The $7 Million 7 Years Wealth System

AJC and the 6 MITs?!

………. Snow White and the 6 Dwarfs?!

The 6 Deadly Sins?!

6 Days of the week?!

6MITs ??!!

It was never going to ‘fly’, was it?

After all, this blog IS called 7 Millionaires … In Training! And, look at all the artwork I’d have to change 🙂

So, it should come as no surprise, following Debbie’s seemingly sudden departure to work on our ‘secret’ book project, that there would be another announcement; and, here it is:

Jeff, our favorite naval aviator (that’s him about to tip over the edge in the photo because he was too busy thinking about his first post to remember to turn on his afterburners) has agreed to join our team.

Why Jeff? Well, have you seen anybody contribute to this site – other than our 7MITs themselves – more than Jeff? More importantly, this is the message that I want to send out to everybody and anybody: do the ‘hard yards’ and karma will see good things (eventually) come back to you … and, most of all … never, ever give up!

Welcome aboard, Jeff! Here is his first post …

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Now Launch the Alert-7 Millionaire in Training

The Alert-7 is a watch that Naval Aviators at sea stand when the carrier is in a threat environment that may require her to launch self-defense aircraft at a moment’s notice.  As the aircrew pulling this duty you are in full flight gear strapped into a fighter jet positioned either on or near the catapult.  Electrical power is on the jet to keep the weapons systems, RADAR and navigation equipment warmed up and ready to fly and fight.  The only things not operating are the motors and hydraulics.  As a single seat fighter-attack pilot, your only company is your thoughts of the unknown, a good book and the 18-year-old plane captain (PC) standing next to your steel horse on the flight deck hoping you take his jet flying.

It’s always a tense and exciting moment when the Tactical Action Officer calls for the launch of the Alert-7.

The loudspeakers explode…”Now launch the Alert-7 F-18, initial vector 030!”

All eyes are on your jet.  The race is on. You are expected to be off the flight deck before those seven minutes expire.  Your pride and the honor of your squadron mates are on the line.  You’ll be either a hero or a zero in a few moments.  No pressure.

You give a signal to the PC, flip a switch and breathe life into the two General Electric jet engines.  You initiate the flight control computer checks and the airplane takes over, telling you “Don’t worry boss, I’ll be ready to go, get your head in the game.”

With positive checks of the flight controls complete, two good motors and all systems GO, you signal to pull chocks.  The Taxi Directors quickly direct you onto the catapult, and ready the aircraft for launch.  With the engines at full power, one last check of the flight controls, you offer a smart salute to the Shooter.  A moment later all hell breaks loose.  Your jet is slammed hard and fired like a bullet out of a gun.  Straining against the launch force you can’t breathe, but you hold your head forward keeping it off the head rest, just because it’s one small element you can control during this chaos.

Three seconds later everything is quiet….you’re airborne, free and soaring.  A large smile spreads across your face, you are once again back in control, climbing and free from the boat.

[AJC: Reading the foregoing, pulse quickening prose reminds me of the punchline to an old joke: “Smell it? I’m sitting in it!!”]

The last several days have felt like this rush from zero to flying speed with minimal time for pre-flight preparation as AJC contacted me out of the wild blue yonder offering an opportunity to be launched as the Alert-7MIT.  I spent a great deal of time considering this commitment and what it would require of me.  I also realized that you should never pass up an opportunity for success.

Let’s see, a successful millionaire has just invited me to take part in his mentoring experiment…this one’s a no brainer…I’m in.

While I’m not in a flying job right now, this week has been filled with many of the same emotions of excitement, anticipation, rush, and the feeling of “Please God, don’t let me mess this up” that accompanies an alert launch.  I’m currently in Belgium on business, rapidly gathering my thoughts and my numbers so I can crank out this first post and step into the gap Debbie is leaving behind.

Debbie, I wish you much success and hope I do you proud.

Many of you may recognize me as that guy with the really big head, sunglasses and cheesy mustache who comments way too much.  🙂   I feel a bit behind the power curve and I hope each of you will be patient with me as I play catch up.  I’ve completed many of AJC’s exercises so I think I’ll be in the same piece of sky as the rest of you just not at the same altitude.

Before I summarize my 7MIT data, I’d like to tell you more about who I am.  I grew up in the mid-west (Kansas City to be exact) and graduated with a BS in Aerospace Engineering from the University of Kansas (Rock Chalk Jayhawk, Lee!);  I’m an Officer and Naval Aviator in the US Navy, have done three, six-month deployments and have over 2,000 hours in F-18 Hornet aircraft.  I’ve been married to the love of my life for the last 14 years and have two of the best children on the face of this Earth.

Enough fluff about me.  My 7MIT Data is what most of you are more interested in reviewing.

My life’s purpose stems from the fact that during my military career in the Navy I’ve learned to be a leader and truly love building and leading the teams of sailors and fighter pilots I’ve been honored to work with.

My life’s purpose is to lead and empower others and teach them to do the same.  Or more succinctly, I’m on this Earth to lead people and develop leaders.

My number is $10 Million in 10 Years and I’m calling the date Jan 01, 2019.

Initial calculations yielded a number of $10M and my Lee’s list results in a number that is in the ballpark ($11.4 Million), however, I have a military pension in my future of ~$50K/year adjusted for inflation that is going to help.  I figure that pension is roughly worth $1.0M in assets and what’s another $400K amongst friends.  So I have decided to call it an even $10M.

My current net worth is roughly $383,000 and has taken a pretty big hit since it’s high of $448K earlier this year.  Regardless of the decrease, my required compound growth rate (up 2% now to 38%) is still in between needing to use real estate and stocks or real estate, stocks and a small business to achieve my number.

Keeping the bar high, I’m going to pursue the stocks, real estate, and small business route.

My current financial situation is actually not too bad.  However, I am not satisfied with it (that’s why I’m here), but am proud of the hard work and discipline my wife and I have demonstrated to get where we are today.

My family’s annual income is in the ballpark of $105K and our yearly living expenses are approximately $45K with another $24K going to the mortgage.  The remaining $36K goes to cash savings (money market) and investments throughout the year.   We are currently maxing out two Roth IRAs, significantly contributing to a 401K (that’s not matched) and funding two college education 529 accounts.

For me, MM101 is complete.  I have no debt (aside from my home mortgage), I spend much less than I earn and have my basic savings and investment strategies on autopilot.  I think I’m firmly in MM201 territory.

My MM201 strategies currently surround real estate investment and online money making efforts.

In the short term I plan to buy a new home in Boston (associated with a new job in March) and rent out my current home in Virginia.  I also have several irons in the fire trying to dip my bucket into the river of cash that is flowing freely on the internet.  Through a combination of advertising on my own blog about money management and personal finance, pay per click advertising and affiliate marketing I’m sticking my toes in the water.

My medium term plans entail trying to generate at least $50K of income between real estate and online marketing within the next few years.  That amount in addition to a military pension will put me in a position to leave the service (if I choose to) and live without working so that I can pursue my long term objectives full time.

That should cover most of the basics for now.  I look forward to becoming an integral member of the 7MIT Team and achieving success with each of you.

AJC, consider this post my salute, I’m ready to launch as the Alert-7MIT.

-Jeff

“Please God don’t let me mess this up.”

Jeff: you’re now airborne, free and soaring … thanks for agreeing to join us for this 7 year journey! AJC.

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