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Curious about who here achieved Financial Freedom

Kirsov

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I’m going to recommend the autobiography of Henry Ford.

That was a man with a mission. His mission and his livelihood lined up. It wasn’t long before his livelihood was a distant consideration. He wasn’t building cars just to go do something else later. He was interested in totally changing the mobility of the world.

You can’t read that book and determine Henry Ford wasted his life building instead of enjoying himself. He spent his life absolutely slaying his giant.
I don't think that he was "saving the planet" there, but instead, he saw a need and fulfilled it. He was saving the humans, not the planet. Planting trees for animals and to help with climate change, only a minority oh humans will help and are interested in. But, needing an automobile to move from places to places? It is a need of everybody.

Humans are self-centered. What's in for them to help save the planet? Are they receiving any service in return? No. Then, why would they do it? To help the future generation? That's not being self-centered and only a minority of the world population isn't self-centered.

Cars on the other hand, it is purely self-interest if someone is buying it. What's in for them? Well, anything a car brings to your life.
 
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MJ DeMarco

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There are stories sprinkled around the forum of people who either are on their way to financial freedom, or have achieved it. Some of the GOLD threads by reveal some of these stories. For every 1 story I see posted here, I receive 10-15 privately. Its a shame we don't have more "official threads" ... for instance, I found these in the "Share Your Big Wins" thread...


After having a lot of doubt about my business I started two years ago, I’ve finally been logging consecutive 80k month revenues and hit 100k for the first time ever this month (35% net, Wholesale food manufacturing).

So proud to share this news, spent so many years feeling like an outsider and wantrepreneur, finally starting to believe I can get a big sale in a few years and even write a good thread about it too!

Thanks to all the legendary contributors that share your wisdom on this forum, you guys rock


On track to doing my first ever million dollars in revenue (54% profit margin). Launched this niche clothing company December of 2020 with around $8,000 in family loans. I hired an ad agency last month to help me scale and so I can focus on other parts of the business. I’m still doing it out of my house but am looking for commercial space right now since I have my first kiddo on the way in august. I’m extremely grateful for MFL and the people on this forum.

I can bet you that these guys feel they are well on their way to financial freedom and have improved their "money security" by 1000%. Not yet "retired" or "wealthy", but now dabbling in the land of the 1%.
 

Two Dog

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@Altaff Mauritius, right? A tiny beautiful island in the Indian Ocean. Not exactly known as a hotbed of entrepreneurship.

What I find fascinating about this whole conversation is you started it in the first place. Being able to connect online in this forum means you can launch a successful empire from a remote island without ever leaving it. It's science fiction turning into reality with every post. All those stories from Phillip K. Dick and William Gibson are actually happening.

Is there anyone else local that you connect with?
 

Kirsov

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@Altaff Mauritius, right?
Yes.

Being able to connect online in this forum means you can launch a successful empire from a remote island without ever leaving it.
I'm not sure I can. Please explain further, I am interested to hear your thoughts on this.

Is there anyone else local that you connect with?
Sadly, no. No one.
 
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Trait

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There are stories sprinkled around the forum of people who either are on their way to financial freedom, or have achieved it. Some of the GOLD threads by reveal some of these stories. For every 1 story I see posted here, I receive 10-15 privately. Its a shame we don't have more "official threads" ... for instance, I found these in the "Share Your Big Wins" thread...
That's really great to hear. I was always curious about the conversion ratio of your books aka number of people who make it vs number of quitters. My previous estimate was around ~0.7% judging by the number of gold threads public and estimating number of gold threads in INSIDERS and then another estimation of number of people who didn't post in forum at all and all that is compared to the 70k members. Now the estimate sits at around ~8.1% not accounting people who read the book but didn't join the forum, that probably means they didn't even try to commit to the books teachings.

It would be cool though if you give a more accurate conversion ratio estimation because you have all the data.
 
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Two Dog

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I'm not sure I can. Please explain further, I am interested to hear your thoughts on this.
Sure thing. You can build, run and sell an online business from almost anywhere in the world nowadays. The only requirements are motivation, action and knowledge. Kind of sounds like an infomercial, but it's true. You need to supply the first two elements and the third is readily available on the internet and through forums like this one.

Empire Flippers has done a fabulous job of classifying online businesses into 17 categories. I'm posting a link to their valuation tool which details all of them. I'm also posting a link to their active business for sale to give you a better idea of what's possible. Hopefully, that's enough to get you thinking about what's possible from the island. If you don't know what all the categories mean, jump online and start researching. I had to look up one myself just now. ;-)

Empire Flippers Valuation Tool

Empire Flippers Marketplace

Y'know, many digital nomads actually GO to places like Mauritius to run their businesses!!!

And nothing at all prevents you from going elsewhere as well.
 

Kirsov

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Sure thing. You can build, run and sell an online business from almost anywhere in the world nowadays. The only requirements are motivation, action and knowledge. Kind of sounds like an infomercial, but it's true. You need to supply the first two elements and the third is readily available on the internet and through forums like this one.

Empire Flippers has done a fabulous job of classifying online businesses into 25 categories. I'm posting a link to their valuation tool which details all of them. I'm also posting a link to their active business for sale to give you a better idea of what's possible. Hopefully, that's enough to get you thinking about what's possible from the island. If you don't know what all the categories mean, jump online and start researching. I had to look up one myself just now. ;-)

Empire Flippers Valuation Tool

Empire Flippers Marketplace

Y'know, many digital nomads actually GO to places like Mauritius to run their businesses!!!

And nothing at all prevents you from going elsewhere as well.
Thanks for the help man! I am going to take a look at those.
 
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Two Dog

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That's really great to hear. I was always curious about the conversion ratio of your books aka number of people who make it vs number of quitters. My previous estimate was around ~0.7% judging by the number of gold threads public and estimating number of gold threads in INSIDERS and then another estimation of number of people who didn't post in forum at all and all that is compared to the 70k members. Now the estimate sits at around ~8.1% not accounting people who read the book but didn't join the forum, that probably means they didn't even try to commit to the books teachings.

It would be cool though if you give a more accurate conversion ratio estimation because you have all the data.
What does "make it" actually mean?!? The conversion ratio can't be estimated and really matters not at all.

MJ doesn't have X-ray vision to see into the lives and finances of everyone on the forums along with having no idea who's actually read the books vs. purchased them vs. borrowed from a friend and so on. It doesn't matter because conversion ratios are meaningless here. Either YOU succeed to your own satisfaction or YOU don't. What anyone else has accomplished or not is irrelevant.

I can tell you my personal guesstimate after many years, many entrepreneurs and far more wannabe entrepreneurs is that about 10 - 20 out of 100 potential entrepreneurs do anything at all. Most give up without ever starting. 90% of the starters eventually give up within the first 3 - 12 months. That means about 1 - 2% overall stick it out until something eventually works after almost certainly failing several times in a row. Take it as either slightly depressing or highly challenging. Both are true.
 

Trait

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I can tell you my personal guesstimate after many years, many entrepreneurs and far more wannabe entrepreneurs is that about 10 - 20 out of 100 potential entrepreneurs do anything at all. Most give up without ever starting. 90% of the starters eventually give up within the first 3 - 12 months. That means about 1 - 2% overall stick it out until something eventually works after almost certainly failing several times in a row. Take it as either slightly depressing or highly challenging. Both are true.
Its pretty incredible seeing ~90% of people quit even after knowing the most clear blueprints to making a fortune, like its not rocket science. I guess perseverance is what most lack on the way up. Reminds me of the Steve Jobs quote
"I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance."
 

Two Dog

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Hmm, I'd say "...highly increasing the probability" and "...making decent money with the chance of making a fortune." over your words. Don't confuse a clear blueprint with easy or even straightforward. Any child can learn what's involved in running a marathon. Not easy to accomplish even with dedicated training. Same thing with learning to play a musical instrument. Musicians practice thousands of hours to become proficient.

Becoming a business success is no different. It requires a tremendous personal commitment and sacrifice.

Chasing after a *possible* fortune 5 - 15 years in the future honestly isn't enough motivation to keep working at it every day. It's too vague. Almost like a mirage. You have to want to build something. For myself, the initial motivation to start my own business was simply that I hated other people telling me what to do.
 
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fastlane_dad

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Financial freedom to me is some crossing of your lifestyle ($$ spent per year / inflation / future expectations) - with enough assets where you do not have to (in all realistic scenarios) - worry about actively working for at least 40-50 years out into the future - basically for as far out as you think your lifespan will take you.

The point of where this was achieved for me was in my late 30s with the help of selling my fastlane business. A thread outlining majority of the thoughts and process are detailed here ( Fastlane Success ).

This took the better part of the last 15+ years to achieve.

Now if I decide to level up my lifestyle (new Lambos/Bentleys yearly, four seasons stays on every trip, 5+mil dollar mansion) - I have enough RESOURCES today to make all that happen today, but all of a sudden I will be very far from being financially free, and will need to start another business to cover the difference and make sure to fund my lifestyle indefinitely with the proceeds.

I am very happy at my current lifestyle / spending, that remained more or less constant during the last decade - and almost never have I told myself 'no' for any materialistic or travel pleasure that I was inclined to purchase. I (most likely) did not / would not need to downsize any part of my spending to remain financially free for the foreseeable long future to come, outside of black swans events that even at twice my net worth would potentially not save me in those scenarios.
 
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pk0815

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for me personal, financial freedom
is that you are in charge of your on timeschedule. you decide when, what and how you are doing things.

with that out of hand, i achived financial freedom by investing the last 10 years in the markets. i started as a 18y old with no financial background and with only a few bucks in my pocket.

the biggest mistakes i made was right in the beginning. i wanted to become rich quick so i spent the first few bucks on different courses and trading programms. what a stupid idea that was. after i learned my lesson i focused on building the right mindset and to watch other successful investors to learn their techniques. i started to invest in the right businesses with the right mindset and 10y later i finally achieved my goal.

after a few months of independencie i faced mental problems. the first time in life i had no goals for the future and i was struggling to motivate myself.

so TMF really changed my life upside down what financial freedom couldn‘t. i now have a new purpose in life. i‘m writing now a book to help others become financially independent. this book showed me a new path a new long-term goal in life

don‘t stop!! always learn and improve your skills.

hope that brings any value to you.
 

Kirsov

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for me personal, financial freedom
is that you are in charge of your on timeschedule. you decide when, what and how you are doing things.

with that out of hand, i achived financial freedom by investing the last 10 years in the markets. i started as a 18y old with no financial background and with only a few bucks in my pocket.

the biggest mistakes i made was right in the beginning. i wanted to become rich quick so i spent the first few bucks on different courses and trading programms. what a stupid idea that was. after i learned my lesson i focused on building the right mindset and to watch other successful investors to learn their techniques. i started to invest in the right businesses with the right mindset and 10y later i finally achieved my goal.

after a few months of independencie i faced mental problems. the first time in life i had no goals for the future and i was struggling to motivate myself.

so TMF really changed my life upside down what financial freedom couldn‘t. i now have a new purpose in life. i‘m writing now a book to help others become financially independent. this book showed me a new path a new long-term goal in life

don‘t stop!! always learn and improve your skills.

hope that brings any value to you.
How much profit did you make during your 10years of investing?
 
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