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Mj This Is Not Fair

Discussion in 'General Entrepreneur Discussion' started by Runum, Mar 15, 2008.

  1. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Alright MJ and all you guys, this is not fair.:smxE: After B&P I try to go do my work and all I can think about are more ideas and how would they work. It's harder to focus on what I'm doing! See what you have done now. I guess I'll just have to put some of those ideas to work so I can get some peace. :rofl: Cheers to you all.:cheers:

    Runum:fastlane:
     
  2. bflbob
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    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Greg:

    I know what you mean!

    I went home, and updated my BizPlan Builder to version 10.

    I put in an offer on the 32-unit apartment building I spoke of.

    I located a great property for a Self-Storage business ($175k for over 2 acres).

    And I've been trying to isolate a couple of products for a Biophase-style online business.

    Did I ever mention that these gatherings are the best $99 you could ever spend?

    :hurray::hurray::hurray::hurray:
     
  3. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Ah, for you, Bob, this $99 is an absolute steal.

    For some other guys, it just means 2 less trips to Hooters. :nonod:

    -Russ H.
     
  4. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I better not see any new online stores from NY selling my suits!!!

    :boxing_smiley:
     
  5. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I spent all day yesterday driving around the thrift stores, looking and buying you-know-what.
    Also got a potential home-run deal in the works
    and my productivity at work has been at its lowest point since the get-together from last year.
    Go figure!!!
    $99 is a steal, especially as my roommate has not sent me the bill for my portion of the hotel cost, so yes, literally a steal (by the way, roommate, bill me or I will spend that money in thrift stores all around the DC Area :D)
    bob, is he insurable? did you find out yet?
     
  6. Edge
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    Edge Contributor FASTLANE INSIDER Summit Attendee

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    Wow, I can relate to that! I truly understand the expression "I had to quit my job to get rich" after B/P weekend.

    When I got home, my wife and I discussed how much I felt having a JOB was slowing me down. I've always felt that way, but I think she actually agrees with me now. I've got to revisit my plan to refocus on the short term so that I can get out of there....So I can get rich fastlane style.
     
  7. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    I too have really hit the ground running since I've been home. This has been somewhat easy to do, as I find myself not being able to sleep more than a couple of hours at a time, due to ideas and solutions that fill my head.

    I sat with a friend the other night a did a vision board, and came to the realization that what motivated me is freedom and the challenge of bringing an idea to life. Her board was full of tangible items: yellow corvette, summer home, etc. None of that moves me- which lead to a spiral of self-doubt, "is it problematic that I am driven to create profitable businesses, when the actual profit doesn't motivate me? How driven am I really? I could have freedom now, but would I have the lifestyle that I want (or that my husband wants)?"

    Long story short, I decided that my "bucket list" is what really motivates me. I have decided to dedicate myself to our website idea, as well as to fulfilling my bucket list. So far, I have signed up to teach English/reading to adults a couple of hours a week, and my brother and I are planning that road trip.

    The biggest milestone has been that I emailed my resignation today. I have so much adreneline pumping through me I could probably flip over a car. The last day of my job will be the first day of my life, and I can't wait.
     
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  8. slim_jim
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    slim_jim Contributor

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    Awesome and congratulations on the first day of your life.
     
  9. PEERless
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    PEERless Bronze Contributor

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    What an interesting situation. Success for success' sake, instead of consumption!? Very cool.
     
  10. bflbob
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    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Not yet.

    My first calls will be to see if I can move the kitchens to the space in the basement.

    Going from 32 rooms to 40 will be the equivelant of getting a 25% rent increase.
     
  11. bflbob
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    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Nah...I'm thinking more along the line of celebrity underwear or chewing gum figurines.
     
  12. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    Edge,

    I'll be honest, I didn't understand several parts of your presentation. However, listening to you talk, it seems like you feel you have a good edge on the market. If this is the case, it seems as though you'd be costing yourself a lot of money having a job. I don't know stocks very well at all, but if I were you and felt I had an edge, I'd do whatever I could to push my edge, and maximize my profits. You mentioned not wanting to take too big of risks, and I understood the part where you spoke about doing a trade several ways to reduce variance. Have you ever broken down complex risk of ruin calculations based on different trade strategies? In other words, have you sat down and broken down the type of variance you would have given trading to maximize expected value, compared to what your variance would be in relation to your bankroll? That's the first thing I would do if I were you, because you should be able to find a spot where your risk of ruin is very little, yet be able to maximize the money you make, and based on the numbers you buy at you should almost be able to figure out how much you will make. If you figure that out, all you should need to do is figure out at what $$ amount you start buying additional shares per purchase, and your profits should be pretty much uncapped as you move up, because the game stays the same.

    Like I said, I don't know the stock game, but when I was looking into doing futures I did something along the lines of this and figured what I needed in my bankroll to purchase X amount of contracts, and at what point I could purchase additional contracts.
     
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  13. kimberland
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    kimberland Bronze Contributor

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    That's the issue I have.
    When I first started out, I had tangible rewards
    (owning our own home, being able to go on a few nice vacations a year,
    having the ability to quit the day job if we wanted, etc).
    It was easy to get motivated.
    I had a concrete dollar goal, a timeline, and a tangible reward at the end.

    Now, our goal of "more" is a little too fuzzy.
    Sure I have net worth goals with timelines
    but there's no juicy carrot upon reaching them.
    I guess what I'm struggling with is purpose.
     
  14. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    I like the idea in the 4 hour work week.... set 6 month goals or dreams.

    It is one thing to say "I want to travel"
    It is another to say "I want to be in Paris by Oct 1st."

    Somehow, this short list has replaced the "larger picture" and become the source of inspiration for me.

    This is what I have on my short list...

    Take Spanish Classes
    Go to a medatative retreat
    Learn to Spin (wool)
    Write a Novel
    Adopt a Child
    Hike the Continental Divide
    Raise some Sheep

    Here are some things I know will be on my "short list" in the future...

    Build a Learning Center in my town
    Go to Norway
    Learn to Quilt
    Go to Panama
    Sail.... somewhere????
    Hike the Appalacian Trail
    Take a Photography Tour in Africa
    See the Iditarod
    See the Running of the Bulls
    Float the Amazon
     
  15. Edge
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    Edge Contributor FASTLANE INSIDER Summit Attendee

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    Can you clarify risk of ruin? I think you are referring to a trade going against me to max loss and what is the % hit to my bankroll. I do these calculations frequently and I can't seem to find my comfort zone. My appetite for risk varies monthly and I haven't developed a cookie-cutter montly risk target. Probably the biggest thing holding me back.

    To me there is a big difference between putting the pedal down when I see a good trade vs. having to have a trade on all the time to meet a monthly bogey.
     
  16. phlgirl
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    phlgirl Bronze Contributor Read Millionaire Fastlane

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    I could see this becoming a problem for me down the road but it would be a ways off, as I do have quite a few luxuries/travel destinations on my list. :)

    Just a thought..... if being on the receiving end no longer 'moves you', pehaps you want to set more goals for giving instead? Maybe specific $ goals around charities or actual time (hours) to be able to spend on volunteer work, etc.?

    I think this is where many successful people end up (e.g. Bill and Melinda Gates). When the amount you actually want to spend has been surpassed, it is time for a different type of goal. I imagine the breaking point is quite different for everyone.
     
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  17. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    phgirl beat me to it.

    We have a friend (visited him and his family just before B&P) who is "retired".

    ("retired" = got out of the rat race and didn't have to work another day before he was 45)

    He is more busy today than he ever was. Truly.

    His whole life now is about raising his daughters, and giving back.

    He spends time each day helping them w/homework (hours, not just a few minutes).

    And much of his other time is spent working on chairitable projects overseas.

    We literally feel lucky to get time w/him, he and his family are so busy.

    And his friends from before just can't understand it.

    So perhaps, once you find something that hits the right chord w/you,

    You won't have to worry about this. :)

    -Russ H.
     
  18. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Just a thought..... if being on the receiving end no longer 'moves you', pehaps you want to set more goals for giving instead? Maybe specific $ goals around charities or actual time (hours) to be able to spend on volunteer work, etc.?

    ++rep. I think you nailed it for me. ...Now don't get me wrong, I do like a lot of the finer things in life, (good food, vacation, etc) but those things generally don't cost so much that I would have to motivate myself to any great length to get them. ...This next month or so should be really interesting, as I can feel that I will continue to have a succession of a-ha moments.
     
  19. kimberland
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    kimberland Bronze Contributor

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    I'm busy, I have tasks to do, goals to reach
    but there is no real urgency, no concrete reward waiting for me.
    We don't even have kids to pass wealth onto
    (it will all go to charity).
    If we build more wealth,
    then we'll pass more wealth on,
    it won't impact us personally
    (I'm a burger and fries gal,
    that isn't going to change).

    I DO have to relook at my giving back
    (my task for this summer, after the book launch crazyness is done).
    I give both time and money to a variety of charities.
    I think I might get a bigger emotional payoff
    if I narrow the number down,
    concentrate on one charity.

    Or maybe I just need a vacation.
    I haven't had a real one (conferences don't count) since the fall.
    I'm going into the 6th month of a 1 month contract.

    Sorry for the thread hijack
    but I've been struggling with this for a couple months.
    Lack of passion
    (yes, even with the stock market sky falling
    and all those yummy deals out there).
     
  20. Poudda
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    Poudda New Contributor

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    Rep++ for Yves!
     
  21. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    Edge,

    I'll give you the poker example of risk of ruin, since it'll be a bit different for your trading since you have different strategies. For a poker player, depending on the players winrate, you can calculate by the player's bankroll(like how many buy ins the player has for whatever stake they're playing at) to see how much bankroll they actually need to be comfortable. Like if the player is playing 5/10nl, and has $35,000, and has a 3.5 winrate. Maybe his risk of ruin is like 1%. If someone playing 5/10nl only has $15,000, and their winrate is only 1.5, maybe there risk of ruin is 20%, because their bankroll might not be able to withstand the variance. Obviously I'm just throwing out random figures, just wanting to show what would factor in, but I'm not sure how you would do yours based on you having different trading strategies, but I'm sure there is a way to figure it out. Like I said, I didn't understand a few parts of your presentation(I don't know stocks very well), but based on you knowing what % numbers you were looking for on a trade, and that you could set up a trade different ways based on how much risk you wanted to take on the trade, I'm sure there is a way to figure out how to maximize return while keeping your risk of ruin very low.
     
  22. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I feel really dumb when you guys start talking that technical. Gosh, how clueless I am!!!
     

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