The $7 Million 7 Years Wealth System

@ Josh – Thanks for sharing; your ideal life seems simple … but expensive!

Is it just to have the TIME that gives you the “infinite freedom to do, go wherever and whenever [you] choose to”? This would simply require some reasonable replacement of your living expenses PLUS, say, $50k a year extra in travel expenses …

… OR, do you also want to have the HUGE amount of money that also gives you the “infinite freedom to HAVE whatever [you] choose to”? This requires at least $350k to $500k a year … a whole different ballgame!

There’s a big financial difference b/w the two and, believe me, life will be a lot simpler if you find a way to MINIMIZE your future financial requirements and MAXIMIZE the time that you allow yourself to get there!

It’s Occam’s Razor (“All other things being equal, the simplest solution is the best”): to select a realistic target without compromising your Life’s Purpose … but, it’s a harsh reality that smaller mountains with flatter slopes are simply easier to climb!

Once you are clear on where you NEED to head, can you also come up with some sort of A. thru’ F. “Lee’s List” [ http://7m7y.com/2008/09/20/lees-life-purpose/ ]?

@ Josh – Do you have an actual rear deck speech written? I think this would be helpful to you, as well as answering a few specific questions in your post as to what you DON’T want in your life and then specifics to what you DO want in your life. All this will lead you to being able to write a clearly defined purpose statement for yourself. Good luck and keep thinking!

Josh – I hear what you’re saying and I understand it. But I’m listening with my “heart”. The “Life Purpose” thing requires that we articulate to others something that “they” can hear with their “head”.

It’s difficult, no it’s very difficult.

I think I’ll coin a phrase…

“Dreams Don’t Always Fit On Paper”

I’m not a good one to comment on this but if I may be so bold, maybe the way to put it all together is to “think with your heart but use our head”.

@ Lee – As I mentioned on your blog; I don’t think that anybody’s Life Purpose need mean anything EXCEPT to that person. Mine sounds pretty ‘pithy’; it is important to me nonetheless (e.g. it drove me from $30k in debt to $7 million in the bank in 7 years) …

… but, no reason why we in the 7m7y Community can’t question (not challenge) how that might translate into money AND encourage the person to set financial goals JUST SUFFICIENT to help them ‘grease’ their Life Purpose’s wheels.

It’s defining ‘just sufficient’ that will be the critical next step for all of you – all this work on Your Life’s Purpose (at least as far as this blog goes) has merely been to get you mentally ready to make this first critical FINANCIAL assessment.

@AJC – I absolutely have figured the “anything I want” into my final number. Owning a fine Italian Sports car is absolutely something I want to do.

A large amount of my final number compensates for inflation. Since I will be retiring at 31, that leaves me with > 70 years of living. That’s a lot of inflation.

Also what do you mean A thru F list?

@Scott – the underlining concept of my Life’s Purpose is to actually remain without those specifics for now, allowing me to be adaptable and endowed with the freedom I’m searching for. Although I do know for certain a Lamborghini Murcielago is in my future.

Also my Rear Deck Speech is telling my grandchildren why my life was so wonderful. In the post, I’m telling them it was wonderful because I was able to live it in a way that was fulfilling. I guess now I’m thinking I should probably add that it’s important to not only be fulfilling but also morally and spiritually correct (to my values of course since these are my grandchildren).

@Lee – Thanks for the encouragement and advice. Your definitely right, this is difficult.

@AJC – nevermind on the A thru F question, just went over to Lee’s page and saw the latest comments.

@ Josh – Great! Because, you need to keep in touch with the other posts and comments (the nature of this blog is fluid, not static – just click under each person’s photo to keep up to date) ….

Feel free to create your own, putting on it whatever you want … but, remember that it’s the NEEDS that will drive you not the WANTS – it’ up to you to decide which is which. We’ll use this list to rework your Number, so don’t worry about that for now.

When you retire at 31, does that mean you would be done working on solutions to world problems… or that’s when you would BEGIN doing that and stop doing whatever it is you’re doing to earn money now?

@ Debbie – I honestly hope to stop what I’m doing sooner then 31, living off income from businesses. By 31, I would like the businesses to be worth enough to allow me to cash out and retire. That is when I can go work on whatever is interesting me.

@ Josh – I gave up on working on my “first million by 30” (too hard) … jumped straight to working on my “second million” instead 😛

Actually, I would have liked to make 1m31y, but settled for 7+m45y instead … no reason why you should settle for less, tho’! GL

[…] priorities somewhat? Decrease his compound growth rate as much as we can whilst staying true to his Life’s Purpose; improve his business model a little; and, decrease the risks on investments a touch, to still get […]