What Color Ferrari Should I Buy? (I Have Twenty Bucks)

[Twista]

I'm not gonna lie, I am a wantrepreneur. I'm learning though, very painfully. Painful as in tears rolling down my cheeks and late nights. I'm learning and that's all that matters. I have learned so much from this forum and other entrepreneur sites, that I'm a way different person than last year. Still learning though...

 

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[LightHouse]

Thought of this thread this morning....

 

[Ninjakid]

It's kinda sad because some people really have the motivation, but don't know where to start. And it's not as easy when you're doing everything on your own. It's easier to complete work at a salaried job because you've been told what to do, and someone else has figured out a system that makes their business exist.

 

[rcdlopez]

Thought of this thread this morning....

Holy crap! As I was reading that post I thought to myself, "Did I write that shit?!?". But then I read Blu Cepheus Lamborghini, and sigh of relief came to me as I realized, I wasn't the one who wrote that shit. Phew!!

 

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[katly007]

Ya forgot...

6. Post excited intro and proclaim how you''re going to make $10M in 10 months.
7. Disappear next day, go back to your job, and never return.

Or it could be join TMF , start a business or side project. Fail at it.
Start another business, do marginally ok but figured it's like replacing your job and there's no scale. Well duh! Shut it down.
In between, life happens and you forget you signed up at the forum and you don't post or visit.
Start new business, ups and downs and disputes with cofounders. Eventually close.
Start another business, ah ha it makes money, slow up hill climb, bummed at no exponential curve up like you see on those graphs at all those venture capital meetings. How come all those guys graphs and charts all look like that and they have no revenue? Hmmm.... I should go get me a graph like that for my pitch, eh? Oh whatever, I'll just keep working on the slow up hill lean bootstrap way...

Got another 10+ more business ideas to start if it doesn't work out and gotta check off that list....

But wait, I have a little tiny bit of down time, I'm going to check in at TMF to see how everyone is doing and if there's a lot of new millionaires yet. Gotta see how far behind I am. Haha... Eh, well, I actually don't care and don't really compare myself but it'll be cool to see how many new millionaires on the forum anyway because it's motivating to see.

So, how many of you got new Ferraris? Post new pictures of it. You have to show it off.

BTW, my driving sucks. I was thinking that I'll just have someone drive me around in a limo when I get rich and not worry about traffic. Is that more expensive than buying a Ferrari? Hmmm...oops, guess that's a step [HASHTAG]#1500[/HASHTAG] question.

 

[katly007]

This is the problem I have. After i get past my own setbacks i stop here because i dont know "how to" or "what to"

In chapter 37 MJ you talk about giving your road a destination- define your lifestlyle etc - after i have defined what you want to earn each month and the type of lifestyle you want to sustain - i dont know what approach to take.

How do you know what business or method to pursue that will have the potential to earn you that much so you can then get passionate about the idea to then attempt it?

You mentioned 3 fastlane interstates and 7 internet business models - if you have defined what you want how do you connect these to what you defined for yourself? Are you not just picking methods to earn money again? Your premise is that monthly figure which you outlined...the How is my biggest problem and the biggest setback.

Arghhh... these questions sounds like the stuff my broke friends say all the time. I don't know "how" or "I don't know what to do" or "what business to start." Geez, it's like asking people to do all the thinking for you. How can someone tell you exactly what business you should do or road to take. They don't know your likes, skills, or what you can do or how motivated you are, or how much time or money you have to do it.

Start a list of ideas, and underneath each idea write down your skillset, what you need to execute that idea, and the actionable steps to take. Then prioritize which ones you "like or love or feel passionate about" and then you go and do it. Then if that idea fails, refer back to your list and start on the next one.

I really hope if I ever say that, someone please shake me or give me a wake up call and tell me to snap out of it. I've started keeping an ideas notebook so that helps tremendously and also, when I write it down in the notebook I don't have to keep all these ideas in my head and it makes it easier to think of new things.

 

[AubreyJ]

Arghhh... these questions sounds like the stuff my broke friends say all the time. I don't know "how" or "I don't know what to do" or "what business to start." Geez, it's like asking people to do all the thinking for you. How can someone tell you exactly what business you should do or road to take. They don't know your likes, skills, or what you can do or how motivated you are, or how much time or money you have to do it.

Start a list of ideas, and underneath each idea write down your skillset, what you need to execute that idea, and the actionable steps to take. Then prioritize which ones you "like or love or feel passionate about" and then you go and do it. Then if that idea fails, refer back to your list and start on the next one.

I really hope if I ever say that, someone please shake me or give me a wake up call and tell me to snap out of it. I've started keeping an ideas notebook so that helps tremendously and also, when I write it down in the notebook I don't have to keep all these ideas in my head and it makes it easier to think of new things.

This. A couple of months ago I started making a list of 10-20 ideas every day- the ideas didn't have the be great, they just had to be ideas for a business, for an app, for a revenue stream...etc then on the next page I would write what would be my first step in execution. That's it. Ive been doing it for a few months now and it's really helping me in not only coming up with good ideas, but also getting past the mindset of having to know every step of the way before you even start. All you need to know is the first step

 

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[J_Cardo]

Get a Testarossa .. I look at em on jamesedition.com everyday lol [HASHTAG]#MentalMasturbater[/HASHTAG] lol

 

[Rob Robinson]

You guys are a regular riot!

Riot because of not taking even the smallest amount of info serious or riot cuz it's soooooo hilarious?

 

[Rob Robinson]

Funny story...

I knew a girl in high school, real bitchy/snooty type. Her parents had an Audi and an Infiniti sedan. Big house. When she turned 16, they leased her a brand new BMW SUV (later crashed.) Somewhere in the middle of our junior or senior year, I forget now, her father declared bankruptcy. Literally all of those years it was about showing off the wealth, when in reality they had very little.

Likewise, I was friends with someone whose parents owned a car dealership, winery, and bus company. Yet if you ever saw this guy or his family you would have no idea. They all did their clothes shopping at Wal-Mart (no joke, everything.) And literally everyone in his family drove a 15-year-old-starting-to-rust pickup truck.

I hadn't read TMF at the time, but even then I remembering realizing just how ironic and polar opposite these 2 situations were. The broke family going out of their way to show people they have cash. And the affluent family going out of their way to avoid showing off money.

Sounds like they may have been rappers...

 

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[SBS.95]

Sounds like they may have been rappers...

Wow that was an old post you just quoted haha.

I genuinely have no idea what her father did for work, so I suppose that's as good a guess as any. I un-friended 95% of the people I went to high school with, plus I never use Facebook anyway, so no real way of knowing.

High school reunion is in a few years I think, so maybe I'll be able to see where she ended up. I am curious to see the people whose lives peaked at age 16. A few of my friends and I have money on certain people.

 

[Rob Robinson]

No worries. I'm new so I'm looking at everything lol. I'm looking to learn from the mistakes of others and gain insight. Your comment made me think. I'm not wealthy but thankfully we don't chase an image to impress others.

 

[Uly Sambrano]

I just read a quote kinda like this! " The key to success is to start before you're ready".
reminded me of it haha

 

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[Javier Avalos]

start doing... begin trial and error. after that, take notes on what works vs what didn't. then improve your process and begin trial and error again.

 

[Anush24]

Took this from ryan holiday's site. Here he is talking about Arnold Schwarzenegger. All the obstacles he had to go through. I wonder; did he stop and say "I wonder what color my ferrari should be, when I am filthy rich?"

• 1961: Arnold doesn’t like soccer, the sport most children played in his native Austria, so he tries weightlifting instead. He became so dedicated to bodybuilding he began breaking into his local gym on the weekends when it was closed so he could train: “It would make me sick to miss a workout… I knew I couldn’t look at myself in the mirror the next morning if I didn’t do it.”
  
  
• 1965: Arnold served in the Austrian army to fulfill his one year service requirement. He ends up going AWOL during basic training so he can compete in the Junior Mr. Europe contest and ends up serving a week in military prison because of it. He won the contest.
  
  
• 1968: Arnold arrives in America with little money and can barely speak English. Because bodybuilding doesn’t pay, he begins a bricklaying business with a fellow bodybuilder, mixing cement and knocking down walls with a sledgehammer.
  
  
• 1970: Arnold won his first Mr. Olympia title at 23, making him the youngest Mr. Olympia ever, a record he still holds today. He would go on to win it six more times.
  
  
• 1971: Arnold’s brother Meinhard died in a car accident in which he was killed instantly. Arnold would later pay for Meinhard’s son Patrick’s education and his emigration to the United States.
  
  
• 1972: Arnold’s father, Gustav Schwarzenegger, dies from a stroke. Arnold was unable to attend his funeral because he training for a bodybuilding content.
  
  
• 1980: Arnold was a color commentator at the 1980 Mr. Olympia competition when he announced at the last minute he would compete in the contest. Schwarzenegger had been retired from competition but had been secretly training for the event. He won it with only seven weeks of preparation and after being declared Mr. Olympia for the seventh time he officially retired from competition.
  
  
• 1984: Arnold appears in James Cameron’s The Terminator. Of his early acting career, Arnold said, “It was very difficult for me in the beginning – I was told by agents and casting people that my body was ‘too weird’, that I had a funny accent, and that my name was too long. You name it, and they told me I had to change it. Basically, everywhere I turned, I was told that I had no chance.” Basically, Arnold turned all those ‘negatives’ into a totally unique and iconic package.
  
  
• 1991: Arnold reappeared as the title character in Terminator 2: Judgment Day, which was the highest-grossing film of 1991.
  
  
• 1993: Arnold stars in Last Action Hero, which did poorly at the box office, opening opposite Jurassic Park. It is one of many failed movies in his career–as he admits.
  
  
• 1994: Arnold’s movie career bounces back when he reunited with James Cameron for the popular sky film True Lies.
  
  
• 2001: Arnold broke six ribs and was hospitalized for four days after a motorcycle crash in Los Angeles.
  
  
• 2003: Without any previous political experience, Arnold wins the California recall election for governor by 1.3 million votes. (I actually attended his kick off rally in Sacramento. Twisted Sister performed)
  
  
• 2006: Arnold wins re-election for Governor of California by well over one million votes.
  
  
• 2009: He gives an epic and philosophic commencement address to USC students.
• 2013: Arnold restarts his acting career with his first leading role in 10 years with The Last Stand, and his first co-starring role with Sylvester Stallone in Escape Plan. Also cooly embraces reddit and social media to great results.

“So let me tell you, as you prepare to go off into the world, remember six rules: Trust yourself, Break some rules, Don’t be afraid to fail, Ignore the naysayers, Work like hell, and Give something back.” – Arnold Schwarzenegger

This is superb ! Thank you

 

[David Kotevski]

This is superb ! Thank you

But for 1972 Arnold did eventually say he got the story from another bodybuilder who didn't see his father during the funeral forba bodybuilding contest. But he did attend his father's.

 

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[workinprogress]

This thread describes me. I was so happy when I landed this job about 7-8 months ago, because it paid so well. I was going to be making at least 40k a year, and I was going to be tripling my income over my last position.

So what did I do? After a month or 2 of working there, I decided I needed a new car. That I deserved it. I had been though the pain (2 years of making under 18k a year) and now I decided I needed a reward. An expensive reward. I was going to every car dealer in the area, test driving multiple cars, even ones I couldn't afford. Putting on a show for the salesperson just so he would let me in the car. Pure and utter mental masturbation.

But then disaster almost struck. There was this really good salesman at a Dodge dealership that brought leasing to my attention. I almost walked out of there with F*cking 45K 2015 Dodge Charger R/T, loaded up with options and in a cherry red color. It was a 3 year lease, with payments of at least $450 a month. My insurance was set to go up from $120 to $350 a month as well. And as I was sitting there, I desperately was trying to deceive myself into thinking it was a good idea. I deserved this, no matter what it cost.

In the end, the bank ended up coming back and changing the terms, which would have put the payment up another $100 a month and the down payment another $1000. So I walked. But I was this close to making a terrible, terrible decision that would have followed me years to come, just because I was convinced that I deserved a "reward" for my small amount of limited success. I was trying to skip Step 7-27 and go directly to Step 28. Pure mental masturbation. I feel almost disgusted, embarrassed for myself looking back on that, the fact that I was that close to making a that big of a mistake.

 

[andviv]

is The Fear of Failure. I know we talk a lot about entitlement around here, but people are deathly afraid of failing, which is a huge reason for this mentality. People are so afraid they are going to wind up homeless, or bankrupt, or lose their house, or their spouse/partner, that they don't want to fail at all, so they keep looking for magic

Funny thing is, I was that daredevil, afraid of nothing guy. Then I had a big failure. Then came the divorce. The debts. The pain. Having to move into your brother's garage with only your bed and your clothes. Lost the houses. I can't recall anymore in what order things happened.

So, yeah, failure happens. And it is painful. And when it is just you, that is kinda OK. But when you have a family that depends on you then things take a whole different connotation.

Anyway, I want my Lambo in Yellow... (just kidding, I have no car right now and am loving it).

 

[andviv]

So I walked. But I was this close to making a terrible, terrible decision that would have followed me years to come, just because I was convinced that I deserved a "reward" for my small amount of limited success.

Reading this makes me smile.

 

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[GuestUser1178]

I would prefer a white Ferrari just like in The Wolf Of Wallstreet
Anway, I am far away from that Let me introduce myself before I "spam" this thread.
I'm Patrick, I'm 25 years old and I'm from Germany. Yeah you'll probably laugh but I submitted my first iOS game just yesterday and it's going to launch in May. It took me almost two years to figure everything out, from programming to building a landing page. If you don't mind, give me a quick feedback The site is http://www.bridezilla-game.com
Cheers!

 

[SteveO]

Funny how this works. When I had enough money to buy the cars that we wanted, we purchased a new loaded Infinity FX and Mini-Cooper for the wife. I had looked at BMW and Lexus as well.

We sold the Infinity because we did not really care about the luxury items. We sold the Mini because it was not practical. We drive a Camry and Tundra now. Both bought new with cash. Neither of us wanted anything flashy or luxury.

 

[Sammie]

Here's my advice. It's harsh but if you listen to it, it will help you.

Anytime you find yourself saying "I want to make money!", BITCH SLAP YOURSELF!. Then say to yourself "Nevermind, I want to create VALUE!"

Money flows to people who create value in the world. Stop thinking about what sort of lifestyle you want and start thinking about how you can improve mankind. Have faith that if you are a person who brings value to the world, then wealth will come to you! If you have an idea on how to create value then try it out. If no one uses it, then try something else.

Every religious/philosophical book out there talks about why being selfless is a virtue. This is ancient wisdom, man! LISTEN TO IT!

Wow, this is powerful.

I keep getting trapped into thinking about what I want, how much money I want, what kind of house I want to live in, what kind of car I want to drive...

I know I need to focus on providing value, but I keep falling back to my old self.

Thanks for the reminder.

 

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[JokerCrazyBeatz]

Stop focusing on the Rarri , focus the bently

 

[kkompoti]

this thread puts things in the correct perspective! Thanks MJ!
I will do my best to not become another shooting star inside here!

 

[Iammelissamoore]

I have twenty bucks … what color Ferrari do I buy when I succeed?

Folks, entrepreneurship is not easy. Its a journey of problem solving and learning.

Start solving. Start learning. Start doing.

And start seeing results.

...it is because of my journey after TMF and now Unscripted that my whole perspective changed regarding business. In business school *pshhhh* - they taught us that 'people go into business to make a profit' - full stop.

The fun part about building great business(es) is the ability to overcome challenges in the form of that product/service/idea/movement in which, once well-executed, the profits are the rewards (and usually the last part after helping others).

 

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[MJ DeMarco]

Bump.

When you're starting a business, there are THINGS to worry about, and things NOT to worry about.

 

[Kate Perry]

Focus on Pagani Why do you need that red ferarie when you have $ 20 for a toy Pagani.

 

[MJ DeMarco]

Bump.

 

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[Bekit]

These stories usually go...

1. be broke
2. read tmf
3. brain starts to fizzle with wishful thinking and then suddenly... lighting strikes (the idea)
4. start having fantasies about being 'rich'
5. visit tmf forums to circle jerk while simultaneously forgetting about the entire process of achieving said fantasy/dream/idea.

Ya forgot...

6. Post excited intro and proclaim how you''re going to make $10M in 10 months.
7. Disappear next day, go back to your job, and never return.

Funny thing is, I was that daredevil, afraid of nothing guy. Then I had a big failure. Then came the divorce. The debts. The pain. Having to move into your brother's garage with only your bed and your clothes. Lost the houses. I can't recall anymore in what order things happened.

So, yeah, failure happens. And it is painful. And when it is just you, that is kinda OK. But when you have a family that depends on you then things take a whole different connotation.

An excuse not to move forward. A reason to say “Eh, I don’t know how, so I’m just going to keep my job.”

I recognize myself in this. Point taken. It's been mentally stimulating to just immerse myself in the forum over the past couple of days. But nothing matters except action. Consistent action. Real world action, to move from step one to step two.

If you don’t get to STEP 32, you won’t have a STEP 32 to worry about, so why bother?

Start solving. Start learning. Start doing.

And start seeing results.

I started to become successful when I focused on BORING and DIFFICULT business opportunities.

Time to buckle down and get to work.

 

[MJ DeMarco]

Bump.