|01-22-2009, 08:25 PM||#1 (permalink)|
Join Date: Nov 2006
A meditation on money goals...
Warning: Navel-gazing rant ahead. Feel free to ignore or laugh if applicable.
"What would I do to make my first million USD (in today's real terms)?"
It's something I've thought about, and it left me wondering a lot. If anything, it's been more confusing than anything because I can't seem to identify high-probability paths to anything.
On one hand, the question would seem easier to solve now than it would have been in previous eras given the many new kinds of ways to ascend to wealth that there are now than there were in the past.
Internet millionaires, real estate speculators, stock wizards, and so on all have found their paths to that particular goal and beyond. Of course, many others have taken those paths and failed, so I know that those paths aren't necessarily special. I wonder, though, even if one picks one such path, how does one gain the vision to know which methods are very high-percentage? If I were to ask myself what I would do (until recently, I worked in software) that would have a high probability to make 1 (or n) million dollars in m years' time, I'd be pretty clueless on what would genuinely set me on a path that would make such success highly likely.
For those who are on the way to this sort of goal; how did you gain the vision necessary to know what would be effective in making that sort of money in real terms? (For a counterexample, I've saved money over time and invested some of it in various things such as mutual funds, but that's something I've done more out of default rather than out of being reasonably convinced that taking that specific action has a high probability of making me achieve a specific money goal. For another counterexample, some people try to monetize hobbies of theirs, but do not necessarily have clearly defined plans on just how and why what steps involved within it will make them any specific amount of money.)
Last edited by TheIronStar; 01-22-2009 at 08:39 PM.
|01-25-2009, 11:20 PM||#2 (permalink)|
Join Date: Jan 2009
Location: Go Cali and Vegas too!!
Sorry if my thoughts don't address your comments in order but..
First I truly believe that what we can achieve is only limited by our minds. Making a million shouldn't be a "hard" thing to do in your mind it should just be a goal that you are looking to accomplish. Please don't misunderstand I know there is a lot to it but you need to believe that you can achieve it. A million dollars is definitely possible to attain and many people have done it. There are many billionaires out there and thats 1,000 X 1,000,000!!! So why can't you pick up a measly million? Set your frame of mind that $1 mil is something you will achieve and determine on how will get there.
That said you can't just envision a $1 mil and have it show up under your pillow so you must determine how you are going to get it! In most cases being an employee is not going to render the results you are looking for so put together some thoughts. Do you want a business or do you just want to be self-employed? Since your in the software industry I am going to assume you are good with computers and the internet so consider starting an internet business. Well what can you offer? Would you rather develop small software programs and sell downloads to them online? Or would you like to teach others how to program? What do you enjoy most? Maybe you don't even want to continue programming and you could want to do something else. Do what you love because not only will it be easy to put in the effort and time but you will actually be happy to get up in the morning instead of dreading Mondays. Put together some realistic smaller goals that will help you get to your ultimate goal of $1 mil and determine how long will it take you to make $1 mil. Is this a 10 year goal or a 5 year plan? Saying, "I want to make a million dollars in my life" does not actually create the goal its just something you think would be nice. So figure out what you want to do. It doesn't have to be one particular thing either. Lets say you sell software online and you get a small loan or if you have some money saved you invest in marketing your website. Your website starts making money and you get people to pay for ads on your site, licenses to your software, you offer upgrades, etc etc. So generate some cash and from their you can decide how you could grow the business with that money or would you like to buy a cheap peace of rental property? Although the credit market and real estate market are going through so horrible times this is a buying opportunity for your long term goal. The people with money right now are getting investments on sale. Maybe real estate is not your thing and you would rather invest elsewhere. I can say mutual funds, CD's, and other conservative investments are going to make you a million you have to be will to take risks.
So basically decide what you like to do that could make you money. Come up with some ideas on how you could grow it if you had an investment and so on. Ask all the questions and of course plans change and new developments happen but expect it.
The next more important step that sooooo many don't seem to do it ACT!!!! I have heard sooooo many ideas how people could do this and that and make X amount of money etc etc but talking about it doesn't get you anywhere!! Take action.. simple.
"The people that fail are those who never try."
I have that quote on my wall and maybe you should to. Nothing will change and your million wont come if you don't take action. How hard is it to have a site built and put some little programs on there? I have written programs myself and I know they don't take 15 mins but come up with some simple software ideas and build little ones and sell the licenses for them for $XX each.. whatever you think they are worth and start a small marketing plan. Sell on ebay, craigslist, yahoo, adwords, etc. If you need assistance on getting a site built and/or marketing done for your site feel free to let me know.
I hope this information at least helps. Start reading about creating a business that you may be interested in and learn as much as you can. It takes work and time to make a million dollars so make sure your doing something you love or else work will feel like work instead of something more enjoyable.
Good luck and NEVER let anyone deter you from your goals.
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