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To the people out of the rat race, what's the new plan?

Discussion in 'Progress/Execution Threads' started by snowbank, Sep 19, 2007.

  1. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    To the guys like MJ, Russ, Steve, now that you have $5 million +, how are you revising your plan to build wealth. It took you X amount of time to accumulate your wealth. Now that you have that money built up, it will be easier to build more wealth, but will your plan change since you will have the ability to accumulate it a lot faster. Example, like with MJ, you have mentioned you can start web businesses with pretty much no capital. Well, how will your plans change now that you have $5 million + to work with to accelerate the growth of your money? I assume you won't do the same things the same way, since you will be able to leverage and grow your money a lot faster.

    So basically, what are your goals now that you've gotten out of the rat race? $20 million, $50 million, $100 million? Or are you just happy to be done.

    If you do have aspirations do reach much higher financial goals, how are you revising your plans to accelerate the speed based on not having to accumulate your initial "nestegg" of several million? How are you taking your 7 figure net worths and going to mid 8's and potentially a 9 figure net worth?
     
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  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Right now my plan is to chill out, write, and take a breather. My future goals are tied to achievements, not money. However, money is an offspring from accomplishing those achievements.

    My near-term goal is simply to finish and publish my book. The next goal is to sell a meager 100 copies. The ultimate goal is to sell millions and become a NY Times best selling author. Will that make me a few million dollars? I have no idea. Its not the money; but the goal. Money is a byproduct of the goal. If I don't hit the goal, oh well, I become an author, help hundreds, maybe thousands of people, and make a few friends in the process. I also have a goal of becoming a Hollywood screenwriter.

    A significant hurdle in making money is to stop thinking about making money -- and start thinking about others. When you help others solve their problems, whether its giving them hope or making something easier, you find that money follows. The amount of $$$ you earn is a function of how many lives you are touching.

    If you can take one tidbit of lifelong advice from this forum, its the next paragraph.

    Being out of the rat race gives me the freedom to pursue these goals -- however the goal IS NOT THE DREAM. The real dream is the pursuit -- and its exclusive of success or failure. Let me repeat that ... the REAL DREAM IS THE PURSUIT, THE JOURNEY -- the end result of this pursuit is inconsequential and irrelevant; the act of pursuit, the journey, is the dream itself.
     
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  3. kimberland
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    kimberland Bronze Contributor

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    I recently attended a live interview with Ted Rogers, a media mogul who starting from nothing built a company with a 31.3 billion dollar market cap (yeah, I should really post my notes from it, fascinating, fascinating stuff).

    He said that he doesn't know a single successful entrepreneur who did it primarily for the money. The business building is done to solve a need or "because it can be done." So he gets frustrated with the common comment about him having "enough."
     
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  4. tbsells
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    Alot of wisdom in these few words. My Dad taught me this mentality when I was growing up and when I first started in business. I have always found it to be true. In fact, I find that during times that I have focused more on money I have made less of it.
    If you provide the service or fill the need the money will follow.

    Excellent post MJ.:hurray:
     
  5. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    MJ,

    What is your current plan investment wise with the money you have? That's kind of what I was getting at but worded my question wrong. You seem like the type of person to keep your money moving at a fast pace for you while you're pursuing all of the things you are doing(writing a book, becoming a screenwriter). The $5 million+ that you've accumulated, what's your plan with that?
     
  6. nomadjanet
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    Awesome & true. The journey has to be exciting & interesting or it is not what I would call fast lane. No mater how much you make and how fast you make it if you are doing something you hate or that is morally deficit or illegal are you fast lane? :driving::driving:


    Once you have a system for making money that has fulfilled it's potential you have lots of choices. You can continue your path with your existing system, you can create a new system, you can teach your system to others. You can take 10 years off and lay out on the beach in Cancun. The question is what do you plan to do with your success?

    Jan
     
    Last edited: Sep 20, 2007
  7. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I'm mostly liquid in tax-free municipal bonds, a few domestic stocks, and some international funds including international real estate. I have no physical real estate holdings other than my primary residence. This is not what I would describe moving my money at a fast pace - I'm interested in liquidity and the passive income it generates.
     
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  8. Poudda
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    Poudda New Contributor

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    I can at least help you get to the 100 copies. I'm buying one for sure!
     
  9. Rawr
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    Rawr Gold Contributor Speedway Pass

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    Wow

    Can't believe I didn't see this earlier. I think I just found the inspiration that I was really looking for after last rough week.
     
  10. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yea, it really describes how a lot of people live, including myself from time to time.

    People like to tell them self that they will be happy when this-and-that occurs....

    "When my divorce is final Ill be happy"
    "When I get married Ill be happy"
    "When I make my first million Ill be happy"
    "When I sell my business Ill be happy"
    "When I finish my book ill be happy"
    "When we make our first sale Ill be happy"
    "When I quit my job Ill be happy"
    "When I do my first deal, Ill be happy"
    When I fall-out of line, I give myself a swift kick in the a$$ to come back to present vs future. The journey must be relished because when you hit the destination, it usually falls up short to your happiness expectations and a new milestone is created.
     
  11. kimberland
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    kimberland Bronze Contributor

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    Why 100, MJ?

    My near-term goal is to sell 350 copies of the eBook.
    Once that is done, the book will also be available in print.
    Bam!
    I suddenly have two products to sell.

    Then the second eBook comes out
    in either Nov/Dec '08.
    Three products...

    Once I get to three titles,
    the marketing starts to make a little more sense
    ('cause you're selling people three books, not just one).
     
  12. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Because you have to sell 100 before you sell 1,000,000. Its simply the first acheivable milestone among many to follow.
     
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  13. Rawr
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    Rawr Gold Contributor Speedway Pass

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    When I get a girlfriend..
    When I go out this weekend...
    When I finally talk to that girl..
    When I graduate..

    Yep, been there done that. Like I told my friend two days ago - it is all about managing expectations. Sorry to correlate this with a sophomoric theme but take an example of guys going out on a Saturday night: their expectations are through the roof just because they are going out. How realistic is this? I have to sit my friends down and explain that you go out to have fun as an end goal - to enjoy the night.. and then if you are enjoying it right you just might be tet-a-tet with a Go-Go dancer by the end of the night Not to set yourself up for an unrealistic result and get mad when you don't achieve it.

    On that note, sell one million billion copies
     
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  14. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    MJ-
    Sounds like your story (and resulting book) would make a good piece for "The Big Idea" with Donnie Deutsch. (Man I love that show!) ...You can put me down for a copy of your book too. :) 98 left! See- they're already flyin' off the shelves!
     
  15. reipro
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    I would have to agree 100% with MJ. A really good friend told me once the following and I have lived by it:

    Take the $ signs out of your eyes, put caring in your heart and your wallet will over flow with money!

    There has never been a more true statement spoken. We have helped many HO save there homes and never made a penny on the deal, but many deals followed the caring!
     
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  16. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Rawr-

    Your comments reminded me of a great scene from "Say Anything":

    "So, if you guys know so much about women, how come you're sitting here all alone on a Saturday night at the Gas 'n Sip drinking beers with no women *anywhere*?"

    -Russ H.

    [ame="http://youtube.com/watch?v=1Ylgd2ef4xg"]http://youtube.com/watch?v=1Ylgd2ef4xg[/ame]
     
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  17. RE Taipan
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    RE Taipan Contributor

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    I'm in for one....so consider it a goal to only have to sell a meager 99 copies!

    :tiphat:
     
    Last edited: Nov 12, 2007
  18. Pinnacle
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    Pinnacle Bronze Contributor Read Millionaire Fastlane

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    That's the most useless thing I've ever heard next to that "make your passive income exceed your expenses" trash! :p

    In all seriousness, it's amazing how truer this statement becomes the further along we make it in our journeys as investors.
     
  19. InMotion
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    InMotion Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Bump. Great oldie.

    I would like to believe this but when I do this I get too many stab wounds lol. I am sure this poster is long gone so any opinions on this? I think the underlying point is that entrepreneurs need to be more selfless in order to create/give value?
     
  20. Supa
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    Supa Came for the $. Stayed for the Ice Cream. Read Millionaire Fastlane Speedway Pass

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    Amazing to read those words from 2007, now knowing how many lifes your book changed @MJ DeMarco :)
     
  21. jasoncuellar123
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    jasoncuellar123 I’m probably awake. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    A very inspiring thread.
     
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  22. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Wow. I missed this thread way back then. Snowbank could answer this question for himself now.

    MJ's answer is spot on. Being happy is a state of mind. Looking for what you will have in the future will not bring joy to your life.

    My answer back in 2007 would have been different than today. Back then I wanted more. Now I want peace.
     
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  23. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    This
     
  24. Belcher
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    Belcher Contributor Read Millionaire Fastlane Speedway Pass

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    Couldn't agree more!!

    Great find Supa :)
     
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  25. Newpollz
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    Respect to @MJ DeMarco . Today I got the confirmation that you are the real deal. Once more.
     
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