The $7 Million 7 Years Wealth System » 201 http://7m7y.com Learn how to make $7 million in 7 years ... a NEW guided learning experience. Join now! Mon, 06 Sep 2010 11:41:19 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 http://7m7y.com http://7m7y.com/wp-content/uploads/2009/06/favicon.ico The $7 Million 7 Years Wealth System The Game Plan http://7m7y.com/2009/01/14/the-game-plan/ http://7m7y.com/2009/01/14/the-game-plan/#comments Wed, 14 Jan 2009 07:50:23 +0000 Josh http://7m7y.com/?p=1235

The Game Plan

Sounds like Josh’s future is pretty much set: stocks, stocks, and more stocks … I see the next generation of hedge fund managers right here. Just to fill you in on the profit potential, a friend ‘in the business’ recently related the story of his self-made hedge-fund-manager friend who told his 8 y.o. daughter (who had to travel alone for the first time) ”you will be traveling on a plane that has strangers on it” … she had only ever traveled by private plane before!

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This is ridiculous

In order to achieve My Number, I must realize high percentage gains to my net worth, approximately 170%, and according to Michael Masterson’s Seven Years To Seven Figures, the only way to get to 50+% (that’s a really big plus sign), is by starting my own successful business.

I started an e-commerce business in late 2007, got it off the ground in 08, and am looking forward to profits in 09, but this is not the business I believe will launch my net worth to substantial levels.  The business responsible for that is buying other business’ when they are cheap and selling them when they’re over valued, this is also called stock investing, and is made possible by centralized market locations where people from all over the world gather to participate, most of them virtually through the Internet, like me. 

I believe earning an MBA from a prestigious college will better qualify me to take a position in the financial sector, but this is not imperative. You could be a grade-school drop out and get hired by a firm or start your own and actually attract investor’s if you can show and prove consistent profitable trades. This is what I’m focusing on, as well as studying to sit for the GMAT (Graduate Management Admission Test), this is what I like to call “covering all the bases”.  Of what I’ve read thus far, a year’s worth of trading is usually sufficient to prove you can be an asset, I work on this everyday in some form.

After completing the exercise Adrian wrote about recently, I ended up with basically what I’m doing now, minus the e-commerce business. It’s amazing how I have a lot more fun researching biotech stocks and trading than learning marketing techniques and editing HTML code.  In that light, it also comes to no surprise which one is currently profitable and which is not.

]]> http://7m7y.com/2009/01/14/the-game-plan/feed/ 0 You are here http://7m7y.com/2008/12/04/you-are-here/ http://7m7y.com/2008/12/04/you-are-here/#comments Thu, 04 Dec 2008 08:00:12 +0000 Ryan http://7m7y.wordpress.com/?p=1028

You are here

Photo credit: mapomatic.net

You are here

Ryan has (pleasantly) surprised me by charging out of the gate on this one. It’s clear from this post – and, “Ryan’s List” – that he is a logical thinker … and, it seems that he may be a bit ‘lateral’ as well … certainly in defining a small business as “passive” ; but, Ryan seems to know what he’s doing … ____________________________________

We’ve been talking a lot about navigation, and it brings up the point (the one that I think Adrian is trying to make with this task) that directions don’t help you much if you don’t know where you are!

So, for a full disclosure of where I am, look here. As you can see, I have no car payments, no credit card payments, and no student loans. Basically my expenses are:

Personal Expense (groceries, gas, etc.) $1,100.00
Business Expense (lease, gas, products, etc.) $2,163.00
Mortgage $3,501.00
Utilities $222.00
Entertainment $237.95
Life Insurance $38.50
Auto Insurance $207.75
Charity $250.00

Total Expenses $7719.70

So, if there is anything that stands out it would be my $3500 mortgage. It is not really something I am likely to do anything about though as it is pretty much a median price home in CA, and we are really happy with the location (kid friendly neighborhood, good schools, friends close by, etc). Not that it would make sense right now anyway as we are upside down on the mortgage. (bought for $685,000 two years ago and paid down $20,000, current value is about $650,000). I feel as though my other expenses are pretty low and while I’m sure I could get ultra frugal and cut them a little, I don’t think it would make a big difference.

Now let’s look at income, which is approximately (I’m on commissions) $17,000 gross monthly. Leaving me about $7000 to invest each month. Which I was investing in my 401K (which just lost 40%!) , paying down my mortgage (which is now payed down to the point that 20% of my net worth is invested in it), DRIP funds, individual stocks, and a savings account for an emergency fund.

I will now be seeking investments which will yield passive income while I try to develop some IP (intellectual property) for my big hit. I am trying to decide between rental properties or purchasing a small business (which I’m leaning towards after reading e-myth mastery, but am concerned about the upfront time commitment for.)

I will also be focused on increasing my income from my current distribution business and not increasing my expenses to go along with it!

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