I have decided to create this thread to help me track and plan my progress, to get opinions and advice from you fellow fastlaners, and hopefully to motivate others who have not yet taken action.
My Financial Goal:
To reach 20M$ in networth, with a passive income of 1M a year, by the age of 35.
So how am I going to do that?
My initial plan was to achieve that through Real Estate, but lately I've changed direction to the internet, mainly due to the higher relative speed of the internet compared to real estate. It might end up as a combination between the two.
Recently, I thought about an idea for a web business that fits the Fastlane criteria:
1) It provides value for the buyers.
2) It can be highly profitable, and highly scaleable.
3) It can be started with little initial investment (650$).
The idea has the potential to save noticeable amounts of money on expensive products (products that cost 100$+) for price concious buyers who do research on the internet before they buy (people who read reviews and use price comparison).
I have decided I had enough of sitting on the bench watching, and that it is time to get on the court and start turning this idea into a business.
Short term goal:
Create the business based on the idea, and build a cashflow of 3000$ a month by September 2011 (10 monthes).
Sincere advice and opinions are always welcome!
My Financial Goal:
To reach 20M$ in networth, with a passive income of 1M a year, by the age of 35.
So how am I going to do that?
My initial plan was to achieve that through Real Estate, but lately I've changed direction to the internet, mainly due to the higher relative speed of the internet compared to real estate. It might end up as a combination between the two.
Recently, I thought about an idea for a web business that fits the Fastlane criteria:
1) It provides value for the buyers.
2) It can be highly profitable, and highly scaleable.
3) It can be started with little initial investment (650$).
The idea has the potential to save noticeable amounts of money on expensive products (products that cost 100$+) for price concious buyers who do research on the internet before they buy (people who read reviews and use price comparison).
I have decided I had enough of sitting on the bench watching, and that it is time to get on the court and start turning this idea into a business.
Short term goal:
Create the business based on the idea, and build a cashflow of 3000$ a month by September 2011 (10 monthes).
Sincere advice and opinions are always welcome!
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