Decided to post this as a thread....
Awakening...
***7.5.2017***
I've been walking on the sidewalk and driving the slowlane for years.
I've been putting money in my 401K for the past 20 years and have watched it ride a roller coaster. Yep, I drank the kool-aid being peddled by every financial 'guru' and don't seem to be getting anywhere significantly close to an amount I can retire on. I just finished reading a couple of chapters in UNSCRIPTED providing insight to the compound interest. I knew I wasn't realizing any 'value' from compound interest and now I understand why. It doesn't work unless you start with a significant amount of money.
When I was younger, I had ideas - lots of them. I even had a small business, but it was more of a hobby and treated as such. No surprise, it failed. It failed because I didn't know what I was doing. It failed because it was solving my need, not really anyone else's. It failed because I didn't care.
What am I doing now?
I'm working on listening for needs that need to be met. I've started writing down my ideas every day. Some days I don't have any ideas, but that's ok. I anticipate it will take a few months to start seeing progression in more comprehensive and thought-out ideas.
I'm back in training camp.
What do I want?
I'd like to 'retire', but I don't have enough money to do it. I can't, so I won't.
I have a pension and SS, but it's not enough.
I need an additional passive income of $100,000 a year to be 'ok' - and that assumes all debt is paid off.
I want to be more than 'ok', so that means I need at least $5M (assume earning ~ 5% dividend payout).
($1M * .05 = $50K but $5M * .05 = $250K).
My goal to retirement:
In 5 years will have at least $1M.
In 10 years I will have at least $5M.
The question is....How will I get there?
***UPDATE 7.25.2017***
Progress is being made
I've been carrying around a little pocket-sized memo pad. I've been writing down my ideas for about 45 days now. Many of the ideas seem 'silly' to me, but this is the point - just write them down. After writing them down, I now start thinking about HOW could that idea come to fruition. I do some web-based research to determine 1) does that commodity or service exist already, 2) gain a better understanding of the potential market 3) HOW would that commodity or service be designed 4) what are the practical applications of it, and finally 5) HOW excited am I about working on it.
So far, two of my ideas got me excited.
Awakening...
***7.5.2017***
I've been walking on the sidewalk and driving the slowlane for years.
I've been putting money in my 401K for the past 20 years and have watched it ride a roller coaster. Yep, I drank the kool-aid being peddled by every financial 'guru' and don't seem to be getting anywhere significantly close to an amount I can retire on. I just finished reading a couple of chapters in UNSCRIPTED providing insight to the compound interest. I knew I wasn't realizing any 'value' from compound interest and now I understand why. It doesn't work unless you start with a significant amount of money.
When I was younger, I had ideas - lots of them. I even had a small business, but it was more of a hobby and treated as such. No surprise, it failed. It failed because I didn't know what I was doing. It failed because it was solving my need, not really anyone else's. It failed because I didn't care.
What am I doing now?
I'm working on listening for needs that need to be met. I've started writing down my ideas every day. Some days I don't have any ideas, but that's ok. I anticipate it will take a few months to start seeing progression in more comprehensive and thought-out ideas.
I'm back in training camp.
What do I want?
I'd like to 'retire', but I don't have enough money to do it. I can't, so I won't.
I have a pension and SS, but it's not enough.
I need an additional passive income of $100,000 a year to be 'ok' - and that assumes all debt is paid off.
I want to be more than 'ok', so that means I need at least $5M (assume earning ~ 5% dividend payout).
($1M * .05 = $50K but $5M * .05 = $250K).
My goal to retirement:
In 5 years will have at least $1M.
In 10 years I will have at least $5M.
The question is....How will I get there?
***UPDATE 7.25.2017***
Progress is being made
I've been carrying around a little pocket-sized memo pad. I've been writing down my ideas for about 45 days now. Many of the ideas seem 'silly' to me, but this is the point - just write them down. After writing them down, I now start thinking about HOW could that idea come to fruition. I do some web-based research to determine 1) does that commodity or service exist already, 2) gain a better understanding of the potential market 3) HOW would that commodity or service be designed 4) what are the practical applications of it, and finally 5) HOW excited am I about working on it.
So far, two of my ideas got me excited.
- Idea A - Yes, there are others in the marketplace already, but I was able to define a differentiator and continued thinking about it. Could I go down this path - Yes. Timeline - probably about ~12 months to market and then not sure how the mobile app would be received.
- Idea B - Very excited about this one - emerging technology, with large companies looking at it now. Some have launched with real intent to be a market leader, but they are still developing the overall product/service. I see a gap that doesn't appear to be addressed by anyone, yet everyone is or should be aware of the gap. I have filled 10 pages in my notepad so far with "How can I fill the gap" and other options for this particular Idea. I also engaged a couple of fellow techies (whom I trust) in discussion and they have agreed to take a deeper look at this emerging technology. Timeline: 3-5 years. This is not a need YET, but it will be and I want to be the one who fills the gap. I need to do a CENTS, look at writing up an NDA so I can engage others seriously, and keep learning more until I have a better handle on the technology and clear path to fill the gap.
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