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How to enter the fast lane at the age of 55 ?

Discussion in 'General Entrepreneur Discussion' started by HenkHolland, Aug 7, 2007.

  1. HenkHolland
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    HenkHolland Contributor Read Millionaire Fastlane

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    I am new to this forum. Please allow me to introduce myself before I come to my question.
    I am a 55 years old Dutchman living in the Netherlands. I have had an excellent job - if a job can be excellent - working for a public company and made a few hundred thousand euros with stock options of the company for which I was a senior executive. This made it possible for me to quit my job a few years ago and enjoy life without a boss or work for that matter.
    However, during those years I have been spending more money on living expenses than my money generated, even though I have a modest lifestyle. Luxury goods are not my goal. Freedom is the luxury that really counts for me.
    I now realize that I need a lot more money to continue and secure my freedom for the rest of my life, assumoing that I will live for at least another 20 to 25 years. In addition, I would like to be able to spend a little bit more while I'm still young (say during the next 10 years) and healthy.

    I have been looking at several so-called internet 'business opportunities' but so far I didn't come across anything that appeals to me. I have no affinity at all with MLM-type of businesses. I also notice that a lot of internet businesses are almost scams. You buy an e-book that promises to teach you how to make money on the web only to find out that you're supposed to make money buy selling that same e-book to other 'victims'.

    I am looking for the best business opportunity (not necessarily an internet business) that will allow me to make money fast. Investing up to approx. EUR 100k will not be a problem as long as that can be recobered within a year to a year and a half. Please note that I don't live in the US or Canada.
    Thank you for advice and suggestions.
     
  2. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    The path will be different for everyone.... I can imagine that is not what you want to hear, but it's true. One person may do it with internet business while the next apartment buildings and the next self-storage. I would suggest you spend a little time reading and browsing - and see what excites you.

    Then, learn all you can in your area and start looking for your opportunity.

    I would add one thing.... I partnered with my mom and her husband on a project. Their stress level was much higher then mine was, and I believe it was due to their proximity to retirement age. If the project went/goes south, I still have years to rebuild... they, on the other hand would struggle. Be sure you have taken and honest and thorough look at your tolerance to risk.
     
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  3. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I suggest picking the best business opportunity that solves the most problems. Do that, and the money will follow. Chasing money is like chasing a cat ... when you pursue it without understanding how the beast works, it eludes you and hides under the bed.

    My next business will be product development and distribution.

    Its easier to sell 1,000,000 widgets then it is to work 1,000,000 hours.

    Welcome to the forum.
     
  4. HenkHolland
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    HenkHolland Contributor Read Millionaire Fastlane

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    AroundTheWorld, thank you for your comments. I can relate to the remark quoted above. I am starting to feel a certain anxiety to succeed and fear to fail, since I have the feeling that time is running out. About two years ago this has resulted in a big loss with options on the stock exchange. I did not follow a system and risked far too much money hoping to earn big if my presumption that the market index would drop within two months was right. It did not drop within that time frame and instead of limiting my loss I did not sell the options based on false hope.

    I know that is the wrong attitude if you want to succeed in business. So, I'm working on lowering the stress level.

    MJ, I agree with you that product development and distribution can be a very attractive activity, both financially and intellectually. However, where do you start?
    Another thing is the fact that in the business of product development the odds are against you. Isn't it the case that roughly 1 out of every 100 new product ideas is worth taking to the market. And only one out of five products that come to the market is successful?
    Understand me well I am not a pessimistic person but I feel like I can't afford to lose time and money at a venture with such a low chance of success.
     
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  5. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    If there was a risk-free way of acquiring wealth, everyone would be wealthy. I never said it would be *easy* or risk-free. Those statistics should not scare you, or anyone else.

    If everyone was doing it, everyone would be rich.

    The bottomline is this: You can't hit a home run unless you step-up to the plate. You've gotta swing for the fences. If you're sitting in the dug-out (i.e. JOB) you never get an opportunity to swing. Id rather swing 3 times, strike-out, versus never getting up to the plate at all.

    As for "Where to Start?" -- it always starts with a need - a problem to be solved and/or a method to do something better. Not a day goes by when I spot a need to be solved. Its mind boggling.
     
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  6. Andrew
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    Andrew Contributor

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    I'll add a few things,

    First, forget business opportunities where someone has something to sell you. ebooks, mlm, software, whatever it is. A select group of products are acceptable but nearly all are for those who already have substantial experience.

    Second, what are you an expert at? You were a senior executive, you may be able to earn good money doing something as straight forward as consulting. This is less than ideal for pocketing millions of dollars, but it can be a very good low-risk first step.

    Third, check out trade shows. Hands down this is the best place to network that I have discovered. You can meet great contacts, see whats hot, and its even possible to get some great inside info (people like to drink after the main event.)
     
  7. Peter2
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    Peter2 Fastane Legend. RIP.

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    Don't tell that to George S May. ;)
     
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  8. HenkHolland
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    HenkHolland Contributor Read Millionaire Fastlane

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    Andrew, thanks for your suggestions. Yes, if everything else fails I should be able to earn a decent living as a consultant. But after having enjoyed freedom during the past years consulting is really something that I will only consider in case of emergency (i.e. if I can't pay the bills anymore).
     
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  9. HenkHolland
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    HenkHolland Contributor Read Millionaire Fastlane

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    As to my goals: I would like to have a net worth of around EUR 5 million, five years from now. At present my net worth is around EUR 350k which of course includes the house in which me, my wife and daughter (just finished college, got a job and is about to go and live on her own) I live in, which is partly mortgaged.

    Do you have concrete suggestions as to the best direction I can choose to achieve my goals?
     
  10. Andrew
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    Andrew Contributor

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    Net worth in liquid assets, or for example, a company you could sell for 4 million and only 1 million liquid?
     
  11. JesseO
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    JesseO Contributor

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    Question: How to enter the fast lane at the age of 55?

    Reply: Quickly
     
  12. HenkHolland
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    HenkHolland Contributor Read Millionaire Fastlane

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    About EUR 200k in stock of publicly traded companies, i.e. I can sell them tomorrow in a matter of speaking.
    The other EUR 150k is tied up in the house where I live. So, I would not consider that liquid.
     
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