What's your financial plan for 2020?

[Think Expand]

Well, I've decided to crystallize my financial plan/blueprint for the year 2020.

NB: This is not a NEW YEAR GOAL! It's a game plan to win financially.

Let me know what are yours and what you think about mine.

It's a four-step approach to DO WELL FINANCIALLY.

Step1: Increase income exponentially (not just linearly).
Step 2: Reduce expenses drastically (while enjoying the best of life).
Step 3: Save much more money.
Step 4: Invest & reinvest to expand my empire.

What is your financial plan for 2020?

 

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[kkompoti]

Two questions.

Can you put exact numbers on your steps?
What kind of empire do you have?


Mj says in a a thread here that you must have specific numbers in your head for your goals.. e.g. I am going to lose weight vs I am going to lose 20 pounds. More realistic and more hard to achieve.

Also it is good that you wrote 4000 articles for someone else. You have a tested skill set that not a lot of people have.congrats. But let me hear about the business you are building.

I am just trying to help here so that you can see things the right way.

 

[Think Expand]

Two questions.

Can you put exact numbers on your steps?
What kind of empire do you have?


Mj says in a a thread here that you must have specific numbers in your head for your goals.. e.g. I am going to lose weight vs I am going to lose 20 pounds. More realistic and more hard to achieve.

Also it is good that you wrote 4000 articles for someone else. You have a tested skill set that not a lot of people have.congrats. But let me hear about the business you are building.

I am just trying to help here so that you can see things the right way.

Well, this is not a goal. It is a blueprint to win financially. I know that goals need to be measurable and specific. This is a game plan to win financially.

I am currently building a COPYWRITING AGENCY, CONTENT SUBSCRIPTION BUSINESS, ACCOUNTING SERVICE BUSINESS, AND A CHAIN OF CAR WASH.

 

[kkompoti]

Congrats then on all your side projects.
How do you manage focus with so many projects?
I had the same issue but decided to put everything on hold and focus one thing at a time. Currently working on opening a ecommerce site on Jan 2020.

 

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[MoreVolume]

If you’re not talking numbers or specific actions....then you’re just talking

 

[Think Expand]

Congrats then on all your side projects.
How do you manage focus with so many projects?
I had the same issue but decided to put everything on hold and focus one thing at a time. Currently working on opening a ecommerce site on Jan 2020.

The businesses are interrelated so it is easy to manage. The copywriting agency, content subscription and accounting services are related. All these businesses are 100% online.

Much of my focus goes into the copywriting agency. I have been freelancing since 2016, creating at least 2,000 articles per year.

However, I developed a CONTENT WRITING MANUAL and trained young writers to use the system to deliver 100% unique, rich and high-quality content.

With the help of an editor and my accounts clerk, the business is pretty doing well. I am currently building an affiliate team that brings the jobs and gets a commission. But I also do some copywriting and bulk of marketing/negotiation with clients.

I have been writing morning motivational to about 700 people since 2016. I use a WhatsApp Broadcast List (not email, since the open rate for WhatsApp is quite higher than email). I pitch the subscription business to my current audience who are already getting FREE content. So, this is again easy to run.

With the accounting service business, I just market to get clients. I have a bookkeeper who provides the services to clients. We provide bookkeeping and accounting services to small business owners. I am currently trying to build a bookkeeping team to help get the job done and later employ an accountant. So, this doesn't consume much of my time since the operations are delegated.

I am currently building a car wash. The plan is to generate money from the three businesses and then invest to expand the chain of car washes.

FOCUS is good, but goal setting is the key. I set goals daily, weekly and monthly which helps to manage time as well as focus. I also delegate, train, coach and learn to trust people to get the job done. This helps me to work on multiple projects without losing focus! Thanks.

 

[Think Expand]

If you’re not talking numbers or specific actions....then you’re just talking

Alright, I get your point. This is just a mindset, a frame of mind to run my finances. It can be made a goal anyway. I already have my personal and business goals set for 2020. All of them have numbers and specific actions. Thanks!

 

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[Kak]

Did you guys know that fingers double as weathervanes?

 

[Think Expand]

That is not a plan. That's a list of vague aspirations.




I would recommend you read the book, "The One Thing."

@JScott Does focus means doing only one thing? I know about Garry Killer's book. But you see, focus means that 20% of your priorities will deliver 80% of your results. So what do you do? You focus on the top 20% of your projects that will deliver 80% of the results.

While I like Garry Killer's book, I completely disagree with your recommendation. Watch all the successful entrepreneurs, Jack Ma, Rich Branson, Bill Gates, Warren Buffet, Steve Jobs etc. They all have more than one business, but that does not diminish their focus. They stay focused!

They find a way to ensure all projects run without losing focus. The key is to have a business mission and ensure that all subsidiary businesses fall under the same umbrella. When you have a mission, it helps you to filter projects...and stay focus on serving your customers. Thanks.

 

[Think Expand]

That is not a plan. That's a list of vague aspirations.




I would recommend you read the book, "The One Thing."

Well, I agree with you that my blueprint is not a plan. However, it is some sort of guide or philosophy to run my finances... even in 2020. I wish I had not shared it. Thanks.

 

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[alexkuzmov]

@JScott Does focus means doing only one thing? I know about Garry Killer's book. But you see, focus means that 20% of your priorities will deliver 80% of your results. So what do you do? You focus on the top 20% of your projects that will deliver 80% of the results.

While I like Garry Killer's book, I completely disagree with your recommendation. Watch all the successful entrepreneurs, Jack Ma, Rich Branson, Bill Gates, Warren Buffet, Steve Jobs etc. They all have more than one business, but that does not diminish their focus. They stay focused!

They find a way to ensure all projects run without losing focus. The key is to have a business mission and ensure that all subsidiary businesses fall under the same umbrella. When you have a mission, it helps you to filter projects...and stay focus on serving your customers. Thanks.

The successful entrepreneurs you've listed were focused once. They didnt become successful by splitting their focus, they did that after they succeeded.
You are looking at their results, ignoring their process.

 

[Think Expand]

The successful entrepreneurs you've listed were focused once. They didn't become successful by splitting their focus, they did that after they succeeded.
You are looking at their results, ignoring their process.

Loi. I'm not ignoring the process. I've been in business for the past 10 years. I understand the trail, suffering, and turmoil of running a business. I have started businesses that failed and those that did well. I'm not a wannabe trying to make ends meet.

On the flip side, I'm not diffused. I'm focused, as opposed to what you think. My businesses are not scattered. They are interrelated and my plan is working well for me. Better still, I have a team in place that makes sure all operations are doing well. Thanks.

 

[William Ainslie]

Since becoming aware I am not going to get on the Fastlane with my current approach, I started learning a new skill.

1. Become proficient in my new skill
2. Sell the value it can a$$ at the same time.
3. Save every cent of this new skill.
4. Figure out how to get on the Fastlane. (Preferably with business)
5. Additionally, get on the Fastlane through investing the additional income.

 

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[Think Expand]

Since becoming aware I am not going to get on the Fastlane with my current approach, I started learning a new skill.

1. Become proficient in my new skill
2. Sell the value it can a$$ at the same time.
3. Save every cent of this new skill.
4. Figure out how to get on the Fastlane. (Preferably with business)
5. Additionally, get on the Fastlane through investing the additional income.

@edgefinder Thanks. These are some of the things I was referring to. It is just a game plan to achieve your goal of building a Fastlane Business.. Thanks, dude!

 

[jerryB]

My plan is quite simple: become financially independent from my parents, work entirely remotely(employment or my own hustle or combination of two) and earn a certain amount of money by the end of June.

 

[Think Expand]

My plan is quite simple: become financially independent from my parents, work entirely remotely(employment or my own hustle or combination of two) and earn a certain amount of money by the end of June.

Nice one there! Keep moving forward!

 

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[QuantumLeap]

My financial plan for 2020 is to get off the government support I'm starting to get this year

 

[Think Expand]

I think you are very confused about how the careers of those people played out. If anything, they are a perfect example of what I was saying.

Bill Gates focused on Microsoft 100 hours per week for 40 years.

Steve Jobs was known for basically living in his office at Apple for the first decade of the company's existence.

Warren Buffett has worked 80 hours a week since 1970 building one company.

These people have more focus than nearly any other people on the planet. Which is why they've been so successful.

You see, you seem not to get my point. What is Microsoft?

Is Microsft just about Microsoft Word? No. They have various product lines etc and then other interrelated companies that are aligned with their "circle of competence" or mission.

Is Warren Buffet just investing in one company? No? Warren Buffet built a holding company that buys and invests in other companies based on his circle of competence.

He has a "circle of competence" where he focuses his investments, the same as Bill Gates. Bill Gates had a circle of competence where he focused his efforts and resources. Steve Jobs also had a circle of competence. He focused on computers but later went into phones and all others. Yet, that didn't diffuse his focus. Why? He was operating in his circle of competence or in alignment with Apple's Mission.


They all focused, but where did they narrow their focus on? Their circle of competence.

You can have one company but you have multiple streams of residual income coming from it. You can have one company yet you have various product lines with each generating income through a team. That does not mean you are diffused... because everything is in alignment with your mission for doing business or your circle of competence.

You just stay within that circle. Focus means to define your circle of competence and then work hard to become great at that place.

Maybe, I will say that you don't understand my vision, mission and strategic plan for operating my business. However, thanks for the reply. Kudos! Love you there! You made my day!

 

[daivey]

I worked for Microsoft for much of my career. I ran one of those product lines that you're talking about. I have a detailed knowledge of how that company has been run since nearly the beginning (not that I was there near the beginning).

First, Bill Gates didn't run the company for the first decade... Paul Allen did. For the first ten years, Gates was basically an engineer and Biz Dev manager for QDOS/MS-DOS.

Second, Microsoft was basically a one trick pony (DOS) for the first eight years of it's existence. One business. One product. Lots of business development for that one product.

It wasn't until DOS was extremely successful (and could support a large staff) that Microsoft started branching out.

Third, when the company started building/buying other product lines, from the day each of those product lines had it's own P&L, they each had their own General Manager as well. A general manager whose job it was to grow that product line and manage that P&L.

In other words, each business had someone (essentially a CEO) who was 100% focused on growing THAT business, without day to day management by Gates.

By the time Gates took over, had one sole focus as well -- Leadership. Setting direction for the company.

So, I would ask you -- did you spend eight years focused on building out a single product line that made you a ton of money? And do each of your businesses have a full time general manager who is 100% focused on growing each business? Is your current role 100% leadership/vision focused and 0% management focused?

If not, Microsoft and Bill Gates probably aren't the best analogies for you. At least not yet.

As for Warren Buffett, same thing. Do you believe he manages the P&L for any of his businesses (including Berkshire)? Do you believe he EVER led more than one of good businesses at any given time?

I doubt it. And he certainly never managed several businesses at once.

Again, each of his businesses has had a CEO from day one, and as far as I know, Buffett has only been CEO of ONE business in the past 50 years.

Again, unless you have a CEO for each of your businesses, Buffett is not a good analogy.

In my opinion, until you have someone running each of your businesses, your greatest financial success will come with focus on one business, not multiple businesses.

Just my opinion... I could be wrong.

mic drop right there.

 

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[OnTheWrox]

I worked for Microsoft for much of my career. I ran one of those product lines that you're talking about. I have a detailed knowledge of how that company has been run since nearly the beginning (not that I was there near the beginning).

First, Bill Gates didn't run the company for the first decade... Paul Allen did. For the first ten years, Gates was basically an engineer and Biz Dev manager for QDOS/MS-DOS.

Second, Microsoft was basically a one trick pony (DOS) for the first eight years of it's existence. One business. One product. Lots of business development for that one product.

It wasn't until DOS was extremely successful (and could support a large staff) that Microsoft started branching out.

Third, when the company started building/buying other product lines, from the day each of those product lines had it's own P&L, they each had their own General Manager as well. A general manager whose job it was to grow that product line and manage that P&L.

In other words, each business had someone (essentially a CEO) who was 100% focused on growing THAT business, without day to day management by Gates.

By the time Gates took over, had one sole focus as well -- Leadership. Setting direction for the company.

So, I would ask you -- did you spend eight years focused on building out a single product line that made you a ton of money? And do each of your businesses have a full time general manager who is 100% focused on growing each business? Is your current role 100% leadership/vision focused and 0% management focused?

If not, Microsoft and Bill Gates probably aren't the best analogies for you. At least not yet.

As for Warren Buffett, same thing. Do you believe he manages the P&L for any of his businesses (including Berkshire)? Do you believe he EVER led more than one of good businesses at any given time?

I doubt it. And he certainly never managed several businesses at once.

Again, each of his businesses has had a CEO from day one, and as far as I know, Buffett has only been CEO of ONE business in the past 50 years.

Again, unless you have a CEO for each of your businesses, Buffett is not a good analogy.

In my opinion, until you have someone running each of your businesses, your greatest financial success will come with focus on one business, not multiple businesses.

Just my opinion... I could be wrong.

I think ultimately it's about creating that big picture road map, sometimes you know what it is and sometimes you don't. Yet being methodical as you build, one item on another, it soon will come together.

All the while hiring the right team to manage. I agree Buffett probably is actively CEO of ONE company per se--- however you know he is influence managing all the others to some degree. He isn't someone to say to a CEO "by all means run how you see fit" hands off. He knows what is going on with all of the company and in fact is advising those CEOs in various ways.

Your point is on the spot. I think that what you're describing is harnessing the shiny object syndrome. To stick to one business idea the entire way through I don't believe is accurate. Simply because all those hugely successful entrepreneurs listed above-- they mastered systems. Once you get your business systems in place, you can move on to the next and the next. Part of becoming a business owner is learning what you're good at and what you suck at. I personally have found that I'm freaking awesome starting and blazing the trail. I F*cking suck at day to day maintaining. There for hiring/automatizing with a system is the better bet in order keep it all flowing. Giving me the opportunity to create more.

I think it is possible to create many many businesses I believe through systems is what makes it possible.

 

[BellaPippin]

My plan:

Avoid unnecessary expenses as much as I can, typically the small ones that end up adding up. Send everything I can to savings for the down payment. The sooner I buy property the more money I will free by paying less rent, which will get wheels moving towards improving the property and get a second one in the future.

In the meantime see if I can generate income from an Udemy course along with paid Patreon streams if I actually get customers on Udemy interested in online painting sessions.

Post those custom cases on eBay I might be leaving money on the table. I could make a few hundred if those sold.

Whatever side income I can make from those two things, use it to fund the first order of my product, or see if it will get backed by people on Kickstarter to get funds for a first batch.

 

[Think Expand]

I worked for Microsoft for much of my career. I ran one of those product lines that you're talking about. I have a detailed knowledge of how that company has been run since nearly the beginning (not that I was there near the beginning).

First, Bill Gates didn't run the company for the first decade... Paul Allen did. For the first ten years, Gates was basically an engineer and Biz Dev manager for QDOS/MS-DOS.

Second, Microsoft was basically a one trick pony (DOS) for the first eight years of it's existence. One business. One product. Lots of business development for that one product.

It wasn't until DOS was extremely successful (and could support a large staff) that Microsoft started branching out.

Third, when the company started building/buying other product lines, from the day each of those product lines had it's own P&L, they each had their own General Manager as well. A general manager whose job it was to grow that product line and manage that P&L.

In other words, each business had someone (essentially a CEO) who was 100% focused on growing THAT business, without day to day management by Gates.

By the time Gates took over, had one sole focus as well -- Leadership. Setting direction for the company.

So, I would ask you -- did you spend eight years focused on building out a single product line that made you a ton of money? And do each of your businesses have a full time general manager who is 100% focused on growing each business? Is your current role 100% leadership/vision focused and 0% management focused?

If not, Microsoft and Bill Gates probably aren't the best analogies for you. At least not yet.

As for Warren Buffett, same thing. Do you believe he manages the P&L for any of his businesses (including Berkshire)? Do you believe he EVER led more than one of good businesses at any given time?

I doubt it. And he certainly never managed several businesses at once.

Again, each of his businesses has had a CEO from day one, and as far as I know, Buffett has only been CEO of ONE business in the past 50 years.

Again, unless you have a CEO for each of your businesses, Buffett is not a good analogy.

In my opinion, until you have someone running each of your businesses, your greatest financial success will come with focus on one business, not multiple businesses.

Just my opinion... I could be wrong.

I have two managers for two businesses. One business is highly automated with software and I only oversee the copywriting agency. I leverage a team, systems, software and goal setting which makes it easy to manage the entire operations. Thanks. I hope you get both sides of the coin of FOCUS! Thanks!

 

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[Think Expand]

I think ultimately it's about creating that big picture road map, sometimes you know what it is and sometimes you don't. Yet being methodical as you build, one item on another, it soon will come together.

All the while hiring the right team to manage. I agree Buffett probably is actively CEO of ONE company per se--- however you know he is influence managing all the others to some degree. He isn't someone to say to a CEO "by all means run how you see fit" hands off. He knows what is going on with all of the company and in fact is advising those CEOs in various ways.

Your point is on the spot. I think that what you're describing is harnessing the shiny object syndrome. To stick to one business idea the entire way through I don't believe is accurate. Simply because all those hugely successful entrepreneurs listed above-- they mastered systems. Once you get your business systems in place, you can move on to the next and the next. Part of becoming a business owner is learning what you're good at and what you suck at. I personally have found that I'm freaking awesome starting and blazing the trail. I F*cking suck at day to day maintaining. There for hiring/automatizing with a system is the better bet in order keep it all flowing. Giving me the opportunity to create more.

I think it is possible to create many many businesses I believe through systems is what makes it possible.

That's the paradox in having focus: to think big while at the same time keeping an eye on the details. Thanks.

 

[SarahO]

If you’re not talking numbers or specific actions....then you’re just talking

Yep, I've learned that it's very difficult to accomplish things without setting actual goals!

 

[Think Expand]

Yep, I've learned that it's very difficult to accomplish things without setting actual goals!

I agree. Goals help to focus, and focus helps to accomplish things.

 

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