The $7 Million 7 Years Wealth System

I have always had my own business, I could not think about not having one. I don’t know how to work in a corporate environment. Well I don’t have 50k in the bank, so I guess my slope is much steeper. The good thing is that I will be using other peoples money to climb it so it is not as bad as one may think.

I do totally agree that the only way to make this big money is by having a business, a real one, not a job that looks like a business. I also think it should be a real one, not a MLM, the chance of success in a MLM is too low unless you have been doing it for year and know about it.

Good thing to think about, Adrian. I have always considered that I would have to start a business and have been trying to find the one (at least the first one) to start, and really enjoyed some of your posts recently which talked about starting from zero. Like Josh, I will have to be creative in financing. But then, Les Wexner (Victoria’s Secret) was, so I know it can be done. And the internet and its many uses will probably be just the tool to help make a lot of this affordable starting out. Have you heard about these women in India who started their own businesses with less than $20 loans? It’s an incredible story in a book called “Influencer,” by Kerry Patterson. Here’s a link to read more about that, if anyone’s interested: http://www.amazon.com/Influencer-Change-Anything-Kerry-Patterson/dp/007148499X/ref=sr_1_2?ie=UTF8&s=books&qid=1219414553&sr=1-2

I am a little confused. For instance, looking at my growth rate compared to Deanna’s, I would expect mine to be smaller, if we are both starting with the hypothetical $50,000. Our Number is the same, but she hopes to achieve hers one year sooner than I do. To the contrary, her growth rate is 59% while mine is 320%, a substantial difference in the opposite direction. How do we calculate the growth rate?

@ All – aah … apologies, I will update the post with a comment; but, since writing the original post, I decided to do the right thing and start you all off with your current Networth (except, if negative I started you off with $1,000 because my brain couldn’t handle negative starting figures!). To do you own calc’s, try this simple online calculator:

http://www.investopedia.com/calculator/CAGR.aspx

I am completely on board – Like Di said, I have always thought I would run my own business – and I do….but I realize my freelance business is actually a J.O.B. (oops) But I took some big leaps to get that running, and I have no doubts that I have it in me to do that again (and again and again)!

Thanks for the clarification. Looks like I’m about to climb K-2!

@ Deanna – A ‘freelancer’ is somebody who has a J.O.B. with a S.O.B. as a boss 🙂

@ Shannan – You’ll need some ropes and a pick-axe …

HEY!

oh man. I need to update my networth page to reflect the major changes since I posted that. My growth number is going to be closer to Shannan’s I think!

That’s alright. I’ve always wanted to climb a mountain.

Hmm. I guess saying my “date” is 17 years from now is what’s keeping my growth rate lower. I was expecting to see mine closer to Shannan’s.

Woah Adrian, ya got me reaching my 10mil in 8 years instead of my goal of 10 years. That’s ok, I would be much happier getting there 2 years quicker at 41 years old instead of 43 😉 That’s definitely what good coaches are for!

Yesterday I picked up Michael Masterson’s book “Seven Years to Seven Figures”. Thanks for recommending it, some of the things I have heard you “say”, when seen in print sink in better.

@ Deanna – c’mon, who’s going to work you harder? Some corporate ‘shlepper’ with a manager’s ‘uniform’ (sports trousers, open-necked shirt, slip on work shoes), or yourself? Who’s the one ‘making me’ write three blogs; create an e-book; start 2 major internet ventures; during “retirement”? Me, of course!

@ Debbie – Yes; we are learning about the power of the Date … my research (thanks to all of you) is showing me that it is almost more important than the Number.

@ Scott – Typo? I’ll have to go back and check … what does adding 2 years do to the reduction in growth rate?

@ Topekac1 – Thanks for the quick review; do you agree that the first 40+ pages contain the most ‘meat’ and most of the rest is ‘stuffing’?

Brings it down to 151%, still academic if you think about it. Either way it requires a great business idea in addition to passive income streams from multiple practices with the majority of profits being re-investing in high-yield real estate purchases.

@ Scott – we’ll revisit both the numbers and your strategy if you make the Final 7MITs 🙂

Yep. But then again I just scanned everything after page 41.

The growth rate I need to achieve isn’t as bad as I thought it would be. 170% is definitly do-able.
byw, great post Adrian.

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