Are these bad fast lane goals?

[TrevorJ]

My goal isn't so much fastlane as hit the jacketpot and retire early, as much as it is to have income streams coming in to live my life "freely". Sort of tim ferrisesque. I've been doing internet marketing for awhile and I have a small firm I started recently (going out on my own.) I also push affiliate stuff here and there, the goal is to get up to $100k profit by end of this year / early next year. Then over the next year or two scale it up with services / products to make me 15-20k a month or 180-240k per year with minimized time effort so I can focus on personal passions and travel and so fourth. Anyone doing something similar, or thoughts on this?

 

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[botnickguy]

They're good goals, just keep them S.M.A.R.T. Specific, measurable, attainable, realistic, time-focused.
Now go do it, right now.

 

[MJ DeMarco]

Are these bad fast lane goals?

I wouldn't say "bad" but perhaps unrealistic. Everyone I know who is living the passive income dream has worked very hard and long to get there. The idea of working a 4HWW to get to a 4HWW IMO is a fantasy that sells books and dreams.

per year with minimized time effort

That means the guy who puts forth the "maximized time effort" will clean your clock. You won't last in a competitive climate.

 

[H. Palmer]

I wouldn't say "bad" but perhaps unrealistic. Everyone I know who is living the passive income dream has worked very hard and long to get there. The idea of working a 4HWW to get to a 4HWW IMO is a fantasy that sells books and dreams.

This is true. Tim Ferriss worked for years round the clock to start, build and scale up his company Brainquicken.

It was only after it had reached scale that he could put most of the operations on autopilot needing only 4 hours per week and still keep the money flowing in.

As to his book "The Four Hour Workweek", that wasn't an overnight success either. It was rejected by 27 publishers first before the first saw the potential of it.

He was introduced to this publisher by Jack Canfield, a bestseller author (Chicken soup for the soul, 30 mln copies) that Tim had gotten to know.

Tim had been introduced to Canfield while working as a volunteer for SVASE, a Silicon Valley entrepreneur group.

That is, first he had worked for several years as a volunteer for SVASE, then as one of the rewards for his work, was offered a position in SVASE where he was introduced to Canfield.

So his book 4HWW wasn't exactly an overnight success either. The marketing part of it had started years earlier.

 

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[TrevorJ]

I wouldn't say "bad" but perhaps unrealistic. Everyone I know who is living the passive income dream has worked very hard and long to get there. The idea of working a 4HWW to get to a 4HWW IMO is a fantasy that sells books and dreams.



That means the guy who puts forth the "maximized time effort" will clean your clock. You won't last in a competitive climate.

I agree with the hard work initial phase. One of my streams is a marketing firm where the campaigns are fully outsourced and almost completely automated. My job is getting sales and customer service which isn't too bad. I only need a dozen clients consistantly to make the amount I want from that specific business (50-70k per year profit). In addition, building out my own products and websites to make another stream of income, also ideally 50-70k per year. I don't believe in the 100% automated shit, but I want it to be highly flexible. Creating products and services which may be outsourced or managed without most of my time.