$7,000,000 in 4 years

[frieden70]

So, yesterday was the first time I really thought about what it would take for me to get into what I feel is the fastlane.

I've said since I was probably 20 that my goal is to retire by the age of 30. When I say retire I don't mean stop working completely. I'm an entrepreneur that loves solving problems so I don't ever really see me stopping to come up with solutions and create but what I mean is that I'm working because I want to, not because I have to.

In order to do this, I've determined that I would need to be averaging 45-50K a month residually. That's 45K+ a month for doing absolutely nothing at all. Yes, there are taxes of course, but I should be able to live pretty comfortably off of 45K+ a month and not have to think about it.

So, what does it take to actually do that?

Of course you have to figure out ways to make the money. I'll save my plan for another post as I get further along. I've outlined it very briefly in my intro but basically, when I sat down and did the math, here's ultimately what needs to happen.

Every accounting/finance class I've ever taken has talked about retirement funds and investing money now = x later. The average ROI that I've consistently seen be used is 8% annually.

So, assuming I can average 8% annually on my investments (which based on my investing experience thus far should be fairly realistic), $7,000,000 is my bench mark for freedom.

With $7,000,000 invested at an average 8% annual return my monthly residual income would be just north of 46K. That I can deal with.

Now back to what I was saying before.

My goal has always been to reitre at 30.

Right now, I'm 25, turning 26 in May so I have just north of 4 years to achieve this.

I was talking with my boss yesterday (we talk about entrepreneurship all the time and he actually helps advise me on my app project) and we both think that this is super achievable.

If my research on my app business proves to be right as I roll out that product, that one project alone could easily yield the $7,000,000 I need.

My net worth now is in the 6 figures so while I still have a ways to go, I'm definitely making progress. My hunch is once I make the first million, it will start to really snowball.

Anyway, this was just kind of a brain dump of what I've been thinking about the past day or so.

To anyone that has more experience in growing their wealth and getting in the fastlane, do these numbers seem right?

Cheers!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Dmitri]

Hey frieden70,

I think you should be concentrating more on what value you want to create for others, rather than doing "mental masturbation" and calculating exactly how much money you want to make. I don't see the point in it, other than making you feel better.

Sorry for sounding rude, you will just be much better off that way.

 

[frieden70]

I think you should be concentrating more on what value you want to create for others, rather than doing "mental masturbation" and calculating exactly how much money you want to make. I don't see the point in it, other than making you feel better.

Sorry for sounding rude, you will just be much better off that way.

It's mainly to map out what really needs to be done to achieve what I want.

I'm really into goal setting and processes. Figuring out what I need to do to achieve whatever it is that I want. And I've been pretty good at getting what I want for most of the things that I do this process with.

Of course I have to create value for people, that one's obvious and my focus on everything that I do. But if I want something I want to know exactly what I have to get it.

It's like when people make their new years resolutions to "lose weight". What does that even mean?

I have to be much more detailed. For example, I want to lose 10 pounds by March 31st.

Then I map that out and really see what it takes to do it.

So, there are 6 weeks left until March 31st. 10/6 = 1.6 lbs. And I've already lost 8 lbs in 3 weeks.

Now I have bench marks for each week to either stay on track or make adjustments.

It's just to simplify the process. Break up my large goal into smaller ones.

So, now I know what I want and I'm taking calculated actions to make it happen.

I've left out the other pieces of the process cause that's more for my brain to work through it but you get the idea.

It's just what helps me and something that does, to a certain extent, keep me motivated when I don't feel like doing the work.

 

[CEBenz]

What I see is:

By knowing what he wants to achieve financially, he can the select or de-select solutions to problems that do or don't have the potential to get him there.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[frieden70]

What I see is:

By knowing what he wants to achieve financially, he can the select or de-select solutions to problems that do or don't have the potential to get him there.

Great way of putting it.

Ultimately, I'm going to come up with different ideas of what would be cool. I need to make sure that everything aligns with what my ultimate goal is (and hey, that can change too).

Either way, I have to know where I want to go.

 

[OsmanS]

Having a vision motivates you to work harder towards it. 7 Million in 4 years is very possible.

 

[haosmark]

You have a goal, now define a path. Just like in marketing, you set long term and short term goals, then refine them along the way.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[frieden70]

Ready for some irony?

Literally just finished the book and what does it say at the end?

Figure out exactly what it will take to live the life that you want, to the penny.

I think I did just that

 

[1PercentStreet]

Make 10k,50k,100k,250k first.

 

[frieden70]

Make 10k,50k,100k,250k first.

Agreed, I think I've hit most of those bench marks already

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[socaldude]

We can rationalize all we want but value comes FIRST.

One of the most enlightening moments i ever had happened when i realized how wealth or money is made; by creating value by leveraging economic inputs such as labor and capital.

there is a direct correlation and causation between how much money you make and how much value you create. value comes first the same way your parents were born before you were born theres no other way around it

 

[haosmark]

Agreed, I think I've hit most of those bench marks already

You are able to hit 250K mark on your own and you are the same person who created a thread about searching a partner to develop a mobile app? lol!

 

[biophase]

Agreed, I think I've hit most of those bench marks already

You said most, so I'm guessing you mean $100k. However you still have a boss, so did you make the $100k at your job or was it a business you had.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[1PercentStreet]

You said most, so I'm guessing you mean $100k. However you still have a boss, so did you make the $100k at your job or was it a business you had.

I'm confused.

A lot of these threads having a common trait. Everyone that starts them wants to be feel the reaffirming being correct in their thoughts. Reaffirmation I think it's called?
I'm not taking a stab at you either. I've done exactly what I'm describing on more then one occasion. I still do it from time to time.

Professionally, my experience is in performance online marketing. Specifically media buying with a lead generation emphasis.

I probably could've worded that better but long story short, I buy media online and turn that traffic into leads for different advertisers. Been doing that for for about 3 years and have spent the last 6 months or so strictly in the mobile space.

I know exactly what this is and I've personally done/do it. Now with those goals you say you already hit, is that your revenue or the companies revenue that hit that?
And is that even profit?

As a performance marketer, most of the focus is on making the quick buck. Buying media, optimizing the media, and making money.

This isn't what a performance marketer is.
YOU PROVIDE VALUE. It's not about the quick cash. That's very short-term term thinking.


If you're good at being performance marketer, then build a mvp and provide immense value.

I wanted to type more. I have a lot of experience in this field. What you're saying is far from reality. However... I don't feel like being an a**hole and would rather help out. I truly believe if you have the skills you say you do, use them to your advantage.

Grow value which grows wealth.

 

[Hans im Glueck]

Agreed, I think I've hit most of those bench marks already

...you think?

 

[frieden70]

You are able to hit 250K mark on your own and you are the same person who created a thread about searching a partner to develop a mobile app? lol!

Not 250K, yet but that's besides the point.

Clearly you missed the point of that post.

Read it again. I didn't need a partner for money and I clearly said that. I needed someone with technical experience to help me with dealing with developers and wanted someone for brainstorming. That product has come a long way from the initial concept and it's due to the brainstorming and concept development. I found most of that in a mentor and an adviser so I'm good to go.

I said that they needed money just to have some skin in the game. It's too easy to walk away and not care when you cross a hurdle and money isn't on the line, at least in my experience.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[frieden70]

You said most, so I'm guessing you mean $100k. However you still have a boss, so did you make the $100k at your job or was it a business you had.

Correct. The point wasn't that I've made that on businesses (although some of the money has come from investments and small content businesses. Think stuff I did forever ago and still get adsense revenue on) but I have it and the initial point of the post was merely to discuss where I want to be financially, not to outline my roadmap to get there.

$7,000,000 right now is my bench mark for absolute freedom.

I have my roadmap that I will share as I get a little further down the road. I talk about it slightly in my intro.

Hope that makes sense.

 

[frieden70]

I know exactly what this is and I've personally done/do it. Now with those goals you say you already hit, is that your revenue or the companies revenue that hit that?
And is that even profit?

The 5 figures is both revenue and profit. So generally doing 50K+ in revenues to get 10K+ in profits. It varies monthly but you get the idea.

This isn't what a performance marketer is.
YOU PROVIDE VALUE. It's not about the quick cash. That's very short-term term thinking.

I don't disagree with you but that's been my experience in working with probably thousands of performance based marketers. Lead gen marketers for the most part just do what they can to get the leads and get the buck, at least in my experience. We're limited by what the advertisers want and what their budgets are. You'd be amazed at how budgets change month to month regardless of the lead quality.

Dating advertisers are a perfect example. I've sent tons of high quality leads to dating advertisers and I'm not just saying that. One month they absolutely love it, want as much as I can deliver and the next month they don't have any more budget. Crazy if you ask me but that's been what I've seen, regularly.

So, with that type of circumstance, most performance advertisers I've worked with simply do what they can to make the buck because they don't know if the advertiser is going to be there the next month or even tomorrow. I've had advertisers pull budget in a day or 2.

That business model is NOT fast lane and that's why I don't like it. It's not fulfilling. Even if I made 10 mil a year on it I wouldn't be fulfilled.

If you're good at being performance marketer, then build a mvp and provide immense value.

That's why I'm working on my own projects that I have complete control of and can create the value that I want. I want to do something that positively has changes in people's lives and the narcissist in me wants to see and know that I'm making a positive difference in people's lives. That's what matters to me more than the money but I know the money will follow if I can help enough people make a positive change.

I'm pretty confident in my skills and my concepts. One's already proving that I hit the nail on the head.

The other, the mobile app, is actually something that I think YOU will like a lot since you're into fitness as the app is in the fitness niche. It should be starting to be developed within the next couple weeks. My mentor is just testing out my outsourced developers on his own project to give me feedback before I start using them.

Anyway... kind of a rant there, my bad.

Again, the point of the initial post really had nothing to do with my roadmap, I have that. It was simply to outline the number of where I want to be to have total and complete freedom in my eyes.

Hope that makes sense.

I'll probably discuss my roadmap as I get a little further down the road.

Cheers

 

[OzGrinder]

You've forgotten inflation in your calculations. If you want to earn approx 46k present day value a month indefinitely, then you'll need to shoot for 11mil. This is assuming 8% returns and 3% inflation long term, this would allow you to re-invest 3% of the returns to cater for inflation. So that 46k a month your withdrawing would increase in line with inflation.

Hitting those 10k-250k milestones isn't much of an indicator unless it's via an entrepreneurial endeavor either. It's easy to save 250k in 4 years working a job. 7mil+ in 4 years not so easy, unless you're already well on your way. Work on building a solid business first, then start looking at what you'll need to do to get to that 7mil+.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[1PercentStreet]

That business model is NOT fast lane and that's why I don't like it. It's not fulfilling. Even if I made 10 mil a year on it I wouldn't be fulfilled.

To each their own. I actually like what you said. Less competition for me. There's a way to provide value and make it fulfilling but if you can't see that, there's nothing wrong with that.

No need to discuss your roadmap. Focus on your own path and make it happen. Actions speak louder than words.

 

[frieden70]

To each their own. I actually like what you said. Less competition for me. There's a way to provide value and make it fulfilling but if you can't see that, there's nothing wrong with that.

For me, not if I'm doing it for another company. Again, I have no control at that point. I can plug in different advertisers but for me, that's just blah.

The fun and the fulfillment are in my blogs when I get comments and tweets telling me how people truly enjoy my work.

Getting comments on my YouTube videos from forever ago telling me that it helped someone with a project or whatever is what's awesome for me. And that I get paid for it to this day is icing on the cake.

I want to create the product and affiliate program, not be the affiliate. And that's what's in the works.

Anyway, I'm kind of over this whole thread now. Didn't get what I was intending to.

Whatever, it's cool.

Good talk peeps.

 

[Kid Money]

Listen,

There are a ton of negative people on here that when they see any $ amount in a post feel like they need to bust balls. I say go for it! 7M is most definitely attainable in 4 years. VERY attainable. Cheers to our youth and burning desires!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

You've forgotten inflation in your calculations.

I'm going to *partly* disagree with you here...

If I own my house FREE and CLEAR (no mortgage) in a neighborhood with no HOA and in a town with few public services (lots of towns in AZ are like this) AND I own my cars FREE and CLEAR (no car payments) how much does inflation REALLY affect me?

Regardless if I pay $2 or $5 for a bag of pretzels isn't going to affect my standard of living.
$4 gas vs $8 gas, again, makes no difference to me -- my life won't change.

Inflation risk can be minimized when you own everything and owe no one.

(Inflation risk is minimized to living expenses, gas, RE taxes, food, electric bills, etc -- and for the most part, these are low dollar items)

So inflation is a concern, but not as big of a concern one would think.

 

[hakrjak]

Owning real estate in your portfolio continues to be one of the best hedges against inflation there is. Especially single family rental property. If inflation happens, rents will rise. Your cash-flow will move up accordingly. In inflationary periods, owing on the properties actually turns out to benefit you greatly because you pay back the mortgages with dollars worth less.