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Rapid Wealth: The Interstates - Chap 35 MFL

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DebtFreeDr

Contributor
FASTLANE INSIDER
Speedway Pass
Jul 13, 2021
26
32
26
Louisiana
I literally just read Chap 35 of the MFL titled Rapid Wealth: The Interstates, had an idea and now want your input.

My goal is to exit my periodontal surgery practice in 5 years or less (I'm 47) and transition full time to educating busy professionals about FI using real estate via my site and YT channel.

I've been trying to come up with ways to quickly replace our monthly personal expenses to achieve this goal.

Regarding my site...I don't sell anything, simply provide information for FREE.

Here's my thought after reading Chap 35:

I have 2 email lists associated with the blog
1. Blog subscribers (2,600 ) - get emailed 1 article and 1 YT video each week
2. Passive Investor Circle members ( 900) - same benefits as blog subs except these are accredited investors that are privy to what I personally invest in. I simply email out any real estate deal I'm planning on getting into throughout the year (avg 3-5 deals) and they can invest along side me if they choose to. I'm compensated by the General Partners in these deals via equity in each property as I'm a Co-GP in each deal.

So basically my compensation up until this point is equity in the property I invest in and not a paycheck.

After reading the Rapid Wealth chapter, I had a thought about starting to charge the Passive Investors Circle members a small fee and wanted some input.

Here's my thoughts:

I spend a lot of time behind the scenes vetting each deal that I know I do a poor job of letting this be known to the group. So for this work that I do, I don't think it's unfair to charge a small monthly or annual fee ($49 /month or $99/month) for those already in the group.

Moving forward, I was thinking of doubling this to $99/month pr $199/month).

That was my first thought in pricing, have no clue how to price it but that's what first came to mind.
So if only 500 out of the 900 stayed on and paid $99/month, that's $600,000 a year.

NOT TOO BAD!

Anyway, I wanted to first get your thoughts whether you feel this would be a good idea.
What type of strategy would you use to "sell" it to the folks that have already been in the group vs new members.

I was planning on providing MORE value in the future via a potential FB group and possibly an annual event.

ANY information would be MUCH appreciated!
 

RobbieFoston

New Contributor
Sep 12, 2021
3
2
11
London, UK
I like the idea around charging a subscription model on this as you're technically providing a service which makes money for those signing up, so it's an easier sell. In order to get more uptake I would focus on that angle.

Example: Annual sign up costs $1,200 - those who follow my advice make an average return of $XXX per year.

I'm assuming the people you're speaking with are fairly switched on and have some money in the bank, so they'll most likely see through any gimmicky approach to gaining subscribers.

Converting 500 out of 900 onto this model would be exceptionally high though. That's 55% conversion rate onto a paid model which is very high.

Also, if you're only getting involved in 3-5 opportunities a year, how are you going to provide value week after week? If I sign up for $99 a month I wouldn't want to wait 3 months until your next opportunity comes up.

Check out Motley Fool is you don't already know them. It's a similar model whereby they offer stocks/ investment tips for a monthly/ annual fee.

Good luck!
 

DebtFreeDr

Contributor
FASTLANE INSIDER
Speedway Pass
Jul 13, 2021
26
32
26
Louisiana
I like the idea around charging a subscription model on this as you're technically providing a service which makes money for those signing up, so it's an easier sell. In order to get more uptake I would focus on that angle.

Example: Annual sign up costs $1,200 - those who follow my advice make an average return of $XXX per year.

I'm assuming the people you're speaking with are fairly switched on and have some money in the bank, so they'll most likely see through any gimmicky approach to gaining subscribers.

Converting 500 out of 900 onto this model would be exceptionally high though. That's 55% conversion rate onto a paid model which is very high.

Also, if you're only getting involved in 3-5 opportunities a year, how are you going to provide value week after week? If I sign up for $99 a month I wouldn't want to wait 3 months until your next opportunity comes up.

Check out Motley Fool is you don't already know them. It's a similar model whereby they offer stocks/ investment tips for a monthly/ annual fee.

Good luck!
Thank you for the feedback.

I agree with converting that amount of people is too high now that I think about it.

Regarding the limited number of opportunities, there's a few things I can hit on.

#1. I plan on setting up a private FB group for members to interact
#2. I'm also contemplating virtual and/or in person events
#3. People that are investing in these deals typically are doubling their $$$ in 5-6 years (this is from my personal experience)
#4. Everyone and their mom that invest with a financial advisor that do NOTHING, get paid 1% in assets under management. So for every million I've got with them, they're cashing a $10K check and BTW, I'm NOT doubling my money with them every 5-6 years!!

Thoughts on this?
 

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