[greekgod]

This is interesting and somewhat close to an idea I toyed with writing a post about back in Feb. after the ROK blitz. The idea was around building an RVF economy or mutually beneficial list of skills and professions. Much like how the old money have been doing business with each other forever. Unfortunately, I couldnt flush the idea out all on my own and attention was diverted.

The big issues I foresee with these are trust, aptitude, and commitment level.

You have an idea, now it needs a framework.

How would you propose it works?

[SanMiguel]

(07-21-2016 10:42 PM)Schlep Wrote:  

I have a better idea. Don't work for your money, let your money work for you. Focus your efforts into real estate. Look into apartment units in the center of a smaller city near you. Ones that need a little work. New carpet, paint, minor issues. If your not sure how to do minor repairs just look online. You can learn how to lay carpet just buy watching videos on YouTube.

Purchase one unit. You will not have any problems finding people to rent to. Wait for your money to start coming in then purchase another unit. In the end you will want to have four units. Let your buddy live in one for free and he can be your property manager(he pays his own utilities) Rent the other three out. 2,500$ a month coming in.

Sell everything you have. Pack your bags and live the life you have always dreamed of.

This is what I've been doing over here - it's not exactly get rich quick and does require hard work and research, but I have no problem with that. It is taking longer than I would like but I'm really not that far away from your last sentence (maybe not the exact same plan, but financial freedom). Although, I also know my spending habits too well so won't take the plunge until I'm sure I can fully support the type of lifestyle I want, whilst still having funds left over for savings/further investment.

(07-21-2016 10:44 PM)CrashBangWallop Wrote:  

I could turn any reasonably athletic guy in the UK into one of my franchisees, with minimal, minimal investment into a $6 figure profit business within 12-18 months.

Most low earners are that way for a reason though, sadly.

Is this something you want to put out there publicly with vague details or if not, PM? I'm in the UK, athletic and have a good business mind - I've been quite successful so far and am happy/confident with the path I'm on right now, but naturally am always looking at other options (Although to be completely honest anything that keeps me stuck here in our wonderful British weather for extended periods of time is not that appealing!)

Also I've seen you say your business has got to the point where you only need to put in minimal hours and find yourself bored with not much to do. Have you looked into property over here as something to fill your time/produce more income? I love projects - buying a run down house, fully refurbing it for resale or rental, creating something. Doing the jobs I want to do and getting in trades for the ones I don't.

[DimeBait]

(07-25-2016 02:35 PM)jamaicabound Wrote:  

What this really boils down to is if your meant to make 100k a year you'd be doing it already or your on your way to doing it. If your not making 100k a year without someone else essentially making it happen for you, then you really don't belong making that money.

I know this isn't 100% true but in general it is. One of the owners of the Chicago White Sox, guy by the last name of Walsh. He used to be an insurance salesman. I guess he was probably fairly successful but was by no means rich. He got invited to a country club one weekend. He wound up meeting Jerry Reinsdorf. I guess Jerry and some buddies were like hey why don't you join the club, he said he didn't have money. They offered to loan him or front him I'm not exactly sure the membership. He wound up obviously making some good connections and doing very well for himself.

He now is a partial owner of the Sox, he also owns majority of Elmhurst which is an upscale nice burb still relatively close to the city, etc. Obviously just having the right connection turned him into a very successful person himself.

That said most people who need a leg up, really aren't meant to be there.

I'm a coach/mentor/consultant I guess depending on what term you want to do. I teach people how to make money online through either affiliate marketing, ecommerce, digital content creation, kindle publishing, etc. Most of the people who come to me don't knwo what they want to do, don't have any idea for businesses. They basically want to pay me $200 to turn them into a success. The goal/plan most of the people who message me have is "I want to make 20k a month". They have no business skills, they have no ideas, they have no direction. That is not a goal that is a wish. It really gives me nothing to work with. These are the people who will never be successful. These are grown ass adults who say they need me to help them create an ebay account. If someone is to fucking stupid to signup for eBay I have no time for them. It's not even stupidity, its a total lack of taking any action on their own.

On the flip side I'll occasionally be messaged by a 16 year old kid who's already setup an ebay/Amazon account, has already placed a small order with an importer to check quality, has already taken some steps on their own and are hungup on one specific point or issue or another. It's these guys that I will often work with for free because I think its awesome they are not only thinking about business at a young age but actually taking some action and doing something and not sitting on their ass wanting someone to hold their hand. This is the type of person who will be successful.

Not sure if my rant was off topic. I get that luck or being in the right place at the right time, or having the right connection is the tipping point for some people but in general don't expect to have success just because someone gets you a job because if you didn't belong there in the first place you wont last long.

Essentially waht this post is really about is finding a mentor and you can do that for free. If you want a mentor checkout an organization called score.org. They will pair you up with a CEO who volunteers their time to mentor people.

I published a Kindle eBook and still get a low, but steady stream of royalties. I've been wanting to multiply that by 100 to enjoy some nice recurring FU money. Are you still currently publishing books on your own or just consulting?

[jamaicabound]

(07-26-2016 03:56 PM)DimeBait Wrote:  

(07-25-2016 02:35 PM)jamaicabound Wrote:  

What this really boils down to is if your meant to make 100k a year you'd be doing it already or your on your way to doing it. If your not making 100k a year without someone else essentially making it happen for you, then you really don't belong making that money.

I know this isn't 100% true but in general it is. One of the owners of the Chicago White Sox, guy by the last name of Walsh. He used to be an insurance salesman. I guess he was probably fairly successful but was by no means rich. He got invited to a country club one weekend. He wound up meeting Jerry Reinsdorf. I guess Jerry and some buddies were like hey why don't you join the club, he said he didn't have money. They offered to loan him or front him I'm not exactly sure the membership. He wound up obviously making some good connections and doing very well for himself.

He now is a partial owner of the Sox, he also owns majority of Elmhurst which is an upscale nice burb still relatively close to the city, etc. Obviously just having the right connection turned him into a very successful person himself.

That said most people who need a leg up, really aren't meant to be there.

I'm a coach/mentor/consultant I guess depending on what term you want to do. I teach people how to make money online through either affiliate marketing, ecommerce, digital content creation, kindle publishing, etc. Most of the people who come to me don't knwo what they want to do, don't have any idea for businesses. They basically want to pay me $200 to turn them into a success. The goal/plan most of the people who message me have is "I want to make 20k a month". They have no business skills, they have no ideas, they have no direction. That is not a goal that is a wish. It really gives me nothing to work with. These are the people who will never be successful. These are grown ass adults who say they need me to help them create an ebay account. If someone is to fucking stupid to signup for eBay I have no time for them. It's not even stupidity, its a total lack of taking any action on their own.

On the flip side I'll occasionally be messaged by a 16 year old kid who's already setup an ebay/Amazon account, has already placed a small order with an importer to check quality, has already taken some steps on their own and are hungup on one specific point or issue or another. It's these guys that I will often work with for free because I think its awesome they are not only thinking about business at a young age but actually taking some action and doing something and not sitting on their ass wanting someone to hold their hand. This is the type of person who will be successful.

Not sure if my rant was off topic. I get that luck or being in the right place at the right time, or having the right connection is the tipping point for some people but in general don't expect to have success just because someone gets you a job because if you didn't belong there in the first place you wont last long.

Essentially waht this post is really about is finding a mentor and you can do that for free. If you want a mentor checkout an organization called score.org. They will pair you up with a CEO who volunteers their time to mentor people.

I published a Kindle eBook and still get a low, but steady stream of royalties. I've been wanting to multiply that by 100 to enjoy some nice recurring FU money. Are you still currently publishing books on your own or just consulting?

I still self publish on Amazon KDP. That said I've kind of been getting away from books and doing more digital courses and selling them on Gumroad but I actually have a couple Amazon books in the works at the moment.

If you really want to scale this you need to start outsourcing the writing to guys on upwork or Fiverr or wherever else. Expect to pay say $300 or so for a pretty well written book about 50 pages long. How I've structured this is I'll write like 1000 word summary of the book. I'll then make bullet points for each chapter with a synopsis. Then I pass that along to the writer and let them run with it.

I'd suggest doing self help or instructional type books as they seem to sell well and are also something a ghostwriter can do fairly easily. Also if you read some of the books in that niche or genre on Amazon they are really terrible so the bar is set pretty low.

[innocent21]

So what does the $100k scheme entail?

[Harvey Specter]

(07-25-2016 03:18 PM)jamaicabound Wrote:  

(07-21-2016 10:42 PM)Schlep Wrote:  

I have a better idea. Don't work for your money, let your money work for you. Focus your efforts into real estate. Look into apartment units in the center of a smaller city near you. Ones that need a little work. New carpet, paint, minor issues. If your not sure how to do minor repairs just look online. You can learn how to lay carpet just buy watching videos on YouTube.

Purchase one unit. You will not have any problems finding people to rent to. Wait for your money to start coming in then purchase another unit. In the end you will want to have four units. Let your buddy live in one for free and he can be your property manager(he pays his own utilities) Rent the other three out. 2,500$ a month coming in.

Sell everything you have. Pack your bags and live the life you have always dreamed of.

Hey, great strategy, this is basically what I'm currently trying to do. Here's the issue I run into and let me know what you have to say about this or if there's any way around it. For an investment property every lender I've spoken with wants 25% down as opposed to say even 5% down which you can get on a conventional mortgage with some lenders.

On a say 200k condo 25% down is 50k. That's not a small chunk of change so between buying your first place and second place you need to have 50k, obviously even if your making money off your rental it's probably not enough to make 50k over the course of a year or even two years. Add do that oftentimes a lender won't let you use that rental income as income for approval unless youve had it for two years.

I guess just curious about your time frame between acquiring all these units. Assuming someone doesn't have a ton of cash to throw around I'm thinking like min 2-3 years between properties before you can go on and buy the best one as all these properties are going against your debt to income ration until you can show two years of solid tax returns to get them to be able to use.

Typically, if you buy small apartment building (4 units or less) banks will finance them as a conventional house as long as you live in one of the units. If you do this you won't have to put the 20% down, but your income will have to be enough to cover the mortgage, without factoring in the other rental units. That is how I would start if I was trying to get into it. You live there for a couple years, save some money, then buy another.

[Valentine]

(07-26-2016 12:24 AM)greekgod Wrote:  

This is interesting and somewhat close to an idea I toyed with writing a post about back in Feb. after the ROK blitz. The idea was around building an RVF economy or mutually beneficial list of skills and professions. Much like how the old money have been doing business with each other forever. Unfortunately, I couldnt flush the idea out all on my own and attention was diverted.

The big issues I foresee with these are trust, aptitude, and commitment level.

You have an idea, now it needs a framework.

How would you propose it works?

In our tribe we have a document where we list everyone's skills and knowledge specialities. This way for career, business or personal growth we know exactly who to turn to to get help.

Maybe this could be tested to the private forum also. Limited to business/career perhaps, expanded to other topics if there's demand.