I Became a Millionaire At 25 - Now Looking For Direction

[RisingStars]

Let me first emphasize that I am not complaining and I am very thankful to be in the spot that I am. My reason for this post is to maybe get some input from other experienced members who are/were in a similar position.

It’s been a little over one year now since I sold one of my eCommerce brands. I still have another brand which does about 15k profit per month very consistently, so my living expenses are more than covered.

So what is my problem now?

I’ve dabbled in multiple things after the sale (while also doing maintenance work on my 2nd brand!): I’ve looked into value investing in stocks, buying a SMB, starting another eCommerce brand and buying niche sites.

(Just as a side note, the idea with the niche sites was to buy a site and then launch a physical products brand on the back of the site's audience, making the site + brand much more valuable, while providing better offers/products to the customers).

Nothing I looked into seemed to be “it” for me - but I maybe just give up on ideas too quickly now because I think they are too small to make an impact (both on my lifestyle and for the customers).
I wouldn’t want to spend the next years of my life on a business which plateaus at 10k profit per month. It’s not even really about the money so I can buy things, rather that I want to advance and feel like I am making progress (which is pretty easily measured in money).

My long term goal for myself has been to have 8 million invested in a money system, so I’d be free ‘forever’. Now I question if that really should be the goal for me, as I’d be in pretty much the same situation as now (except living in a nicer house & driving a nicer car) while asking myself what to do to advance in life.

At least right now I can’t see myself not working on something. I don’t really have hobbies except the gym but I enjoy working on business stuff, learning skills and general self improvement (if you’d call that a hobby).

In conclusion I think what it comes down to is that I need to work on something new to feel happy and fulfilled, but it shouldn’t be a ‘beginner business’ and something big enough for me to be excited about. I am also wondering if I should consider my interests/passions in determining this next project, as I have made a little money now, or stick to just solving problems and ignoring passion until I am at my ‘freedom number’.

Curious to hear how others have navigated that part of the Fastlane journey.

 

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[RisingStars]

**I didn’t want to make the first post too long, if you are interested, here are my reasons why I have not committed to any of the mentioned projects.**

Buying a SMB:
I still like the idea but I have mainly looked at eCommerce businesses for sale. Ideally I’d like to stay location independent. Also I’d prefer businesses without employees, as I have not much experience managing them (I used contractors, 3PLs in my previous biz).
Since I am in Germany that makes for relatively few potential targets. Maybe I have not looked for long enough, but most of the stuff I found was not attractive so far.

I considered broadening my criteria, but that comes with other disadvantages, mostly inexperience about other industries.

Starting another eCommerce brand:
I still like the idea, ecommerce checks all the “lifestyle boxes” for me - which is nice if one wants to work on something for a long time - and I have a lot of knowledge in that area.

While I am able to come up with product ideas where I can skew value, so far with all ideas I had, I had trouble envisioning something bigger than just a 1-3 product private label brand.
This is nice starting out, but one of the reasons for selling my previous brand has been that I was unable to envision it growing past a certain point.

 

[Vasudev Soni]

**I didn’t want to make the first post too long, if you are interested, here are my reasons why I have not committed to any of the mentioned projects.**

Buying a SMB:
I still like the idea but I have mainly looked at eCommerce businesses for sale. Ideally I’d like to stay location independent. Also I’d prefer businesses without employees, as I have not much experience managing them (I used contractors, 3PLs in my previous biz).
Since I am in Germany that makes for relatively few potential targets. Maybe I have not looked for long enough, but most of the stuff I found was not attractive so far.

I considered broadening my criteria, but that comes with other disadvantages, mostly inexperience about other industries.

Starting another eCommerce brand:
I still like the idea, ecommerce checks all the “lifestyle boxes” for me - which is nice if one wants to work on something for a long time - and I have a lot of knowledge in that area.

While I am able to come up with product ideas where I can skew value, so far with all ideas I had, I had trouble envisioning something bigger than just a 1-3 product private label brand.
This is nice starting out, but one of the reasons for selling my previous brand has been that I was unable to envision it growing past a certain point.

You have achieved at 25 what some people never achieve in their whole lives. Being a millionaire at or before 25 is also my current goal and I am working on it by growing my software business.

All the best for whatever venture you start next.

 

[GuestUser4aMPs1]

There's a lot of successful people here who have achieved what you have.

At the end of the day, many said they regret not thinking big enough.

Read up on @Kak 's posts.

In my humble opinion, keep thinking. But lean into thing that scares the shit out of you.

Chances are, that's exactly what you should be aiming for because it will force you to grow.

I see a lot of "I don't have any experience in XYZ" in your posts, and a bias toward cutting off opportunities that could be life-changing because it could disrupt a certain lifestyle you have today.

"Beliefs Have Consequences" is my motto here on the forum for a reason...

Be very careful about what you think, it will lead you to a place you don't want to be.

 

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[WJK]

Let me first emphasize that I am not complaining and I am very thankful to be in the spot that I am. My reason for this post is to maybe get some input from other experienced members who are/were in a similar position.

It’s been a little over one year now since I sold one of my eCommerce brands. I still have another brand which does about 15k profit per month very consistently, so my living expenses are more than covered.

So what is my problem now?

I’ve dabbled in multiple things after the sale (while also doing maintenance work on my 2nd brand!): I’ve looked into value investing in stocks, buying a SMB, starting another eCommerce brand and buying niche sites.

(Just as a side note, the idea with the niche sites was to buy a site and then launch a physical products brand on the back of the site's audience, making the site + brand much more valuable, while providing better offers/products to the customers).

Nothing I looked into seemed to be “it” for me - but I maybe just give up on ideas too quickly now because I think they are too small to make an impact (both on my lifestyle and for the customers).
I wouldn’t want to spend the next years of my life on a business which plateaus at 10k profit per month. It’s not even really about the money so I can buy things, rather that I want to advance and feel like I am making progress (which is pretty easily measured in money).

My long term goal for myself has been to have 8 million invested in a money system, so I’d be free ‘forever’. Now I question if that really should be the goal for me, as I’d be in pretty much the same situation as now (except living in a nicer house & driving a nicer car) while asking myself what to do to advance in life.

At least right now I can’t see myself not working on something. I don’t really have hobbies except the gym but I enjoy working on business stuff, learning skills and general self improvement (if you’d call that a hobby).

In conclusion I think what it comes down to is that I need to work on something new to feel happy and fulfilled, but it shouldn’t be a ‘beginner business’ and something big enough for me to be excited about. I am also wondering if I should consider my interests/passions in determining this next project, as I have made a little money now, or stick to just solving problems and ignoring passion until I am at my ‘freedom number’.

Curious to hear how others have navigated that part of the Fastlane journey.

Arriving is nothing like you thought it would be? I totally understand.

I thought balloons would fall from the ceiling and people would throw confetti on me when I finally cross the to-do item off of the top of my list -- after 30 or 35 years of working on it Results?. Nothing happened! I got up every day, put my clothes on, and life went on. I had made and lost fortunes during those years in RE. The hell of it was that by 2020 I had crossed everything important off my list. My bucket list was empty of anything I really wanted to go do. Like you, I didn't know what to do next. Officially I had been retired for years at that point.

So, I had to get very quiet and wait for the answers to come to me. I felt depressed, disappointed, and drained -- like I had lost the wind that had filled my sails. I didn't want to lose the gains again. But I didn't want to grasp them so tight that they became my whole world. I knew that on average most people lose their first two fortunes -- and I had been there and done that in the past. It took a couple of years this time for things to calm down inside my heart.

Now I'm working on making a new bucket list. I'm clearing out all of my side gigs. Some I've had going for years. I just don't need them anymore. We're traveling some. I've been paring down and cleaning out a bunch of stuff I no longer want to possess. I'm enjoying more quiet moments with my husband and myself. I say no a lot more and I'm not as accessible. That drive that has fueled my life is still there, but I don't let it get out in front of me as much. In some ways, hitting this mark has changed everything, yet nothing.

 

[RisingStars]

You have achieved at 25 what some people never achieve in their whole lives. Being a millionaire at or before 25 is also my current goal and I am working on it by growing my software business.

All the best for whatever venture you start next.

Thank you, wishing the same to you.

There's a lot of successful people here who have achieved what you have.

At the end of the day, many said they regret not thinking big enough.

Read up on @Kak 's posts.

In my humble opinion, keep thinking. But lean into thing that scares the shit out of you.

Chances are, that's exactly what you should be aiming for because it will force you to grow.

I see a lot of "I don't have any experience in XYZ" in your posts, and a bias toward cutting off opportunities that could be life-changing because it could disrupt a certain lifestyle you have today.

"Beliefs Have Consequences" is my motto here on the forum for a reason...

Be very careful about what you think, it will lead you to a place you don't want to be.

Thank you for your input, Mike. I will read up on some of @Kak 's posts.
I've read through my posts again and you are right that I box myself in too much, because I have experience in ecommerce and pretty much nothing else. That's probably the first thing I need to fix in my mindset in order to work on something bigger!

Arriving is nothing like you thought it would be? I totally understand.

I thought balloons would fall from the ceiling and people would throw confetti on me when I finally cross the to-do item off of the top of my list -- after 30 or 35 years of working on it Results?. Nothing happened! I got up every day, put my clothes on, and life went on. I had made and lost fortunes during those years in RE. The hell of it was that by 2020 I had crossed everything important off my list. My bucket list was empty of anything I really wanted to go do. Like you, I didn't know what to do next. Officially I had been retired for years at that point.

So, I had to get very quiet and wait for the answers to come to me. I felt depressed, disappointed, and drained -- like I had lost the wind that had filled my sails. I didn't want to lose the gains again. But I didn't want to grasp them so tight that they became my whole world. I knew that on average most people lose their first two fortunes -- and I had been there and done that in the past. It took a couple of years this time for things to calm down inside my heart.

Now I'm working on making a new bucket list. I'm clearing out all of my side gigs. Some I've had going for years. I just don't need them anymore. We're traveling some. I've been paring down and cleaning out a bunch of stuff I no longer want to possess. I'm enjoying more quiet moments with my husband and myself. I say no a lot more and I'm not as accessible. That drive that has fueled my life is still there, but I don't let it get out in front of me as much. In some ways, hitting this mark has changed everything, yet nothing.

Thank you, @WJK . From your post it sounds like you are much further ahead of me, meaning that you can sustain your optimal lifestyle without working or making more money. Is more money still a slight motivation for you, or are you at a point where you can not think of anything which would make a meaningful difference in your life if you had more?

Sounds like you are enjoying your life now, I am happy for you. Do you consider giving some of that freedom and leisure activity up, so you can work on an even bigger opportunity now or do you see no point in that as you've 'won the game' so to speak?

May I ask if you have enjoyed your career in RE, or would you have chosen something else if you had known that you want to be working on something anyways, even past the point that making more money doesn't change anything in your life?

 

[MRiabov]

Well. I'd just say this: I have a note over my wall that says "There are men on this Earth who earn 100m$/year, why not me?". Perhaps you should look into it.

 

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[samb]

Let me first emphasize that I am not complaining and I am very thankful to be in the spot that I am. My reason for this post is to maybe get some input from other experienced members who are/were in a similar position.

It’s been a little over one year now since I sold one of my eCommerce brands. I still have another brand which does about 15k profit per month very consistently, so my living expenses are more than covered.

So what is my problem now?

I’ve dabbled in multiple things after the sale (while also doing maintenance work on my 2nd brand!): I’ve looked into value investing in stocks, buying a SMB, starting another eCommerce brand and buying niche sites.

(Just as a side note, the idea with the niche sites was to buy a site and then launch a physical products brand on the back of the site's audience, making the site + brand much more valuable, while providing better offers/products to the customers).

Nothing I looked into seemed to be “it” for me - but I maybe just give up on ideas too quickly now because I think they are too small to make an impact (both on my lifestyle and for the customers).
I wouldn’t want to spend the next years of my life on a business which plateaus at 10k profit per month. It’s not even really about the money so I can buy things, rather that I want to advance and feel like I am making progress (which is pretty easily measured in money).

My long term goal for myself has been to have 8 million invested in a money system, so I’d be free ‘forever’. Now I question if that really should be the goal for me, as I’d be in pretty much the same situation as now (except living in a nicer house & driving a nicer car) while asking myself what to do to advance in life.

At least right now I can’t see myself not working on something. I don’t really have hobbies except the gym but I enjoy working on business stuff, learning skills and general self improvement (if you’d call that a hobby).

In conclusion I think what it comes down to is that I need to work on something new to feel happy and fulfilled, but it shouldn’t be a ‘beginner business’ and something big enough for me to be excited about. I am also wondering if I should consider my interests/passions in determining this next project, as I have made a little money now, or stick to just solving problems and ignoring passion until I am at my ‘freedom number’.

Curious to hear how others have navigated that part of the Fastlane journey.

I'm on the service side of eCommerce, and have been in this area since eBay was cool. A lot of my close friends and customers find themselves in a similar position you're in. They exit from their brand, and then they're sitting around asking friends what to do with the money.

If you want to make more of it, then put it towards what you know, which is obviously eCommerce. Is it sexy and exciting? Depends on what you're into, but it obviously pays the bills, and you know enough where a $25k - $75k investment can go a long way.

At $1M liquid, you could get into real estate, or you could go Lean Fire, but both of these will most likely just be scratching an itch to spend some of this money, without either being a passion.

If you are not ready to start a new product, there is no rush. Go travel, or have fun screwing around by focusing on one of your hobbies. Eventually, you'll get bored, and you'll be ready to work again.

As for me, I've sold one company and turned down an offer for my current one that would have been life-changing. My reason for turning it down was that when a friend asked me what I'd do with the money, my response was to build the same type of business I was about to sell. He said, "Why start from zero when you don't have to?" While service-based businesses and D2C are very different, the mentality of growth tends to be the same.

I'm happy I didn't sell, but if I ever find myself in the position you're in, I can confidently say my wheels would be churning figuring out how to build something similar, but better.

 

[WJK]

Thank you, wishing the same to you.



Thank you for your input, Mike. I will read up on some of @Kak 's posts.
I've read through my posts again and you are right that I box myself in too much, because I have experience in ecommerce and pretty much nothing else. That's probably the first thing I need to fix in my mindset in order to work on something bigger!



Thank you, @WJK . From your post it sounds like you are much further ahead of me, meaning that you can sustain your optimal lifestyle without working or making more money. Is more money still a slight motivation for you, or are you at a point where you can not think of anything which would make a meaningful difference in your life if you had more?

Sounds like you are enjoying your life now, I am happy for you. Do you consider giving some of that freedom and leisure activity up, so you can work on an even bigger opportunity now or do you see no point in that as you've 'won the game' so to speak?

May I ask if you have enjoyed your career in RE, or would you have chosen something else if you had known that you want to be working on something anyways, even past the point that making more money doesn't change anything in your life?

Actually, I still manage my properties and my businesses -- so I'm not really ahead of you at all. I could step aside or sell out, but it wouldn't work as well. I am financially independent so this is a personal choice. Being retired was so boring and I hated it

I went from being a commercial RE appraiser, an expert witness in Federal and State court, and doing litigation support in Los Angeles to being retired. I had spent 30 years building that career. That decision was due to my mom having a series of major strokes. She died the first winter after I moved her to our home here in rural Alaska. After losing her, I was going to move to Anchorage and set up a practice like I had in LA. But, it was not to be. I had 5 deaths in four months. I lost just about everyone I was close to. I was a 50-year-old, single woman who had lost the essence of her life.

So, I stayed here and built a life of service. If you met me on the street, you would never know that I have assets, and what I do with them, or my time. I like being under the radar. I married a very sweet man who can build just about anything. And he is very hard-working and modest. We're best friends. I bought out the family mobile home park where I provide the only group of affordable housing in our community. I only average 1 eviction per year. My tenants are wonderful with 0 vacancies. I built and operate the only self-service Laundromat. I mentor several people and do free consultations with individuals and our community leaders in RE matters. In my career, I charged $300 to $500 per session. I use my 4 college degrees, including my Juris Doctorate from law school, to help people. I'm not an attorney so that advice is limited to strictly RE. I have built a "productrocracy" here and I have a wonderful staff of people who help me. I am really big on doing my own bookkeeping since it keeps all those other fingers out of my bank accounts. I have that chore down to an hour or two per day.

On the side, I buy privately held TDs and I flip some properties. I sit on one of the Boards for our Borough and I help with the Jr. Achievement group in the area. I go in as a guest and teach kids for a day about being an entrepreneur. It's fun to spend time with the kids. And I have the Federal contract to supervise the 24 water wells in our Wild Life Refuge campgrounds and facilities, which includes thousands of square miles of forest. I own a small community water system that services my mobile home park, so I have a well-operator's license.

I am one busy girl. I'll be 70 this winter, so I'm trying to slow down.

 

[WillHurtDontCare]

I had 5 deaths in four months. I lost just about everyone I was close to. I was a 50-year-old, single woman who had lost the essence of her life.

*hug*

 

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[RisingStars]

I'm on the service side of eCommerce, and have been in this area since eBay was cool. A lot of my close friends and customers find themselves in a similar position you're in. They exit from their brand, and then they're sitting around asking friends what to do with the money.

If you want to make more of it, then put it towards what you know, which is obviously eCommerce. Is it sexy and exciting? Depends on what you're into, but it obviously pays the bills, and you know enough where a $25k - $75k investment can go a long way.

At $1M liquid, you could get into real estate, or you could go Lean Fire, but both of these will most likely just be scratching an itch to spend some of this money, without either being a passion.

If you are not ready to start a new product, there is no rush. Go travel, or have fun screwing around by focusing on one of your hobbies. Eventually, you'll get bored, and you'll be ready to work again.

As for me, I've sold one company and turned down an offer for my current one that would have been life-changing. My reason for turning it down was that when a friend asked me what I'd do with the money, my response was to build the same type of business I was about to sell. He said, "Why start from zero when you don't have to?" While service-based businesses and D2C are very different, the mentality of growth tends to be the same.

I'm happy I didn't sell, but if I ever find myself in the position you're in, I can confidently say my wheels would be churning figuring out how to build something similar, but better.

Thank you. It's great that you are working on something that you enjoy so much you'd start it again if you sold. I think you made the right choice then. Finding that thing for myself should be my focus I think, as it will long-term probably be the most fulfilling.

Actually, I still manage my properties and my businesses -- so I'm not really ahead of you at all. I could step aside or sell out, but it wouldn't work as well. I am financially independent so this is a personal choice. Being retired was so boring and I hated it

I went from being a commercial RE appraiser, an expert witness in Federal and State court, and doing litigation support in Los Angeles to being retired. I had spent 30 years building that career. That decision was due to my mom having a series of major strokes. She died the first winter after I moved her to our home here in rural Alaska. After losing her, I was going to move to Anchorage and set up a practice like I had in LA. But, it was not to be. I had 5 deaths in four months. I lost just about everyone I was close to. I was a 50-year-old, single woman who had lost the essence of her life.

So, I stayed here and built a life of service. If you met me on the street, you would never know that I have assets, and what I do with them, or my time. I like being under the radar. I married a very sweet man who can build just about anything. And he is very hard-working and modest. We're best friends. I bought out the family mobile home park where I provide the only group of affordable housing in our community. I only average 1 eviction per year. My tenants are wonderful with 0 vacancies. I built and operate the only self-service Laundromat. I mentor several people and do free consultations with individuals and our community leaders in RE matters. In my career, I charged $300 to $500 per session. I use my 4 college degrees, including my Juris Doctorate from law school, to help people. I'm not an attorney so that advice is limited to strictly RE. I have built a "productrocracy" here and I have a wonderful staff of people who help me. I am really big on doing my own bookkeeping since it keeps all those other fingers out of my bank accounts. I have that chore down to an hour or two per day.

On the side, I buy privately held TDs and I flip some properties. I sit on one of the Boards for our Borough and I help with the Jr. Achievement group in the area. I go in as a guest and teach kids for a day about being an entrepreneur. It's fun to spend time with the kids. And I have the Federal contract to supervise the 24 water wells in our Wild Life Refuge campgrounds and facilities, which includes thousands of square miles of forest. I own a small community water system that services my mobile home park, so I have a well-operator's license.

I am one busy girl. I'll be 70 this winter, so I'm trying to slow down.

What an impressive life story, thank you for charing it! Sorry to hear about your losses.

You gave me a lot to think about.

 

[MJ DeMarco]

Nice, congratulations on the success!

In conclusion I think what it comes down to is that I need to work on something new to feel happy and fulfilled, but it shouldn’t be a ‘beginner business’ and something big enough for me to be excited about. I am also wondering if I should consider my interests/passions in determining this next project, as I have made a little money now, or stick to just solving problems and ignoring passion until I am at my ‘freedom number’.

I think you answered your question right here, and I agree with it.

As for passion projects, you have the luxury do pursue such a thing, money not as important.

 

[WJK]

What an impressive life story, thank you for charing it! Sorry to hear about your losses.

You gave me a lot to think about.

It was very hard in the beginning. The mobile home park was trashed and losing a lot of money every month. It was a hands-on rebuilding project over many years and lots of tears. The income now is 8 times what it was 24 years ago when I bought out my father. I have a long waiting list to get a rental here. I have quietly used my assets & education to help a lot of people with a lot more than just housing. We have some real success stories under our belt.

For example:

I've had tenants who went from being on long-term welfare -- to working & saving -- and then being able to buy their own homes.

Or how about a woman who was on disability since they thought she was retarded. Come to find out she read on the 2nd grade level. With the help of the local college, we got her a weekly tutor. She came into my office every day and we read together. Within 8 months she was reading on a high school level. She got kicked off of the disability when they found out she is a very bright woman. Now she working and has learned to drive. After a couple of tries, she's past the State test and gotten her driver's license.

People have been able to stablize their lives. That process has allowed them to get their children back out of foster care -- to be a family and parent again. Their success trickles down to their kids.

And the list goes on...

There have many failures and heartbreaks. I only count the successes and only help those who are helping themselves. I have questioned my decision to stay time and time again. But in the end, it turned out to be good for me and the people around me, I have worked just about day since I was 11 years old and I'm at my desk in my office right now as I am writing this.

All I can say to you is to find your passion and your destany. You are here at this moment in your life and at this level of success for a reason. Use your assets in a way that will make you happy and also make your life what it was meant to be.

 

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[Gordon]

Thank you. It's great that you are working on something that you enjoy so much you'd start it again if you sold. I think you made the right choice then. Finding that thing for myself should be my focus I think, as it will long-term probably be the most fulfilling.



What an impressive life story, thank you for charing it! Sorry to hear about your losses.

You gave me a lot to think about.

So. Here is some food for thought. And I acknowledge we are all different. The greatest rewards I've seen from having surplus money, is...when it is used to HELP other people reach their goals. Here is an idea: YOU and maybe a few others, do an online version of "shark tank" meets S.C.O.R.E. where you may have a private members site, at a very entry level price point, say 30 a month (could be 500 or even 1000), where future Entrepreneurs can both LEARN and as they do get funded for their ventures.

I think there is a huge demand for MVP (minimum viable products) or proof of concept among would be Internet Marketers. Sure, 500 a month gets you into some inner circles, but that leaves a lot of hard working people in the dust.

When your money gets circulated and creates JOBS and opportunities for others, is when it may become satisfying and rewarding for the long haul too. And with today's tools, once set up and running, minimum time put in, and you get to cherry pick the best ideas to invest in. Good luck to you.

 

[Guest-5ty5s4]

If you had dreams as a kid, like being a rockstar, an artist, an athlete, making a video game, or your own book series or film, I would say this is the time.

This is the ultimate opportunity you get from being a millionaire in your 20's. You can do all of those things above without starving and living on the street.

 

[Funky Monkey]

You could focus on creating a positive impact (I think 80000hours.org might be a good resource into how to do so) aka philanthropy. Start a bigger and better company (like how Elon piloted paypal into Tesla) or just continue building ecom businesses if you love the Game Hormozi style. Chase old childhood dreams or knock off your bucket list. Your in a really dangerous (in a good way) position that 99% aren't in where whatever you do will be statiscally much better than what others could do so really your imagniation is you limitation.

 

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[WJK]

If you had dreams as a kid, like being a rockstar, an artist, an athlete, making a video game, or your own book series or film, I would say this is the time.

This is the ultimate opportunity you get from being a millionaire in your 20's. You can do all of those things above without starving and living on the street.

So true. BUT, if someone had told me what choices I'd make and where I would end up, I wouldn't have stopped laughing. Young dreams sure change in the face of success!

 

[Two Dog]

I think there is a huge demand for MVP (minimum viable products) or proof of concept among would be Internet Marketers. Sure, 500 a month gets you into some inner circles, but that leaves a lot of hard working people in the dust.

I agree with you! Selling MVPs is a good idea. While I was thinking about what the actual service might look like a couple years ago, it seemed like most people would want some kind of passive income site. There's a bunch of different templates you could make - info product, membership, whatever.

But why not just skip the MVP service entirely and build an app that could generate those sites automatically for you?

Like throwing seeds into the ground. Or building little internet ATMs. Seems an *excellent* use for generative AI.

 

[RisingStars]

Nice, congratulations on the success!



I think you answered your question right here, and I agree with it.

As for passion projects, you have the luxury do pursue such a thing, money not as important.

Thank you, @MJ DeMarco - I really appreciate your reply. Your book did change my life for the better, and it is the number 1 book I recommend to everyone who is asking me on how to start a business.
I have more clarity now on what I need to look for when choosing my next venture.

You are here at this moment in your life and at this level of success for a reason. Use your assets in a way that will make you happy and also make your life what it was meant to be.

@WJK - Your story is an inspiration to me to do good in the world. 'You are here at this moment in your life and at this level of success for a reason.' really struck me.
I'll do some soul searching on how I can turn my gift into a positive for the world!

So. Here is some food for thought. And I acknowledge we are all different. The greatest rewards I've seen from having surplus money, is...when it is used to HELP other people reach their goals. Here is an idea: YOU and maybe a few others, do an online version of "shark tank" meets S.C.O.R.E. where you may have a private members site, at a very entry level price point, say 30 a month (could be 500 or even 1000), where future Entrepreneurs can both LEARN and as they do get funded for their ventures.

I think there is a huge demand for MVP (minimum viable products) or proof of concept among would be Internet Marketers. Sure, 500 a month gets you into some inner circles, but that leaves a lot of hard working people in the dust.

When your money gets circulated and creates JOBS and opportunities for others, is when it may become satisfying and rewarding for the long haul too. And with today's tools, once set up and running, minimum time put in, and you get to cherry pick the best ideas to invest in. Good luck to you.

That's a great idea, I like the concept. Could you please elaborate on what you mean by "I think there is a huge demand for MVP (minimum viable products) or proof of concept among would be Internet Marketers." - I am not sure if I understand correctly.
Do you mean validated products people have to just execute on OR validating a product idea as a service?

Maybe it is just because I have some experience now but I believe especially in ecom the information really is out there now, the only thing missing for 99% of people is the right product. Meaning, if you have the creativity/grit to make something unique/improve on existing products, you are probably going to make it.

Thinking about it, such a service might be valuable for some people who have some type of unique experience most "ecom people" don't have (e.g. rare hobbies), lots of creativity but little business acumen and risk tolerance.
Just from my personal experience most people I talk to (and myself to some extent) struggle with product/unique ideas way more than with the technical side.

If you had dreams as a kid, like being a rockstar, an artist, an athlete, making a video game, or your own book series or film, I would say this is the time.

This is the ultimate opportunity you get from being a millionaire in your 20's. You can do all of those things above without starving and living on the street.

Thanks for your input. I'll need to do some more thinking about my past but honestly I have started in business quite early and don't really have 'remarkable' passions / dreams I remember.
When I was young I wanted to be a pilot but I believe that was heavily influenced by my dad who wanted to become one when he was younger (but couldn't because of his bad eyesight vision).

I have thought about the question "What would you do if you had 100 million?" a lot in the past weeks but didn't really arrive at an conclusive answer.
Interestingly a lot of people close to me who are not as well off financially know exactly what they'd do.

You could focus on creating a positive impact (I think 8000hours.org might be a good resource into how to do so) aka philanthropy. Start a bigger and better company (like how Elon piloted paypal into Tesla) or just continue building ecom businesses if you love the Game Hormozi style. Chase old childhood dreams or knock off your bucket list. Your in a really dangerous (in a good way) position that 99% aren't in where whatever you do will be statiscally much better than what others could do so really your imagniation is you limitation.

80000hours looks very promising, I'll look into it! Thanks.

 

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[ajakupi]

You have achieved at 25 what some people never achieve in their whole lives. Being a millionaire at or before 25 is also my current goal and I am working on it by growing my software business.

All the best for whatever venture you start next.

Seeing you guys succeed at something that I am working towards to, makes me feel really thankful that I even get to be in these communities. These posts and forums aspire me. I had 2 failed businesses before I read UNSCRIPTED from MJ. They failed because of my "effort". Now I see where I was wrong and why they failed.

 

[PapaGang]

I went from being a commercial RE appraiser, an expert witness in Federal and State court, and doing litigation support in Los Angeles to being retired. I had spent 30 years building that career. That decision was due to my mom having a series of major strokes. She died the first winter after I moved her to our home here in rural Alaska. After losing her, I was going to move to Anchorage and set up a practice like I had in LA. But, it was not to be. I had 5 deaths in four months. I lost just about everyone I was close to. I was a 50-year-old, single woman who had lost the essence of her life.

It seems like you're doing amazing things and not living for your resume, but instead living for your eulogy.

 

[WJK]

It seems like you're dong amazing things and not living for your resume, but instead living for your eulogy.

I've never done things or used my education the way that most people thought I should. When I graduated from high school, Mom bought me a little book about following your own drummer. She said that was who I was and who I had always been. When I graduated from law school in my 40s, I didn't do the usual either. Some of us are just not good conformists.

I had serious health problems when I was young. My doctors told me I'd never make it to 30 and sure not to 40. I'll be 70 this winter. What I learned from those years is that it's the people around me who really count. And the experiences I have with those people.

Things don't make me happy. I am not a flashy person who cares if I impress anyone by owning stuff. That's not my focus. Yes, I have worked very hard to be successful. Business is fun and exciting. And in the end, I want to share that success with others in ways that have long-term meaning.

I am silly enough to believe that I can change the world by working in my little corner. It's like throwing a pebble into a pond and watching the ripples go out to the edge of the pond. It is not important to me that anyone knows that I threw that original pebble. In fact, I like to do my stuff without anyone knowing it was me. I believe it is more powerful if they don't know and they think it was organic. I have told people that everyone has a secret life. Some people drink, chase wild women, do drugs, and all kinds of stuff. My secret life is my work for women and children. I grew up really hard. This is how I'm paying back all those good people who helped me along the way.

 

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[Brent Moeshlin]

@RisingStars First off, I don't post much so my words probably won't hold as much weight as those who do. That being said, I'll give you some context of where I'm at in my life and you can see how and if it relates to you. I've saved "enough" and invested "enough" to retire a few times over at this point. I was working to sell a portion of my business to PE for 8 figures before the SVB collapse dried up capital. Now I just continue to run our business profitably and continue to scale.

So when I read your post about where you're at, I get the distinct feeling that yours is a mindset question and not a business question. If you start with WHY you want to be in business, you'll be more likely to see it through because the "why" is enough. My WHY used to be "I need enough to retire". Now it's evolved to "I want to build the business to XXX value and in the process help my team grow in their mindsets and skillsets". The XXX value (and the corresponding income) doesn't change me or my lifestyle in the slightest. It's just a way to keep score and let me know that I'm growing in my leadership skills, my marketing skills, networking skills etc etc. I'm also using my expertise to help other businesses in the startup phase and beyond scale faster. And that is also really rewarding to me. Sometimes I'm compensated with equity in the company. Sometimes not. Either way, I'm learning while also helping solve problems.

Once you have "enough", you might want to consider how you can have the greatest impact on others, knowing all of your bills are paid. And in that way, you can create a path that is meaningful, sustainable and profitable.

 

[Vasudev Soni]

Seeing you guys succeed at something that I am working towards to, makes me feel really thankful that I even get to be in these communities. These posts and forums aspire me. I had 2 failed businesses before I read UNSCRIPTED from MJ. They failed because of my "effort". Now I see where I was wrong and why they failed.

Learn from your failures and move forward.

 

[WJK]

Learn from your failures and move forward.

They are your foundation and your building blocks. They are where you get the knowledge and experience to create success.

 

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[ajakupi]

Learn from your failures and move forward.

Failures without reflecting on them stay failures. I think it is important to take time to think/write about what went wrong.

 

[StrikingViper69]

Congrats on the huge achievement!

Now you have money, what are you looking for?

Do you want the feeling of continuous challenge and growth?

Do you want to make more money?

Do you want to travel the world for a bit?

Something else?

 

[Vasudev Soni]

Failures without reflecting on them stay failures. I think it is important to take time to think/write about what went wrong.

That’s very true. If you just learn a single thing or insight from your failure, then it was worth failing.

You won’t repeat the same mistakes next time.

 

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[Vasudev Soni]

They are your foundation and your building blocks. They are where you get the knowledge and experience to create success.

That’s 100% percent true.

A human cannot grow without learning, and learning from failures is the fastest way to success.

 

[Gordon]

That's a great idea, I like the concept. Could you please elaborate on what you mean by "I think there is a huge demand for MVP (minimum viable products) or proof of concept among would be Internet Marketers." - I am not sure if I understand correctly.
Do you mean validated products people have to just execute on OR validating a product idea as a service?

Maybe it is just because I have some experience now but I believe especially in ecom the information really is out there now, the only thing missing for 99% of people is the right product. Meaning, if you have the creativity/grit to make something unique/improve on existing products, you are probably going to make it.

From your original post:
Nothing I looked into seemed to be “it” for me - but I maybe just give up on ideas too quickly now because I think they are too small to make an impact (both on my lifestyle and for the customers).
I wouldn’t want to spend the next years of my life on a business which plateaus at 10k profit per month. It’s not even really about the money so I can buy things, rather that I want to advance and feel like I am making progress (which is pretty easily measured in money).

You may not want to spend your time on a biz that plateaus at 10k a month, but how many people do you think would LOVE to get to that plateau? Let them do the work for you. And as they advance, so do you, either with a JV with you doing minimum work, being the capital behind their efforts WITH YOUR GUIDANCE, so they can then validate a product/service. And if the PRODUCT is the #1 thing missing from most of their efforts, don't you think you might be able to guide them toward the products which will make it, for them and for you?

So, maybe you have 10 guys PLATEAU @ 10k a month, and one that soars to 100k per mo. Imagine whatever investor % you can, and you have not only helped but have grown too. So, in your opinion, would 2500 dollars be enough to test a minimum viable ecom product, to see if it can be scaled? Whatever that low amount is, then it is just seed money, until you find the ones that can and will grow?