The $7 Million 7 Years Wealth System

Hey Scott, I understand you want to help others, but how will you decide who to help?

@ Josh – I’m not sure I understand your question exactly Josh. I would be willing to help anyone in any way I could.

As a doctor with 10 years of training and 4 degrees, I not only have a vast amount of knowledge concerning how to help various health conditions, but I also have a master’s degree in exercise physiology and exercise science. So it might be a person with a health challenge that I can help, or maybe an overweight person that is confused by all the false info out there on how to lose weight and I can help them lose weight with the right knowledge, or someone wanting to get into weight training and want to how to achieve their fastest possible results in the minimum amount of time and I can give them the right strategy, or it just may be a young guy in his early 20’s trying to learn the secret to building great wealth and as a multimillionaire, I just may be able to pass on some valuable information or steer him in the right direction early 😉

Remember, there is no higher purpose than service to others.

@ Scott – it seems a lot of ‘helping’ can be done through your daily work; why the need to build “great wealth” as a “multimillionaire”? This is the key question for you – as it is for anybody trying to decide their Number.

I believe that is the part where the freedom comes into play. You see my daily work is not full of ‘helping others’, rather it’s full of insurance paperwork, chasing down insurance claims and other red tape “to get paid” for the work I do. There is only so much you can pay assistants to do, much of it has to be done by yourself in a professional format (in medical jargon) that is acceptable by insurance companies(and lots of it). So about 95% of my efforts go into marketing myself, insurance red tape and ‘hoop jump through’ as well as useless and extremely ridiculous paperwork, while only about 5% of my efforts go into ‘helping people’ (the part I actually love and enjoy about my career). Just ask any doc in ANY field of health care and ask them about it and you’ll get the same answer.

With great wealth, I could give a damn about chasing insurance and dealing with their paperwork and focus more on the care. If I barely break overhead for the month in the office, who gives a damn, I don’t need the money anyway, right?

Would you consider starting a business where having a medical degree would be highly marketable but would not accept insurance (hence cut out the red tape + be able to charge what your really worth) possibly something in sports medicine? Maybe it could be a part time gig in the beginning.

@ Josh – Absolutely, and I’ve already been putting together ideas for a great business plan for it. The trouble is, most people in Kentucky have insurance for the care that I provide and they expect to be able to use it and pay their co-pay and not be a ‘full cash’ patient. If you try to have a cash practice in this state, people go right down the street to the next dr who is more than happy to accept their insurance. I’ve met just about every doc in my field that practices here in Louisville and zero of them run cash practices and the only one’s who tried went out of business in record time.

Now some states have almost no insurance coverage for the work I do, so most practices in those states are all cash and the very successful marketers and business-minded dr’s do very well there because most people expect to pay cash for services, but once again we are still talking about spending most of your energy marketing yourself and what you do to have a busy practice that is really rocking and cashflowing strongly. It seems that in any situation, you’re wearing the business hat more than the labcoat nowadays.

It’s the rat-race that I want to get out of and hence why I want to reach my number ASAP as well as enjoy the ‘lifestyle’ I dream of that this money can provide in addition to providing care and helping others.

Freedom is a really big deal when you stop and think about it isn’t it? For many folks bondage is self imposed. Spending more than they have. Suffering from wrong decisions, wrong actions, wrong words. Hopefully the freedom you will experience will be as a result of doing all the right things.
Scott I deeply appreciate the examples right attitude and right actions you have already done in your life. Keep on keepin on.

@ Lee – You got it Lee, I do believe that bondage is self imposed and I can definitely tell as I’ve gotten further out of debt and began to acquire assets, I begin to feel less and less bondage. But I want it gone as much as possible and think/hope? that achieving my number will eliminate much of the bondage as other very wealthy people have told me how it has done that for them.

Thank you for your kind words of encouragement 🙂

@ Scott – Honestly, I don’t ‘feel’ it, but that doesn’t mean it isn’t there. I’m going to post on this tomorrow … feel free to weigh in (in fact, PLEASE do so … we’re getting close to something important, I feel).

@ Adrian – Yeah I do see your point. I guess in my purpose statement, i’m not really being clear and specific to others about the fact that in addition to the freedom and helping people, I still have a ‘dream’ 250k per year lifestyle that I want very badly, ie; world travel, european cars, fine dining. This is in addition to being free to spend more time with family, and help others. In other words, the same as you did/do, right? You wanted to travel spiritually, physically and mentally. I could play devil’s advocate and state how I know a lot of people that did that as hippies in the 60’s, bumming rides all across the country at least, ‘expanding their minds, ie; traveling mentally, by pharmaceutical means’, while on a constant spiritual quest, and they have done that while being practically peniless. When I was in the army, I also had buddies that never made more than 12k per year that were constantly traveling physically, mentally, spiritually and just about any other way you could imagine, all over the world due to their job, in constant flux. However, neither of the 2 examples above required anything close to multi-millions of dollars.

I guess the point is that anyone could read anyone elses purpose statement and it may not mean very much in $$ sense, but it can mean a lot of $$ to the person whom that purpose statement is attached to…does this make more sense?

All this actually reminds me of a funny line in one of my favorite movies called “Office Space”. It’s the part where the lead actor is talking to his neighbor about “what he would do if he had a million bucks.”

He states that if he had a million bucks, he would do absolutely nothing…basically not have to work, not have to worry about anything, etc..

To which is neighbor replies “Hell, you don’t need a million bucks to do nuthin’ man, just look at my cousin…he’s unemployed and broke and don’t do shxx man..” lol.

LOL – yes that is exactly true, Scott, about the joke. True about many books which say that we find this when we are true to ourselves and let our artsy self come out – very hippyish. But then your statement on “helping others” rather than simply “doing no harm” is along the same lines. Throw in the beauty queens who want to end world hunger and show the world how everyone can live together.

Have you thought about doing an ebook on what you’ve been discussing as things you can do to help others? I think you and I might find ways to collaborate on one related to weight loss – you provide the hard data for the analysts and I provide the emotional side (Dave Ramsey-ish way to lose weight?). Could be an added boon. Unless that violates that rule we signed up for (no business between us, rather than just no business between us and Adrian)?

Good luck in sorting it all out; otherwise all the paths might look the same and you miss the one you want (tho I heard somewhere none of our decisions are unchangeable).

@ Diane – Yeah I think it would be great to produce an ebook about weight loss or anything. We may be able to come up with some great ideas to get the word out to help clear the confusion for people who want better health and in doing so, develop a great money making 201 tool. Great idea!

Hi Scott, the challenge of having insurance paperwork, chasing down insurance claims and other red tape can be viewed as an opportunity. It is a problem that have to be solved for all doctors (and dentists). Let’s brainstorm – do you see yourself filing up the same information over and over again? Can that information be placed in a database and auto-fill the forms just like how browsers are providing? Can we eliminate steps from the process ala Lean Sigma? Are there software or system out there that solved this problem already? Something to think about.

[…] Scott should not at all feel badly in any way when I read his post (and the ensuing comments) and say: Honestly, I don’t ‘feel’ it, but that doesn’t mean it […]

@ Diane – here’s some Dave Ramsey’ish weight loss advice: “don’t eat!” 🙂

Golden Rule # 2 says: “NO money – or ‘in kind exchange’ – will change hands via this site.” so your e-Book is out!

http://7m7y.com/about/

Separate e-Books, maybe?

Not our ebooks – our collaboration is out…:)