The Starting Line

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  • October 4, 2008

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I’m about to find out if you can make money online: click here to read the latest installment in my new online money-making adventure!

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The Starting Line

Josh has had a draft post siting there for a while, waiting for a lull in the ‘organized chaos’ that marks the early stages of this ‘grand experiment’. I took the liberty of joining that with his clear’n’crisp version of ‘Lee’s List’ … I hope Josh doesn’t mind as I am sure that you will all benefit from his insight …

Thought I’d give a brief description of my current situation, just in case I want to look back to this point (the beginning of this seven year journey) in order to see what progress has taken place as well as allowing any readers to have a point of reference.

As of right now I’m holding down my day job which basically acts as seed money to the ideas and plans I go after. Some of those plans include but are not limited to 1. Developing an investment strategy in stocks which have the potential to return high yields with minimal risk.  2. Building a retail internet business which sells professional music equipment. 3. Launching a non-Internet business which is in the early stages of development, just drawing up the business plan (my girlfriend is doing most of the work), market research and piecing together the idea. 4. Last but not least, investing in real estate, an option I have yet to delve into, save reading a few books on the subject. I’m thinking this time next year I’ll have the capital ready.

As for personally, I live at home with my family. This luxury allows me to save a huge portion of my salary and commit that to these projects. I don’t have any children, nor do I plan to in the near future (I’m thinking seven years sounds about right).

I don’t have any doubt or fear that I will achieve the goal I have set out to obtain. I also have no doubt that the time ahead will be extremely difficult, but with the help and encouragement of my 7m7y family, it will only be a matter of time, I’m thinking probably 7 years.

Here is my version of Lee’s List:

A minimum to achieve life’s purpose.

(a) To sustain a comfortable lifestyle -$100K per year

(b) Ability to take 40 local trips per year (continental US) and 10 international -$130K per year

(c) Learning. Mostly music, some science. Since my old man’s a musician, this should be cheap (10K)

(d) Drive a Porsche 911 Turbo ($65K…Used) One Time Expense

$240K per year

$240 X 20 = $4,800,000 (for inflation to be considered I would need > $40,000,000)

I believe I could achieve my life’s purpose with these resources. I am starting to believe that I actually “need” these things, which I understand is critical to achieving this goal.

Once this goal has been reached, the remainder on the $20 million (My Number) I feel will come almost naturally. Although the past few months I’ve begun not to wonder if it will ever happen, just more of a matter of when. Although 7 years is still the target.

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Comment Number:
1
Written by:
AJC
Posted on:
October 4, 2008 at 9:46 am

@ Josh – the Lee’s List stuff in here appears to the in (b) and (c). Basically, (b) means that you will travel virtually ‘full time’ for the rest of your life … when you come to calc. your Number, you will need to think through how you will do this with family (wife + 2/3 kids, perhaps?) assuming that you see the ‘Nucular Family’ [George W Bush non-political pun] in your future?

Also, $130k while a lot, may not be enough for 10 international trips, let alone 40 domestic (travel coach? Accommodation if 3 Star will be 4150 – $300 per NIGHT).

(c) could indeed be cheap!

Thanks for sharing! AJC

Comment Number:
2
Written by:
Josh
Posted on:
October 4, 2008 at 2:19 pm

Thanks for the insight Adrian. Not sure what the family situation will be, this list is just what I’m envisioning right now.
I can’t say that I want to travel constantly, but if that’s whats needed to achieve “solv(ing) real world problems” then that’s what I’m planning for, kind of a worst case scenario.
As for traveling expenses, I’m pretty low maintenance and can pretty much sleep anywhere, so here I come hostel. Maybe Mark can give me some tips.

Comment Number:
3
Written by:
Lee
Posted on:
October 5, 2008 at 3:11 pm

Josh – What was the most difficult part of putting $$value to your list? I’m a bit overwhelmed just trying to think in terms of 6 digits or more:)

Comment Number:
4
Written by:
Josh
Posted on:
October 5, 2008 at 5:20 pm

@Lee – Probably the traveling part, because I never traveled that much, so I just gave my best estimation. As for the other stuff, it was easy because I had priced it before.

Comment Number:
5
Written by:
Diane
Posted on:
October 6, 2008 at 5:22 am

Josh – You’ve got a lot of good things in the works! 🙂 How do you divide your time so you get something accomplished on each of them?

@Lee – I’d suggest two things for helping you calculate the costs. One, thing in terms of what it costs today. If it is on your list and you are able to “go get” it, call and check out the cost. You could ask a travel agent for costs to go/stay overseas. Maybe find out what tours cost, then be conservative, round up, add another 50% (assuming they are at 2/3 of the cost another would incur doing the same things), and another 50% for spending money, so basically double what (s)he says or add 1/2.
For buildings and things that you want. You need to find out the going rate for land if you’re building a retreat in the wilderness (needing land), then I suggest looking at the square footage and costs of any recent school building proposals or anything else publicly-funded and use the cost per sq foot to estimate what your needs will be. I am astounded at how much a basic square structure costs. Pay attention to materials as well. You may be able to ask your local church how much they paid (a new one) for construction, or perhaps someone you know was on the church building committee somewhere. Is anyone in your local church an accountant? They may be able to give you some additional pointers. Good luck!

Comment Number:
6
Written by:
AJC
Posted on:
October 6, 2008 at 6:48 am

@ Diane – Rough costs are all that’s needed, for now … your suggestions are excellent.

Comment Number:
7
Written by:
Josh
Posted on:
October 7, 2008 at 8:59 pm

Hey Diane, I set some priorities and don’t break’um for anybody. That’s all the advice I have.

Comment Number:
8
Written by:
Mark
Posted on:
October 9, 2008 at 7:04 pm

@Josh – Try Contiki vacations until you are 35. They are cheaper and you will be hanging out with fun loving travelers. Luxury is overrated; I’ve traveled first class, business class and stayed in 5 star hotels but usually alone. Talking to fellow first class passengers can be interesting though. Remember that it is the people that makes traveling fun.

Comment Number:
9
Written by:
Josh
Posted on:
October 13, 2008 at 12:34 pm

@ Mark – So true man. Thanks for letting me know about Contiki, I’ll check it out.

Comment Number:
10
Written by:
In Summary… «
Posted on:
October 23, 2008 at 2:05 am

[…] is the first to review his Number … if you will recall, his Lee’s List pretty much encapsulated his Number, as well. However, I’m sure that Josh is glad that he […]