotten that I can consider myself successful. I am learning about business, but I am willing to but my butt on the line to learn everything and anything at all. And I choose to become an expert in creating profitable businesses. I don't quite know YET how I am going to do it, but I feel I will...

@aikay77: Thanks man, I wish you luck on your journey as well. Will be posting updates every now and then

[moneyguru]

James, it is very possible. I saw a story on Montel about a guy called Ephren... became a millionaire by age 17. You can look him up for some inspiration.

Mod Note: Link has been removed. No links permitted to opt-in sites.

[jrws]

Thanks man. I am really wanting this. My desire is to live a better life than what I currently have but also to create a program called the "Greater Western Sydney Project". So far I have been reading and listening to some programs and I am trying to get my stik together and actually move forward. I am hopefully having an opportunity to create some capital soon, although it is not what I really want to be doing, money is money and this will certainly help me get started with my business ideas (the internet ones).

[Graves]

james, it is very possible. I saw a story on montel about a guy called ephren... Became a millionaire by age 17. You can look him up for some inspiration.

gtfo.

[ChrisRempel]

Hi James

Most ideas that "might be" profitable are dead in the water.

Here's an instant success test:

AM I SELLING WHAT PEOPLE BUY?

If the answer is "no", then your idea has a 99% chance of tanking.

Very simple

-Chris

Source: I've built and marketed over 200 sites in many different markets. I know what it's like to make $200/mth and I know what it's like to pull down 5 - 6 figures a month.

Marketing "breakthroughs" and new ideas produced little, if any results.

Selling really basic, quality stuff that people buy in droves... now that has been life-changing.

[jrws]

Thanks for that Chris.
Now for an update:
21/4/11
I just printed 250 sheets of paper that turns into 500 flyers. I now owe my dad some money. I have no idea what the conversion rate will be for direct marketing, but I am hoping for 10% though realistically expecting a 1% conversion. I am finally doing something. I was inspired to actually do something as I had gone to a young entrepreneur meeting in Sydney and meet some really cool people who are doing something with their life. I am certainly going to emulate their success.

[maralevin]

21/4/11
I just printed 250 sheets of paper that turns into 500 flyers. I now owe my dad some money. I have no idea what the conversion rate will be for direct marketing, but I am hoping for 10% though realistically expecting a 1% conversion. I am finally doing something. I was inspired to actually do something as I had gone to a young entrepreneur meeting in Sydney and meet some really cool people who are doing something with their life. I am certainly going to emulate their success.

A 3% return from an unsolicited mailing for a wanted product or service is considered good. The conventional wisdom is that you could take that return up to about 5% with followup calls. An associate called me today to tell me he's getting a whopping 10% return from a current campaign involving both a direct mailing and an email sent to current and potential customers.

Whatever happens, don't let the numbers get you down while you're figuring this out. However, reading up on direct mail and marketing could save you a lot of time and money. Best wishes for great success!

[jrws]

Thanks man, hoping for the best, but hope without action is just that. Hope.

[Knowledge Kick]

You're only 18 so I would move that goal from 30 years old to 24 years old. You can do it! You have the fastlane mindset already, now move over to the even faster lane.

[CEBenz]

Love the avatar there G_Alexander. Always loved that color. Carry on. Hijack over.