Comments on: Putting The Plan Together! http://7m7y.com/2009/07/15/putting-the-plan-together/ Learn how to make $7 million in 7 years ... a NEW guided learning experience. Join now! Thu, 04 Aug 2011 07:45:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Scott http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1950 Scott Fri, 17 Jul 2009 16:19:43 +0000 http://7m7y.com/?p=2142#comment-1950 @ Adrian - That's got to be good advice, coming from the man. ;) @ Josh - Thanks for the link, I'll read it for sure! @ Adrian – That’s got to be good advice, coming from the man. ;)

@ Josh – Thanks for the link, I’ll read it for sure!

]]> By: Josh http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1949 Josh Fri, 17 Jul 2009 15:48:52 +0000 http://7m7y.com/?p=2142#comment-1949 Scott, I recently read the first story from a new site called http://fearlessstories.com/ It's a site started by one of Seth Godin's new MBA graduates, anyway it's a great story and advice from this world renown photography. His main point was to enjoy the moment your in right now to the fullest extent. I got a lot out of it, I'll try to forward it to you Scott, I recently read the first story from a new site called http://fearlessstories.com/ It’s a site started by one of Seth Godin’s new MBA graduates, anyway it’s a great story and advice from this world renown photography. His main point was to enjoy the moment your in right now to the fullest extent. I got a lot out of it, I’ll try to forward it to you

]]> By: Adrian http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1948 Adrian Fri, 17 Jul 2009 12:37:33 +0000 http://7m7y.com/?p=2142#comment-1948 Just saw this Quote of the Day on Investopedia, Scott, and immediately thought of your latest comment: "You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing." - Warren Buffett Just saw this Quote of the Day on Investopedia, Scott, and immediately thought of your latest comment:

“You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.”
- Warren Buffett

]]> By: Scott http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1947 Scott Fri, 17 Jul 2009 10:55:54 +0000 http://7m7y.com/?p=2142#comment-1947 That's awesome Adrian, i've been sitting here putting my plan in the order that I feel that I need take action and came up with pretty much the same steps in the same order that you did. It's only matter of time! Now I have nothing to do, but display patience....*sigh* That’s awesome Adrian, i’ve been sitting here putting my plan in the order that I feel that I need take action and came up with pretty much the same steps in the same order that you did.

It’s only matter of time! Now I have nothing to do, but display patience….*sigh*

]]> By: Adrian http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1946 Adrian Fri, 17 Jul 2009 03:40:33 +0000 http://7m7y.com/?p=2142#comment-1946 As I mentioned on my blog, Scott, I think that you and I were both surprised how 2 (and, possibly even just one) clinic could do the job; maybe you had a better view of this, but it seems counter intuitive. But, as you suggest in your post, this is largely due to the time it takes to get momentum up in a new clinic, not to mention paying off the debt that you will be accumulating ... ... but, if you didn't have a Date in mind, you would most likely be going all-out to open as many clinics as possible: rich but burnt out in 15 or 20 years (the only reason that you would otherwise stop). Whenever you get tempted to 'chase the dollars', sit back; rethink your Life's Purpose and bookmark these posts and see how you are avoiding the rat race of being either overly fearful or too greedy. Well done! Now, since this isn't a motivational blog, but a practical 'experiment' in getting rich(er) quick(er), here's my suggestions: 1. Open your clinics and use the time that you have available to train the additional staff that you will need to move to the second clinic ... if necessary, pay them off the books so it doesn't impact your partner (not sure that you would want to share your plans with him ... it can only make him think twice about your current arrangement). 2. Speaking of which, this is a great time to re-check with an attorney that your exit contract with him is 'rock solid' or you will need to go to Plan B: buy him out early. And, of course, pepper your conversations with him along the lines of "I'll miss you when you're gone in X months, Buddy, but I'm sure we'll still catch up for drinks" ;) 3. Your investing plan should be in this order: (a) your current clinic => (b) your new clinic => (c) the real-estate that sits under each clinic => (d) other real-estate investments (I agree with Josh: nothing wrong with going residential RE here, as long as it's cashflow positive and you have great property managers ... you don't need the hassles! It can also spread your risks of vacancies if you have, say, a number of apartments or a multi-tenancy or three) => (e) buy/hold stocks with what you have left over (in the medical/pharma industries, of course). If this 'plan' doesn't get you to your Number (don't forget you will probably keep everything else after you sell (a) and (b)) and deliver a 12%+ return on your (d) and (e) investments, without breaking a sweat, I'll be a monkey's uncle :) As I mentioned on my blog, Scott, I think that you and I were both surprised how 2 (and, possibly even just one) clinic could do the job; maybe you had a better view of this, but it seems counter intuitive.

But, as you suggest in your post, this is largely due to the time it takes to get momentum up in a new clinic, not to mention paying off the debt that you will be accumulating …

… but, if you didn’t have a Date in mind, you would most likely be going all-out to open as many clinics as possible: rich but burnt out in 15 or 20 years (the only reason that you would otherwise stop).

Whenever you get tempted to ‘chase the dollars’, sit back; rethink your Life’s Purpose and bookmark these posts and see how you are avoiding the rat race of being either overly fearful or too greedy. Well done!

Now, since this isn’t a motivational blog, but a practical ‘experiment’ in getting rich(er) quick(er), here’s my suggestions:

1. Open your clinics and use the time that you have available to train the additional staff that you will need to move to the second clinic … if necessary, pay them off the books so it doesn’t impact your partner (not sure that you would want to share your plans with him … it can only make him think twice about your current arrangement).

2. Speaking of which, this is a great time to re-check with an attorney that your exit contract with him is ‘rock solid’ or you will need to go to Plan B: buy him out early. And, of course, pepper your conversations with him along the lines of “I’ll miss you when you’re gone in X months, Buddy, but I’m sure we’ll still catch up for drinks” ;)

3. Your investing plan should be in this order: (a) your current clinic => (b) your new clinic => (c) the real-estate that sits under each clinic => (d) other real-estate investments (I agree with Josh: nothing wrong with going residential RE here, as long as it’s cashflow positive and you have great property managers … you don’t need the hassles! It can also spread your risks of vacancies if you have, say, a number of apartments or a multi-tenancy or three) => (e) buy/hold stocks with what you have left over (in the medical/pharma industries, of course).

If this ‘plan’ doesn’t get you to your Number (don’t forget you will probably keep everything else after you sell (a) and (b)) and deliver a 12%+ return on your (d) and (e) investments, without breaking a sweat, I’ll be a monkey’s uncle :)

]]> By: Scott http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1945 Scott Thu, 16 Jul 2009 21:40:52 +0000 http://7m7y.com/?p=2142#comment-1945 Thanks Josh, i'll check those stocks out! Thanks Josh, i’ll check those stocks out!

]]> By: Josh http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1944 Josh Thu, 16 Jul 2009 20:43:56 +0000 http://7m7y.com/?p=2142#comment-1944 Scott, nice plan, I was hoping you were going to go this route and not load up on debt. This plan sounds like it has a solid foundation to work on, I like that. If your talking about 20 years down the road, you may be able to obtain 12% with some dividend stocks over a long period of time, if they have the right growth rate, like JNJ, or even check out PEP right now. Their not paying much right now, but with a 10%+ growth rate, things will change in a few years. I would also mix those in with some good REITs that own real property, I personally would prefer residential because it seems less risky to me, I mean people have to have a place to sleep at night, right? congrats though Scott, looks like it will only be a matter of time from here. Scott, nice plan, I was hoping you were going to go this route and not load up on debt. This plan sounds like it has a solid foundation to work on, I like that.
If your talking about 20 years down the road, you may be able to obtain 12% with some dividend stocks over a long period of time, if they have the right growth rate, like JNJ, or even check out PEP right now. Their not paying much right now, but with a 10%+ growth rate, things will change in a few years.
I would also mix those in with some good REITs that own real property, I personally would prefer residential because it seems less risky to me, I mean people have to have a place to sleep at night, right?
congrats though Scott, looks like it will only be a matter of time from here.

]]> By: How much should you have saved by now?- 7million7years http://7m7y.com/2009/07/15/putting-the-plan-together/comment-page-1/#comment-1943 How much should you have saved by now?- 7million7years Thu, 16 Jul 2009 03:18:57 +0000 http://7m7y.com/?p=2142#comment-1943 [...] a tool to use whenever you are presented with two financial alternatives … for example, Scott who is deciding how many clinics to open: 1, 2, or 3+ [Hint: only one of these is the right answer, [...] [...] a tool to use whenever you are presented with two financial alternatives … for example, Scott who is deciding how many clinics to open: 1, 2, or 3+ [Hint: only one of these is the right answer, [...]

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