Comments on: Driving Into Wealth http://7m7y.com/2009/02/05/driving-into-wealth/ Learn how to make $7 million in 7 years ... a NEW guided learning experience. Join now! Tue, 01 May 2012 03:11:25 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Car or curse? 7 case studies … « How to Make 7 Million in 7 Years™ http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1349 Car or curse? 7 case studies … « How to Make 7 Million in 7 Years™ Tue, 24 Feb 2009 09:00:48 +0000 http://7m7y.com/?p=1400#comment-1349 [...] Scott - like so many of the 7MITs featured here - loves his BMW’s … in fact, even AJC happens to have one, at the moment! The best thing, for Scott, is that his employer provided his current BMW for ‘free’ … but, is there really such a thing as a ‘free lunch’? We explore that very issue … [...] [...] Scott – like so many of the 7MITs featured here – loves his BMW’s … in fact, even AJC happens to have one, at the moment! The best thing, for Scott, is that his employer provided his current BMW for ‘free’ … but, is there really such a thing as a ‘free lunch’? We explore that very issue … [...]

]]> By: Adrian http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1348 Adrian Mon, 09 Feb 2009 06:27:09 +0000 http://7m7y.com/?p=1400#comment-1348 @ Mark - And, where does the company get the budget for your 'free lunch'? Either from the HR budget (i.e. your salary!) or they have to cut somewhere else (do you see any executive bonuses being cut?) @ Mark – And, where does the company get the budget for your ‘free lunch’? Either from the HR budget (i.e. your salary!) or they have to cut somewhere else (do you see any executive bonuses being cut?)

]]> By: Mark http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1347 Mark Mon, 09 Feb 2009 03:15:47 +0000 http://7m7y.com/?p=1400#comment-1347 @Adrian - What if the free lunch is company paid? Can't say no to that, right? We can also score some political points in the process. @Adrian – What if the free lunch is company paid? Can’t say no to that, right? We can also score some political points in the process.

]]> By: Adrian http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1346 Adrian Fri, 06 Feb 2009 22:55:03 +0000 http://7m7y.com/?p=1400#comment-1346 @ Scott - so I'll amend my advice: if your boss offers you a free lunch, instead of asking for the cash equivalent ask for half his business now and the other half later ;) For the REST of you: if your boss offers you a free lunch, considering asking for (then investing) the cash equivalent! @ Scott – so I’ll amend my advice: if your boss offers you a free lunch, instead of asking for the cash equivalent ask for half his business now and the other half later ;)

For the REST of you: if your boss offers you a free lunch, considering asking for (then investing) the cash equivalent!

]]> By: Scott http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1345 Scott Fri, 06 Feb 2009 14:36:12 +0000 http://7m7y.com/?p=1400#comment-1345 @ Adrian - Not not worry, I had this deal figured out the day I drove the car off the parking lot. For me to just receive 'bonus money' instead of the car wasn't an option at the time. It was the car or nothing(kind of a 'hold the cheese in front of the associate dr.'s face approach to keep him spinnning in the wheel, spinning off money') if you catch my drift. My solution? I simply asked myself the question that most wealthy minded people ask, which is: How can I have both? In other words, how can I get the free car AND increase my income AND eventually take full ownership of the practice so that I gain it as an asset as well as more than double my income? A little time later through a little pressure, I signed a deal that gave me 50% share and ownership of the practice, an immediate increase in personal income(due to now controlling 50% of the company) and the remaining 50% shares will be handed over to me in 35 months as no cost. If figured this was a great balanced business relationship between me and my previous 'employer' now colleague/business partner. I gave him hard work, faithfull service for several years while he helped me get off the ground and going in a great practice situation and a great salary, and he eventually turns the practice over to me 100%. Turning into a great business relationship and a growing friendship between him and myself and a win-win for both. But I don't plan to be there in 35 months when that hand over takes place anyway, except for being on the receiving end of the remaining 50% shares. That practice will be run by my own associate doctor while I've opened up practice #2, (or maybe #3??) to add to my own 'mini corporation';) @ Adrian – Not not worry, I had this deal figured out the day I drove the car off the parking lot. For me to just receive ‘bonus money’ instead of the car wasn’t an option at the time. It was the car or nothing(kind of a ‘hold the cheese in front of the associate dr.’s face approach to keep him spinnning in the wheel, spinning off money’) if you catch my drift.

My solution? I simply asked myself the question that most wealthy minded people ask, which is: How can I have both? In other words, how can I get the free car AND increase my income AND eventually take full ownership of the practice so that I gain it as an asset as well as more than double my income?

A little time later through a little pressure, I signed a deal that gave me 50% share and ownership of the practice, an immediate increase in personal income(due to now controlling 50% of the company) and the remaining 50% shares will be handed over to me in 35 months as no cost. If figured this was a great balanced business relationship between me and my previous ‘employer’ now colleague/business partner. I gave him hard work, faithfull service for several years while he helped me get off the ground and going in a great practice situation and a great salary, and he eventually turns the practice over to me 100%. Turning into a great business relationship and a growing friendship between him and myself and a win-win for both.

But I don’t plan to be there in 35 months when that hand over takes place anyway, except for being on the receiving end of the remaining 50% shares. That practice will be run by my own associate doctor while I’ve opened up practice #2, (or maybe #3??) to add to my own ‘mini corporation’;)

]]> By: Adrian http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1344 Adrian Fri, 06 Feb 2009 07:10:05 +0000 http://7m7y.com/?p=1400#comment-1344 @ Scott - "Now, I’m a strong man, but saying no to a “FREE” BMW was not something that I had the strength to say no to!" Of course, you already know that there's no such thing as a free lunch ... or, free BMW ;) So, what's this 'free' vehicle really costing you and what should you do if next presented with this situation? Always start by calculating three scenarios: a. What is the 'free' deal worth to you in after tax $$$? b. What is the 'free' deal costing your boss in after tax $$$ c. What fits within your Number/Date plan better: taking a. or simply asking your boss to pay you b. and investing? The answer is variable, it's the process that's important ... by always putting such deals into real dollar terms, we can evaluate them for what they are ... ... an expensive lunch in the office cafeteria, subsidized by your hard work :) @ Scott – “Now, I’m a strong man, but saying no to a “FREE” BMW was not something that I had the strength to say no to!”

Of course, you already know that there’s no such thing as a free lunch … or, free BMW ;)

So, what’s this ‘free’ vehicle really costing you and what should you do if next presented with this situation?

Always start by calculating three scenarios:

a. What is the ‘free’ deal worth to you in after tax $$$?

b. What is the ‘free’ deal costing your boss in after tax $$$

c. What fits within your Number/Date plan better: taking a. or simply asking your boss to pay you b. and investing?

The answer is variable, it’s the process that’s important … by always putting such deals into real dollar terms, we can evaluate them for what they are …

… an expensive lunch in the office cafeteria, subsidized by your hard work :)

]]> By: Scott http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1343 Scott Thu, 05 Feb 2009 20:50:12 +0000 http://7m7y.com/?p=1400#comment-1343 @ Diane - LoL, I was referring to the fact that a used Porsche Turbo would be a 'dream car' that I will be purchasing with cash after I reach my number by my date. For now, I only have the 2 vehicles mentioned in my post. I was only illustrating that I'll be using the same "buy used, pay cash, have no payment" principles even after being wealthy. @ Josh - Yeah, we've already looked at some E46's including the 330's. That is one we've narrowed our decision down pretty sharply on, however, I am a huge fan of the 5 and 7 series ;) @ Diane – LoL, I was referring to the fact that a used Porsche Turbo would be a ‘dream car’ that I will be purchasing with cash after I reach my number by my date. For now, I only have the 2 vehicles mentioned in my post. I was only illustrating that I’ll be using the same “buy used, pay cash, have no payment” principles even after being wealthy.

@ Josh – Yeah, we’ve already looked at some E46′s including the 330′s. That is one we’ve narrowed our decision down pretty sharply on, however, I am a huge fan of the 5 and 7 series ;)

]]> By: Josh http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1342 Josh Thu, 05 Feb 2009 18:06:55 +0000 http://7m7y.com/?p=1400#comment-1342 great deal on the 3 series Scott, can't beat that. definitly look into a used e46 for your next Bimmer. I owned a 2002 330xi through my last few years of college and really enjoyed it. Or maybe your into the 7 series like the one from "Tomorrow Never Dies" I always liked that one, and they drive beautifully. Although I'm partial to the straight six engine myself. great deal on the 3 series Scott, can’t beat that. definitly look into a used e46 for your next Bimmer. I owned a 2002 330xi through my last few years of college and really enjoyed it. Or maybe your into the 7 series like the one from “Tomorrow Never Dies” I always liked that one, and they drive beautifully. Although I’m partial to the straight six engine myself.

]]> By: Diane http://7m7y.com/2009/02/05/driving-into-wealth/comment-page-1/#comment-1341 Diane Thu, 05 Feb 2009 18:05:20 +0000 http://7m7y.com/?p=1400#comment-1341 You trying to get rid of the Porsche, Scott? You trying to get rid of the Porsche, Scott?

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