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Introduction $10 million = My Freedom

Discussion in 'Forum Introductions (Who are you!?)' started by LauraMorenoCa, May 18, 2017.

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  1. LauraMorenoCa
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    LauraMorenoCa Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hi there!

    After reading the Millionaire Fastlane I've set myself the goal to make $10 million in max. 10 years to be able to travel the World or do whatever the heck I want!

    My plan is to start an online company (lead generation business or similar) for the Real Estate industry. I have experience in the field and I now work full-time as a product manager for a tech company.

    Ideally, by this time next year, I will be able to leave my full-time job and focus on building this freedom machine.

    What are your thoughts? Thanks!


    Laura
     
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  2. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Welcome to the forum Laura.

    Be careful with that chain of thought. I think many here will agree, you're approaching this backwards. MJ addresses this in the book, but you need to chase NEEDS not MONEY.

    Is it had to have the goal to become a millionaire? No. But from what you've posted here it looks like you're focusing on the dollar amount and a way to achieve that.

    Instead find a need to solve. Lead generation for real estate... is this a need to be solved? What particular problem are you solving?

    Check out the Gold Threads whenever you see them and definitely be open to new concepts around here.

    Trust me, this won't be the first time you hear this concept of finding a need instead of figuring out a way to make money.
     
  3. Rickchise23
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    Rickchise23 Passive Income Ninja I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hey Laura,

    Welcome to the forum. I own a real estate company and we are active in a few markets currently. I think a lead generation business focused on seller and not buyer leads could be an interesting proposition, just thought I'd throw that out there. One thing to keep in mind moving forward is how will a recession effect your business?

    Being in the same industry as you, I am focusing currently on preparing for a market pullback and how to maximize profits in a down market. Just something to consider so you can weather the storm should you need to in the coming years.

    Anyways welcome and hope to see you around here.
     
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  4. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I actually dabbled in the same thing about 12 years ago. Is there a solution you are seeking to solve in this?

    Try to keep in mind that "Fastlane" is not something you try -- if your idea doesn't pan out, you go to the next, and the next, and the next...

    One does not wish to play softball by stepping to the plate once, swinging once, and then leaving.

    Welcome to the forum -- glad you found TMF to your personal journey!
     
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  5. LauraMorenoCa
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    LauraMorenoCa Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hi Scot,

    Thanks so so much for your reply!

    I 100% agree with you! First focus on covering needs!

    At the moment, I am studying the methodology Jobs To Be Done (JTBD) to discover user needs. I've already found a nice niche in the Real Estate market but I still need to verify that it is a strong need before investing time in creating it. What are your thoughts?

    Thanks so much for your advice! I totally agree with you!

    All the best,


    Laura
     
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  6. LauraMorenoCa
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    LauraMorenoCa Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hi Rick!

    Wow, thanks so much for your reply!

    Regarding the recession, that's a really interesting point I hadn't taken into account!

    Regarding the seller leadgen business, you mean "I want to sell my house > I go to x website to leave my contact details > others will get in touch with me put the property in the market or buy it directly?

    Thanks again!

    Laura
     
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  7. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    You don't need $10m to be able to travel the world and do what ever you want.

    You need to detach your time and location from your income.
     
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  8. Rickchise23
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    Rickchise23 Passive Income Ninja I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Yes basically landing pages that are sought out by sellers through FB or Google ads that show neighborhood data or offer whats my home worth type of info in exchange for their contact info, this info ccan then be sold to the local broker.
     
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  9. LauraMorenoCa
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    LauraMorenoCa Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hi MJ,

    Wow, I cannot believe you are replying personally to my message!! Thanks so much! I love love your book!

    Regarding the Real Estate leadgen idea, basically, whenever I've tried to invest in a property in another city in the US, I've found it impossible to find a property manager I could trust. There are 7-8 companies that do the same (property manager leadgen) but they don't rank well in SEO and they don't cover my need (I want to see reviews and more info before I contact them).

    Before investing time and money in this idea I want to get to know other real estate investors and find out if this is a real need (maybe there are others that could be better!). As you said, if this doesn't work, then I'll try the next thing.

    Thanks so much in advance! I wrote several gratitude notes to you to thank you for the book! Where should I send them?

    All the best,


    Laura
     
    Last edited: May 18, 2017
  10. LauraMorenoCa
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    LauraMorenoCa Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hi Vigilante!

    That I think also depends on your personal circumstances. When I was single and in my 20s I could do that eyes closed, but now that I am married and expecting my first child, I really cannot take those decisions that freely.

    I would also have the freedom to choose if to work or not, if to leave in the same city or not! I don't want to depend on a job but on passive income.
     
  11. LauraMorenoCa
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    LauraMorenoCa Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Got it! Thanks so much!
     
  12. MJ DeMarco
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    Yep, I'm here practically every day.

    Ahh, OK. That sounds like a good launch point.
     
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  13. Andy Black
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  14. AgainstAllOdds
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    You didn't take in @Vigilante 's message correctly. Read it again: "You need to detach your time and location from your income."

    Is your goal to have $10 Million?

    Or is your real goal to travel the world?

    I'm currently traveling the world on a $35k a year budget. The way I got that number is the amount I'd have to pay in taxes on the first $100k if I stayed in the U.S. What I save in taxes I spend on travel. Your $10MM "goal" is 285x that of what you need, and likely 285x more difficult to obtain.

    And I know you have the excuse of "I am married and expecting my first child, I really cannot take those decisions that freely," but traveling the world has absolutely nothing to do with that. There's numerous couples with families that are traveling the world.

    You don't need a lot of money. You just need an income that you can make anywhere. For example, if you work in an office in New York, and it's required that you go into the office, then there's zero chance that you can make money from Paris since you can't be in two places at one time.

    However, let's say that your job lets you work remote. In that case you can sit in Paris, and use the internet to submit your work in New York.

    That's what @Vigilante 's describing. He also alludes to separating time from money, though that's less a requirement for "traveling" and more of a defining characteristic of how much time you'll have to enjoy that travel.
     
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  15. gatorgus
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    gatorgus Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Hi Laura. Welcome to the Forum! Good luck to you!
     
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  16. LauraMorenoCa
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    LauraMorenoCa Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Wow, you are kicking my a** there! Thanks for that! I needed it!

    Actually, I believe my real goal is not having to work.

    What you said about traveling the world on a $35k budget and working from anywhere in the world, that doesn't sound like what I want to do. My real goal is not having to work and I have estimated that goal to have a $10 million value due to the expenses I will predict to have until I die.

    Thanks again for your great comment! I totally made me think
     
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  17. Andy Black
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    You might find this useful (as well as the previous link I dropped that is a podcast of a guy talking about how he used Facebook to generate leads for Real Estate agents):
     
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  18. Valor
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    Valor Silver Contributor FASTLANE INSIDER Speedway Pass

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    There's nothing wrong with having a $10 million goal. In fact, this is a rather small goal to many successful people.

    But I do believe that $10 million is not your "freedom" number.

    Once you have $10 million, you don't just keep it in a bank account and withdraw a little bit here and there as needed. You invest it in something that gives you a solid ROI, and live off the income from that. AKA, your Fastlane money system, which is mentioned countless places around here.

    Say you achieve $10 million and build a money system that yields a 5% annual return (easily doable). That's $500k per year. For the rest of your life. And likely the rest of your future kids' and grandkids lives as well.

    Like I said, there's nothing wrong with a $10 million goal, but I feel it is more or less just an arbitrary number in this case.


    I feel like Fastlane Business Mathematics 101 will be very helpful for you, which can be found here:

    GOLD - HOW TO: Understand Fastlane Business Mathematics
     
  19. Rickchise23
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    Rickchise23 Passive Income Ninja I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hey Laura, Rick again chiming in lol

    So I think what you are trying to say is you don't want to bootstrap and travel on the cheap with your family while working remotely.

    What I think some of the other posters were getting at is that 10 million is an arbitrary number when in actuality perhaps a $25,000 a month passive income would give you just as much security. One might take 20 years to attain, the other might take 2 years to get too.

    I know for me in the early stages it helped to focus on goals that didn't seem too far down the road. I love thinking big, but it seemed to me that just trying to get to $1000 a month in revenue with my business was goal #1. Then I'd try to get to $5000, then $10,000, then $30,000 per month.

    Again nothing at all wrong with wanting 10 million but in all likelihood it's gonna take 25 years because there aren't that many Zuckerbergs out there.

    For me running my business in less that 7-8 hours a week from my laptop and bringing in $10k-25k per month feels a hell of a lot like retirement. I have a wife and a 7 year old daughter and take trips monthly, been to 20+ countries and we really never feel much pressure on any money issues. We can't book a private jet, don't own jet skies and stay at AirBNBs instead of the 4 seasons usually but I think the point is $10 million is a great goal but in no way a necessity to travel the world and live well. For me my wife and we can take trips or live anywhere in the world and still save for the future. While we choose to live in Scottsdale AZ so our daughter to go to school here with her friends, we could really live anywhere and likely will live abroad as a family here in the next few years.

    Just something to consider as I want to make it clear it is much easier to live a great lifestyle and travel the world even as a family than most people know.
     
  20. Ninjakid
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    Hey Laura,

    You can start building your freedom machine now on your time off. In fact I think a lot of us here would recommend you are making at least some money from your business and only quit your job because you can do more with the extra time devoted to your company, rather than just quitting and going sink or swim (even though some of us have done that, myself included, but i don't recommend it).

    Maybe she wants to travel with the $10M. It's a very different experience traveling the world as a multi-millionaire from having enough income to cover your basics and traveling.
     
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  21. V8Bill
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    $10 million is way more than you'll need for freedom. Way, way, way, way, way way more. How did you arrive at that number? What if you never get there? Does that mean you'll never be free? Seems a waste. The amount of money someone needs to be (financially) free is over estimated by nearly everyone. Maybe a small adjustment in how you define freedom and wealth could be useful.

    I've spent the greater part of the last 10 years studying and experiencing wealth and freedom. Interviewed hundreds and hundreds of people. My determination is that wealth isn't (or at best, ought not be) measured by how much money you have but instead by how far you are from financial stress. I'm more than happy to send you my findings if it'll help.
     
    Last edited: May 20, 2017
  22. Kak
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    Kak Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    10 million is not exactly what I would call "do whatever you want" money. It's actually not that much money anymore. Travel the world on a budget for the rest of your life maybe. You would have to be in tight budget retirement mode.

    The problem I see here is not the goal it's the motivation. Your motivation seems to be so you can screw off and not work... I haven't seen that work yet.
     
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  23. V8Bill
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    $10,000,000 sitting in a bank account at 5% (yes, it's possible) = $10,000 p/wk for the rest of your life. With $10,000 a week as a fixed income I think I could easily do "whatever I want" unless I want to start owning islands, countries or planets. Even after tax (if you put zero effort into tax minimisation) that's still $5,000 a week forever - no matter what. That would place you well into the top 1% of the top 1% of wage earners on earth and well above most traditional business owners. It would allow me to travel the world in first class forever. I could easily live in many 5 star resorts around the world. Of course I'd be living like royalty in every country and probably in every city as well.You could spend $20,000 a month on rent and still have $30,000 a month to blow on fun and luxuries. And if you ever lost or spent all your money on hand you'd only have to starve until Friday to get another $10,000 top up for the next week - to see you through your difficult time.

    There's very little you could not do on this earth with $10,000 a week flooding into your life. Of course you'd have it placed into a trust so that when you die it continues producing $10,000 a week for your children and their children. $10,000,000 would make you the financial hero of your family and for generations to come. There'll be portraits of you hanging on walls and people will point to you and utter contrafibularities in hushed tones for eons to come.

    Perspective, clarity, appreciation and a calculator can go a long long way.
     
    Last edited: May 20, 2017
  24. Kak
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    @V8Bill

    I understand your point fully and I still disagree.
     
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  25. V8Bill
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    Yeah, I get the inflation argument all the time whenever I raise this and of course you're right but I think it's going to be a long long time before $10,000 a week is worthless. The kids can use it as a trust income and hopefully they'll be raised to follow their passions instead of doing whatever will get them work. I dream of a society where people do what they want with their lives instead of what will make them money.

    Plus, (and you're right) what's stopping them from using their $10,000 a week to start and grow a business? Don't have to blow all of it. In other posts I illuminate the importance of hobbies and passions and in nearly all cases people glaze over with a look of ecstasy at the thought of not having to worry about money ever again and have a good amount of expendable allocated income to spend on indulging their hobbies and pursuing their passions. To me, that's actually more exciting than the making of the money in the first place. I do come from a fairly different perspective - I know that but once I lay out the maths for people they get a fresh perspective on wealth and money and what to do with them both.
     
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