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Originally Posted by Leonard  1. My own business. As a self-employed, this gives me the advantage of being able to earn more. The sky's the limit. I'm paid according to the time I devote to my business. Afterall, income = the time spent x the value you create.
2. An internet business. The good thing about the internet is the global reach. I have a global audience of almost 900 million. How is it if I just reach 1% of them, and have them buy my product. And even if I do fail, the cost of it is relatively low compared to a brick and mortar business. And since it's an internet business, business is on 24/7.
3. Investments. Stocks and shares, unit trusts, options trading and so forth. |
Sounds like a workable plan. We also are starting a business in January that we plan to build up to a franchise, and sell for $1,000,000 within a couple of years. At this point, I would technically be a millionaire. Even if we don't find a buyer or choose not to sell, I would own a business worth a million, and so would also technically be a millionaire.
2 years to a million is ambitious. Am I almost there? It really depends on how you define "almost there." I haven't technically started the business yet, so in that sense I'm nowhere close. But I've laid a lot of groundwork since I started thinking about being rich 6 years ago:
- I overcame the zero-sum mentality of economics
- I accepted that the best way to become rich is to provide value
- I learned enough about the stock market and financial terminology to become a licensed financial advisor
- I've worked for a small business
- I've helped start a small business
- I've met with and talked to a lot of people who own small businesses
- I've studied to learn what makes businesses successful
- I've studied to learn the differences between a small self-employment business and a large business
- I've learned about C-corps, S-Corps, LLCs, Tax requirements for businesses, and paperwork requirements for businesses
- I've learned how to write a business plan
- I've spend hours refining the best ways to launch this business
So in some sense, I really am "almost" there. The only thing I have left is the busywork to actually get it done.