James.S: Millionaire by 30

[jrws]

Well I am going to be using this pretty much as an online journal so that I have somewhere where I can get some feedback on what I do.
I will edit this post in a little while with my background and why it is so important to me.

14/1/11
Got my dad to buy the book (didn't have a credit card >_<), I have already devoured it, but am re-reading it. I though it was well written and I am looking for those "Aha" moments that exist.

 

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[jrws]

16/3/11
Finally doing something :O took ages to get off my BFA and do something but now I am. Here is my ideal plan:

My Goal Amount of Money Needed
$4k a month
$500 Free $3.5K expenses
$48k a year or $2880 000 (2.88mil (20% increase for inflation) lump sum for 50 years

Goal outline
Time Assets(networth, investments, businesses)
30 years(31/12/24) 10mil+, 10 investment properties, 50k passive(per month), 120k turnover(per month)
29 years(31/12/23) 9mil+, 5 investment properties, 35k passive(per month), 100k turnover(per month)
28 years(31/12/22) 7mil, 3 investment properties, 25k passive(per month), 80k turnover
26 years(31/12/19) 5 mill, 2 investment properties, 15k passive(per month), 50k turnover
25 years(31/12/18) 1.2mil, 1 investment property, 10k passive (per month), 30k turnover
23 years(31/12/16) 500k, 1 investment property, 5k passive (per month), 10k turnover (per month)
22 years (31/12/15) 100k, 1 investment property, 2.5k passive (per month), 5k turnover (per month)
20 years (31/12/13) 50k, 1 investment property, 1k passive (per month)
19 years (31/12/12) 7.5k (saved, i.e. liquid) 100 passive (per month)
30 days (25 April) 2k saved

I am going to do something everyday that will help me achieve this goal.
Start: $0
Finish: $2000 (or there abouts)
I plan to do this by doing my car washing AND supplementing it by using e-bay to sell things as well as fiverr. In addition to attempting to complete as many freelance jobs as possible.

James.S

 

[jrws]

17/3/11
So what am I planning to do today? Well once I have gotten home and finished my homework I plan to do a bit of research on generating ideas and IP. I have two invention ideas, not revolutionary but perhaps useful. Need to find if there is a market for them so I can perhaps get a prototype ready... Apart from that I need to gather some extra money, probably seeing if I can borrow from some friends about $25 so I can print 250 pamphlets.
Then I need to cut them and finally post them. I wonder what my conversion rate will be? Interesting. I am very excited, my why is going to drive me until completion.

 

[Eos]

16/3/11
Finally doing something :O took ages to get off my BFA and do something but now I am. Here is my ideal plan:

My Goal Amount of Money Needed
$4k a month
$500 Free $3.5K expenses
$48k a year or $2880 000 (2.88mil (20% increase for inflation) lump sum for 50 years

Goal outline
Time Assets(networth, investments, businesses)
30 years(31/12/24) 10mil+, 10 investment properties, 50k passive(per month), 120k turnover(per month)
29 years(31/12/23) 9mil+, 5 investment properties, 35k passive(per month), 100k turnover(per month)
28 years(31/12/22) 7mil, 3 investment properties, 25k passive(per month), 80k turnover
26 years(31/12/19) 5 mill, 2 investment properties, 15k passive(per month), 50k turnover
25 years(31/12/18) 1.2mil, 1 investment property, 10k passive (per month), 30k turnover
23 years(31/12/16) 500k, 1 investment property, 5k passive (per month), 10k turnover (per month)
22 years (31/12/15) 100k, 1 investment property, 2.5k passive (per month), 5k turnover (per month)
20 years (31/12/13) 50k, 1 investment property, 1k passive (per month)
19 years (31/12/12) 7.5k (saved, i.e. liquid) 100 passive (per month)
30 days (25 April) 2k saved

I am going to do something everyday that will help me achieve this goal.
Start: $0
Finish: $2000 (or there abouts)
I plan to do this by doing my car washing AND supplementing it by using e-bay to sell things as well as fiverr. In addition to attempting to complete as many freelance jobs as possible.

James.S

how are you planning on going from having 7.5k liquid funds at 19 to having 50k just a year later at 20?

kudos for posting the plan though! need to do something like this myself

 

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[jrws]

Dunno yet. It's 50k of assests, I have some business ideas, and I think I can do it. Its a stretch aiming for the stars but at the very least I will land on the moon Which is why I said is was my ideal XD
Thanks for posting.
James. S (Multi)Millionaire by 30

 

[oddball]

Is making money just based off of the couple invention ideas? or did I miss something?

 

[jrws]

No I have some business ideas I have that I am going to explore. I have to see if there is a market. If there is, the ideas I have could be quite profitable.

 

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[jrws]

20/3/11
I think I have found out the money formula:
Wealth = perceived value of a product * impact * time
So for example:
10*1000(people)*50(days) = 500k
Maybe it is not. If it isn't, oh well, but if it is...
I am also going to be writing my day by day plan. I plan to read about 52 books (1 a week (could probably read more but for the sake of simplicity)) I intend to write down my goals for the next 365 days that will correspond with what is above, and I will do something each and every day to achieve them. The very least I am willing to accept is that by my 30th birthday I will have $1mil.

I hope to keep everyone informed on my progress.

 

[G_Alexander]

The "shotgun blast" approach you are taking can lead to you putting way too many irons in the fire and ultimately lead you to end up with nothing.

I would suggest you stop chasing a certain dollar value until you have an opportunity for a running business. The difference between an idea and an opportunity is that an opportunity draws cash to itself.

Once you figure out your business model (read: your value creation model) and plan accordingly, you can worry about quantitative analysis, cash flow origination, and improving performance.

Not trying to single you out, but far too many threads on the Fastlane in the "Goals/Plans" sub-forum are becoming more focused on personal wealth dream-numbers rather than valuable idea origination/discussion and planning.

 

[aikay77]

James, I wish you God speed. I KNOW YOU CAN DO IT. Go James, go James, go James!

 

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[jrws]

@G_Alexendar: I understand what you are saying, I am chosing that number so I know once I have gotten that I can consider myself successful. I am learning about business, but I am willing to but my butt on the line to learn everything and anything at all. And I choose to become an expert in creating profitable businesses. I don't quite know YET how I am going to do it, but I feel I will...

@aikay77: Thanks man, I wish you luck on your journey as well. Will be posting updates every now and then

 

[moneyguru]

James, it is very possible. I saw a story on Montel about a guy called Ephren... became a millionaire by age 17. You can look him up for some inspiration.

Mod Note: Link has been removed. No links permitted to opt-in sites.

 

[jrws]

Thanks man. I am really wanting this. My desire is to live a better life than what I currently have but also to create a program called the "Greater Western Sydney Project". So far I have been reading and listening to some programs and I am trying to get my stik together and actually move forward. I am hopefully having an opportunity to create some capital soon, although it is not what I really want to be doing, money is money and this will certainly help me get started with my business ideas (the internet ones).

 

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[Graves]

james, it is very possible. I saw a story on montel about a guy called ephren... Became a millionaire by age 17. You can look him up for some inspiration.

gtfo.

 

[ChrisRempel]

Hi James

Most ideas that "might be" profitable are dead in the water.

Here's an instant success test:

AM I SELLING WHAT PEOPLE BUY?

If the answer is "no", then your idea has a 99% chance of tanking.

Very simple

-Chris

Source: I've built and marketed over 200 sites in many different markets. I know what it's like to make $200/mth and I know what it's like to pull down 5 - 6 figures a month.

Marketing "breakthroughs" and new ideas produced little, if any results.

Selling really basic, quality stuff that people buy in droves... now that has been life-changing.

 

[jrws]

Thanks for that Chris.
Now for an update:
21/4/11
I just printed 250 sheets of paper that turns into 500 flyers. I now owe my dad some money. I have no idea what the conversion rate will be for direct marketing, but I am hoping for 10% though realistically expecting a 1% conversion. I am finally doing something. I was inspired to actually do something as I had gone to a young entrepreneur meeting in Sydney and meet some really cool people who are doing something with their life. I am certainly going to emulate their success.

 

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[maralevin]

21/4/11
I just printed 250 sheets of paper that turns into 500 flyers. I now owe my dad some money. I have no idea what the conversion rate will be for direct marketing, but I am hoping for 10% though realistically expecting a 1% conversion. I am finally doing something. I was inspired to actually do something as I had gone to a young entrepreneur meeting in Sydney and meet some really cool people who are doing something with their life. I am certainly going to emulate their success.

A 3% return from an unsolicited mailing for a wanted product or service is considered good. The conventional wisdom is that you could take that return up to about 5% with followup calls. An associate called me today to tell me he's getting a whopping 10% return from a current campaign involving both a direct mailing and an email sent to current and potential customers.

Whatever happens, don't let the numbers get you down while you're figuring this out. However, reading up on direct mail and marketing could save you a lot of time and money. Best wishes for great success!

 

[jrws]

Thanks man, hoping for the best, but hope without action is just that. Hope.

 

[Knowledge Kick]

You're only 18 so I would move that goal from 30 years old to 24 years old. You can do it! You have the fastlane mindset already, now move over to the even faster lane.

 

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[CEBenz]

Love the avatar there G_Alexander. Always loved that color. Carry on. Hijack over.

 

[jrws]

The reason I set it to 30 is because I have given myself enough breathing room. I still want to go to uni and do other things but I also want to become a millionaire. If I found that idea that could make millions then certainly, the goal would be changed from 30 to 24ish. Thanks for the inspiration though, it is appreciated.

 

[jrws]

24/4/11
Today I thought up of some fastlane ideas, ones that abide by all the laws of CENTS, and I cannot wait until I can do something with them. At the moment I am trying to save up as much money as I can at the moment. I work weekends and unfortunately I am only making about $40 or so altogether for about 8hrs work. Its on a customer basis, but I may even be able to start my own stall doing this thing I am doing. I would much rather not post it on the forum because of negativity surrounding what I do, but if you really, really, REALLY want to know, PM me and I can tell you

 

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[DeletedUser2]

that's totally possible, just focus, and consistently providing the right customers, the right product.

Go For JRWS.

should be fun to watch!

how are you planning on going from having 7.5k liquid funds at 19 to having 50k just a year later at 20?

kudos for posting the plan though! need to do something like this myself

 

[jrws]

Well not quite the response I was hopping for, but its going to get better.
Didn't manage to deliver all 1000 but did about 600ish so far have two responses. Waiting eagerly for more. Going to post the rest tomorrow after my job I think. Trying to come up with some ideas for my website. Unfortunently, I was trying to use google adwords and my account was suspended for some landing page policy stuff, I don't own the website, could see nothing misleading about my advert, and will not be told what is misleading... I have contacted the site I was doing some affilitate work for, but they haven't responded yet.

 

[jrws]

My new top goal;
To become the worlds first trillionaire. It's very audacious and going to be very interesting, even if I was only able to achieve 0.01% of that, I think I would be happy I think this is my most audacious goal ever. Honestly, I don't even know if it's possible. All I know is that I want it. Really badly

 

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[jrws]

Wow, just re-read my entire thread and realized how much I have grown from when I started posting it. My BHAG is still to be the world's first trillionaire, because as I see it, it is the 4 minute mile of money. Well, I am going to start small and then scale quickly, once I have finished assimilating some information from the library books, I will write down my 30 day plan to make $100 a month, this will then go to $100 a week and finally $100 a day. I know I could make more, but I want to go for that. And then from there I am simply going to repeat the formula until I have a $3000+ income per day (which means I have a million dollars). I have reassed my goals a little bit, and want to have my first million by the time I am 21, it's not far off, as I am nearly 19 now, but you only live once And even if I don't achieve that goal then at least, I am going to do the best I can and learn from the mistakes.

Bottom line is I want to achieve my BHAG by the time I am 60yrs old. One of the skill sets that I realise I am going to need is to become a master at time management. Because, I still want to be able to have fun and do things outside of money and wealth creation. So, I am currently searching on as much info on how to become a time management master

Even if nobody reads this, I am posting this for myself, so future James, when you look back at this in 90ish day's time, these were the stats:

No job, on dole at $114.7 per fortnight, about $50 in saving, no skills except for my PHP and enthuasim XD
So, when you look at this Jimmy Jam, know that success is what you make, I know how it felt tonight when I reread what I had written, all the encouragement I recieved. Know that what you set your mind to, you can achieve. Also, when you read this, slip me an extra $50 XD That way I can get started quicker.

James-e boy

 

[wade1mil]

My BHAG is still to be the world's first trillionaire

You better hurry. That's $33.5M every day until you're 100 years old.

 

[jrws]

lol, I plan to get it by the time I am 60, I am going to grow exponentially, and as I said, it's a BHAG, no guarantee, but at least it's something to work towards.

 

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[biophase]

I guess someone should tell you this while you are only 17 so that you will be different when you are 18.

Your posts don't have any substance. They are full of crazy goals and dollar signs. Please take a look back at your posts and see that they are just fluff and numbers.

If you really want to look back and see if you progressed in 2011, tell us what you actually did and what you learned so that 2012 will be something different other than changing the numbers, age, year and dollar amounts around again.

What have you done from May to November this year?

 

[G_Alexander]

I guess someone should tell you this while you are only 17 so that you will be different when you are 18.

Your posts don't have any substance. They are full of crazy goals and dollar signs. Please take a look back at your posts and see that they are just fluff and numbers.

If you really want to look back and see if you progressed in 2011, tell us what you actually did and what you learned so that 2012 will be something different other than changing the numbers, age, year and dollar amounts around again.

What have you done from May to November this year?

Thanks for that Kenric.

Maybe if jrws had heeded my advice back in March in this very thread, he would be posting about a small first milestone he had accomplished by now.

Instead, not only has jrws failed to make any progress on his first "weakly-planned dollar value goal", but he is now revising his wealth attainment numbers ten-fold with zero prior success and no future venture planned.

I told you to think about how you can actually create value rather than dreaming about your trillion dollars jrws. You will never achieve it at the rate you are going.

Go back and read my post to you. Think about your value creation plan. Save your cash and jump up and take action at even the smallest opportunity.

Come back in here and post something REAL that you have DONE instead of these level-of-wealth attainment threads. You will get a much more constructive and productive Fastlane experience if you just open your ears (eyes, in this case) and listen to the people who are more experienced than you are.

G. Alexander