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INTRO+ 30 year old millionaire but traded my time for money

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klix

New Contributor
Nov 20, 2011
20
19
22
A lot of people are thinking you have a money problem. You don’t, they’re missing the one sentence in your intro about how you don’t feel like you’re creating any value in the world.

To create value you have to have skills. I think with your college degrees, you’re undervaluing yourself. You do know more than poker, though it might be a bit rusty.

You need to first start off by creating a commitment to value.

Pick an area to work on. Don’t think of it as some huge deal you’ll be stuck with for life. Your comment on running a company for 20 years is not a good way to think. Amazon started off selling books on the internet. Focus on something contained like that.

Once you make a commitment to launch an offering for that area, then learn what you need to learn, hire to build what you need built, and sell what you need to sell.
 

Soder

Bronze Contributor
Speedway Pass
Jan 3, 2019
69
266
158
This thread is very interesting because it deals with business and personal aspects.

The situation that you have to solve is at a mental level, asking what you want in life, and from that point it will be easier to see how you face the business side.

You have a "business" with poker that generates good income. The "only" problem is that you don't love poker.

You can create passive income by investing in real estate or stocks that give you a dividend if you want mobility - so you have free time to focus on creating a business that you are passionate about.

Up to here the facts, but you have to take into account:

- Convert what you love into your work, killing love. Maybe it's your case with poker. We idealize working on something completely different from our skills.

- You have great skills in poker and the easiest thing would be to create a poker business, giving courses for example. In others you will start from scratch, which means time and effort. Learning is the best thing in the world, but just keep in mind that it will take time.

- The income of your investments (real estate, stocks) allows you to dedicate yourself to look for passions, without worrying about the income.

In conclusion I think you have to keep in mind that in business you have to love what you do, not do what you love - I can love to sleep and no one will pay me for it.

In your case, your investments allow you to search for activities that you love or create a business, but keep in mind that it may not be the same activity
 

Kevin88660

Gold Contributor
FASTLANE INSIDER
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
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Singapore
Congrats!

Fastlane is all about accumulating enough wealth to retire as soon as possible. You have already done that. Just put one million into a portfolio of corp bond+ dividents stocks with some annuity if you like, you will already receive a life time passive income without eating into the capital you have accumulated. As a financial consultant myself, easily I can engineer it to received 40-50k of income (before tax) yearly.

After segregating away the money you cannot afford to lose. There are a few options.

1) keep doing what you are doing. By making 300k a year via poker you can accumulate another million in less than 4 years. Since your first portfolio will fund your expenses for the four years so whatever you have made in these four years is saved. You will have a two million income generating porfolio that gives you 80k to 100k per year. Then you can truly retire with quality. Go work out in gym and marry a bombshell. Do some personal development elsewhere and cash out your success! There are many centi-millionaire with poor health and poor personal relationships. You can have a balanced life. Go write a book about it?

2) Expand on your current skill sets into a scalable business. Can you find people whom you can teach them the skill of poker and take a share of the profit? Remember the movie about MIT black jack team? Can you partner with people who have the experience in online education to develop a poker playing course-selling the shovels to make yourself richer? It will inccur opportuntiy cost as you take time away from playing poker but once successful it can yield at least 3-8 more times the return on the investment of your time compared to purely playing poker.

3) Go work on a big project. Your only goal is to create a billion dollar company after it gets its IPO. Millionaire first then billionaire later. Follow the footprints of Marc Cuban and Travis Kalanick. There is nothing to lose as long as you do not fund your venture using your own money. Remember that you have already segregated the first million you have earned for retirement. There is nothing to lose.






Hi everyone,

I managed to save 1.2 million USD from playing online poker and can still earn around 20-30k USD per month playing but I no longer enjoy the game and also don't like trading my time for money. I am a natural extrovert and dislike having spent so many years in front of computer screens alone. I chose poker as a career path because I knew I could work hard and make enough money to buy my financial freedom, at least as a single guy. My plan was to keep investing and working until I save 3 million so that I could then at least have the option to have kids and a family in a first world country without any financial stress and plenty of time to spend with my future kids.

However I find myself now at age 30 having no passion and feeling somewhat like a wage-slave trading my time for money and adding absolutely zero value to the world and just taking money from gamblers. After reading MJ's books I am considering starting some kind of business that actually helps the world and if I can make a living off it just to cover my cost of living the money I have already saved will compound to have more than enough money in the future. I imagine it will be significantly more fulfilling than what I am doing currently given it actually has purpose and meaning.

I am not sure if I am being too idealistic or if I should just continue for the next few years trying to bank as much poker money as possible. Or on the other end of the spectrum maybe I will end up becoming richer than poker ever could have made me from the entrepreneur path.

I write this post to get ideas from entrepreneurs who may have been in a similar situation with high opportunity cost (i.e traders, doctors, lawyers, bankers etc) and to seek their advice or hear of their experiences.

I am also looking for ideas on where to start if I choose this path as I am not confident in myself since I have no skills or experience other than poker. I imagine people start their first business in their field of expertise but in my situation I want nothing to do with poker and therefore have no field of expertise. I have a bachelor of business administration and two masters degrees (commerce and int. business) with perfect GPAs but I felt I learned more from MJs books than the 6 years of university combined, and the only value from these degrees is to lead a slightly better but still scripted life through working for someone else (I hope this is not the case, if there is some use for university degrees from quality institutions as an entrepreneur please let me know).

Thank you to anyone who took the time to read my post and good luck with all your endeavours, I am excited to interact with people who have the courage to go their own way in life and add value to the world.

Alan G
 

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