[jamaicabound]

Hey guys, just wanted to touch on something I've just recently finally come to realize. I see a lot of people saying I want to have $100,000 in the bank or I want to make $20,000 a month, things like that.

My dad always told me this was a bad goal to have but never really expounded on why. I've finally hit that goal and figured out why. Because it's never enough. Now don't get me wrong, I realize 100K isn't set for life money but I always viewed it as a goal of some stability and a good fall back.

The reality however is that as soon as you have 100K in the bank your not going to feel good until you have 250K in the bank. Once you have 250k in the bank your going to want 500k and so on and so forth.

Another reason this is a bad goal is 100k or 250k or 500k are really meaningless numbers. What really matters is what you want to do and do you have the money to do it. For some of your guys goals you will need 10 million Dollars, for others of you 10K could make it happen. What we, myself included, really need to do is figure out what we want, and what it will cost to achieve that and then we have a real goal.

A better goal would be to figure out what you want to do with your life, or at least what you want to do next. For example say I want to be a white water rafting guide and leave my day job. That goal doesn't really require 100k or anywhere close to it. Your room and board is typically paid for and though you won't make much from the actual job you can most likely put 100% or close to it away in the bank. If this were your goal maybe having a 10k safety net to live for a while while you try to come back to the real world when your done is a good idea but you don't need 100k.

My point being to figure out what you want or what you want to do, figure out how much money you need to do it and make that your goal. Reason being because ultimately simply having a certain dollar amount means nothing. SOme people can probably live their dream life for much less than 100k or whatever arbitrary amount they have set in their head and other people may need more if their dream is to yaht around the world.

One last thing I also do coaching/consulting on the side for people looking to make a side income. 99% of the people who come to me say I want to make 20k a month or I want to bank 100K. The one common thing with 99% of these people is they have no current business, they don't really have any special skill set, they dont really have a passion or an area they want to get into. They just want 20k a month. Again this is not a goal, its a wish or a dream. This type of goal isn't really measurable aside from either you have the money or you don't. There's no action steps to acquire this money so nothing which can really be measured along the way. There also isn't even really a concrete goal ie how are you going to make this money? ecommerce, consulting, etc.

This is something I just recently experienced. I had these visions when I realized my money goal I would feel safe and secure and fulfilled and honestly now that I'm there 100k I feel 100K really isn't very much money. I want 250k or 500k or even better a million. I also don't really know what I want to do even if I was at my ideal secure money amount. I don't know if I want to move to Mexico and chill on a beach or travel the country or whatever so really any money goal is kinda stupid.

In reality the closest thing I can think of is I'd like to buy a van or RV and just drive around the country for 6 months or a year and though I know that's not really what I want, if that was my goal I probably could have embared on that journey back at 10k.

I just had this kind of epiphany of hitting a goal I've probably had for 10 years and I have no fulfillment from it and it really means nothing to me. I'm now trying to kind of do some self assessment and figure out what I want out of life or at least what I want for right now.

[TheFinalEpic]

I think it's a good thing that you'll always want more. It keeps me hungry and going. After a certain amount, money is really just numbers on a screen and a way to keep score.

That being said, you also must be passionate about what you pursue. I've had a few businesses fall by the wayside simply because I wasn't engaged. Now that I am, I can endure the period of not making money with ease and still enjoy the whole process.

Good points!

[Lagavulin]

Good post OP. I think the perspective you have comes with age and the realisation that hitting this type of goal changes nothing, it's the day to day that matters and the fulfilment you get from your life. I think younger guys in general will have a harder time realising this, sometimes you need to experience before you can comprehend.

[NewDayNewFace]

Obviously it's no good but I rather have 100k in the bank then 0. It shows you have a better then average money management skills. The majority of people I know have a negative net worth. School and car loans kick their ass.

Also OP, how old are you?

[Leonard D Neubache]

Three words

Negative interest rates.

[DVY]

I get what you are saying but I want x dollars month in passive, x dollars a month in side biz and x dollars in my main biz until I can quit.

Managing cash flow and investments is important. $ is important.

But I do agree you need to weigh the trade-offs.

That being said this is a straw-man argument because monetary goals are healthy, because all things being equal you want more than less. Thats just me. Show me somebody who doesn't want to make more $ and I show you a fraud or somebody dying.

[Suits]

Goals are tough in general.

For example, you may believe that your ideal lifestyle involves living with three girlfriends (white, Asian, Latino) on a sailboat. You work hard for five years, earning the financial requirements for such a lifestyle and buy a yacht only to discover that the last thing you want is to live on a 36ft boat with three women.

In fact, you hate sailing.

Too bad you already blew the money on the boat.

[Phoenix]

An arbitrary fixed sum isn't a good goal, but if it's with a purchase in mind it is. E.g. $400K for a specific kind of house, or $50K because that's how much debt you have.

Cash flow per month, however, is perfectly meaningful. I understand exactly what $2K/month or $4K/month or $10K/month means in terms of my lifestyle. That means what you're eating day to day, how big your apartment is, where it's located, how long your holidays are, etc.

I don't really believe in specific target-based goals anymore though. It's too decoupled from action. I use action-based goals.

For instance: I will clock 150hours this month on my projects; I will lift at least 12 times this month; I will approach 30 women this month. All of that you can hold yourself to. You can't really hold yourself to: I will make an extra $1K/month by the end of this year; I will gain 10kg of muscle by EOY; I will bang 4 women this month; respectively. The connection between your actions and your results has too many factors, many of which are outside your control. All you need to know is that you're at your physical limits. Whatever results come from that, come.

[Saweeep]

I don't really see anything wrong with setting monetary goals. Every time I've made a big jump in income it's because I've said to myself "right, I want to earn another £x000 pcm by Whatevermonth".

The key is not to just say it though, you have to figure out what needs to be done to get there and break it down into smaller chunks.

So for me, it might be, I need to open 10 franchises in the next year. So how am i going to do that? and start from there and set the ground work in play.

I don't know any other way to be honest.

[jj90]

Things change. People evolve. At least the ones going somewhere in life.

I had a number in my head back in my capital markets days. If I hit that number I would retire and never work again. Over time I realized that number was irrelevant, it would keep going higher. Even if I won the lottery that very day I would keep doing what I was doing. Money didn't matter over time anymore, it was for the love of the game.

Some people lift to get fit, some lift to train for something specific. Yet others lift because like many things in life, it is about accomplishments and pushing limits.

Over time I've realized I'll be a millionaire anyways, most people will and have changed my perspective and lifestyle. Hell, just own a house for 50 years in most places in the West. But you can never buy time no matter how much money you have.

Once I sat down over coffee with a guy I know who is older than me by 10 years who is well into the 7 figures. I asked him, given the sacrifices that you made, would you give it all up to go back 10 years? He said yes. He then said, it is the day to day that you take to the grave, not your billions.

Those that have it in them will be successful regardless of how the path they take looks. One either has the fire inside, or nothing. That fire can't be taught, you have it or you don't.

#1stworldproblems #feelingphilosophical #dontmisstheforestforthetree
#gainzarelifebrah

[DrugAdvisor]

The cash in bank provides nothing more than a sense of security and chances to take on new opportunities.

Cash flow however, are much more meaningful. When your cash flow is solid, you will have ample time to sit on your arse and wonder what's next.

I've recently hit this goal and beyond too. Then I realized I had too much wasted opportunity letting my cash sit in fixed deposits.

[Chauncey]

(07-25-2016 07:30 PM)Suits Wrote:  

Goals are tough in general.

For example, you may believe that your ideal lifestyle involves living with three girlfriends (white, Asian, Latino) on a sailboat. You work hard for five years, earning the financial requirements for such a lifestyle and buy a yacht only to discover that the last thing you want is to live on a 36ft boat with three women.

In fact, you hate sailing.

Too bad you already blew the money on the boat.

Your NTP account was locked several months ago. This is the Suits account.

[Travesty]

If you just hit $10k/month in passive income this thread wouldn't exist.

[DrugAdvisor]

Nailed it right here.

That will be my next target!!!

[Suits]

(07-26-2016 01:27 AM)Chauncey Wrote:  

(07-25-2016 07:30 PM)Suits Wrote:  

Goals are tough in general.

For example, you may believe that your ideal lifestyle involves living with three girlfriends (white, Asian, Latino) on a sailboat. You work hard for five years, earning the financial requirements for such a lifestyle and buy a yacht only to discover that the last thing you want is to live on a 36ft boat with three women.

In fact, you hate sailing.

Too bad you already blew the money on the boat.

Your NTP account was locked several months ago. This is the Suits account.

Did I ever tell you about the time that I had sex with over a dozen women in the space of 24 hours while maintaining 0.02% bodyfat?

[Rawmeo]

The amount of cash that you own is meaningless - your post is totally true. Do not fix a goal of how much money you want to have, because you will keep pursuing higher and higher goals. However I think that "financial independance" is a reasonable goal, regardless of how much money you need to achieve that. At least, that was a major milestone for me. Once you got that, you have plenty more time to focus on building side businesses and enjoying life.

[iknowexactly]

Interesting quote related to this from Bob Dylan, who owns a peninsula in Malibu and has 8 or 9 figures in wealth. Something like

"Money, what's it mean? A man gets up in the morning and does what he wants to do all day."

If you can do what you want to do all day, you have enough money. It might be buying out Yahoo, it might mean playing your guitar and cooking dinner with your wife.

[iknowexactly]

(07-26-2016 03:59 AM)Rawmeo Wrote:  

The amount of cash that you own is meaningless - your post is totally true. Do not fix a goal of how much money you want to have, because you will keep pursuing higher and higher goals. However I think that "financial independance" is a reasonable goal,

What makes things complex is "financial independence" depends on what you want to be doing all day.

I guess it becomes foggy for those who actually like how they earn money.

If you're a blues singer living in your car but are happy with the $200 a week you make, you can't live without making that $200 a week, so you're technically not financially independent but you don't care.

If you stop playing the blues to make more money as a , IDK, financial advisor you're arguably worse off althjough you can tell yourself you're "moving towards financial independence"

[BelyyTigr]

Work goals are ok. But I think you need a passion in what you do, a pride, and an overall balance.
And people shouldn't forget life goals as well as career ones. We don't work for money. Money should work for us.

[chakalaka]

Would never make a goal having money in a bank. Rarely keep more than 30k. As soon as it enters the account it vanishes into reproductive/speculative investments. Mainly real estate and some stocks. Even though now only real estate.

The goal is to have a passive income flow. Money which will come regardless of what you do. This gives you freedom to say no.

FUCK YOU MONEY:

https://www.youtube.com/watch?v=xdfeXqHFmPI

Here´s a more realistic version:

https://www.youtube.com/watch?v=eikbQPldhPY

Don´t agree with not buying a house. Buying a house is one of the best investments one can do.


Money gives you freedom. People who say it doesn´t either don´t have it or were born with it.

Specially passive income. Even the dude playing blues needs 200$.

Life is like a video game. There´s always another level. Don´t get stuck in the same level. Playing the same boss over and over again. Perfect your skills.

I don´t want to have 100k in the bank. Having 100k of monthly passive income. Now were talking. Ask your father if wanting to have 100k monthly passive income in rents/dividends or bonds is a bad goal.

Personally I also have some long term goals. Give away scholarships and create a 24h open library.

Don´t neglect your health. Neither time or health can be bought.

[chakalaka]

(07-26-2016 01:29 PM)chakalaka Wrote:  

Would never make a goal having money in a bank. Rarely keep more than 30k. As soon as it enters the account it vanishes into reproductive/speculative investments. Mainly real estate and some stocks. Even though now only real estate.

The goal is to have a passive income flow. Money which will come regardless of what you do. This gives you freedom to say no.

FUCK YOU MONEY:

https://www.youtube.com/watch?v=xdfeXqHFmPI

Here´s a more realistic version:

https://www.youtube.com/watch?v=eikbQPldhPY

Don´t agree with not buying a house. Buying a house is one of the best investments one can do.


Money gives you freedom. People who say it doesn´t either don´t have it or were born with it.

Specially passive income. Even the dude playing blues needs 200$.

Life is like a video game. There´s always another level. Don´t get stuck in the same level. Playing the same boss over and over again. Perfect your skills.

I don´t want to have 100k in the bank. Having 100k of monthly passive income. Now were talking. Ask your father if wanting to have 100k monthly passive income in rents/dividends or bonds is a bad goal.

Personally I also have some long term goals. Give away scholarships and create a 24h open library.

Don´t neglect your health. Neither time or health can be bought.

Mark Cuban fuck you money:

https://www.youtube.com/watch?v=tJjjAeob_Ms

[The Beast1]

(07-26-2016 03:51 AM)Suits Wrote:  

(07-26-2016 01:27 AM)Chauncey Wrote:  

(07-25-2016 07:30 PM)Suits Wrote:  

Goals are tough in general.

For example, you may believe that your ideal lifestyle involves living with three girlfriends (white, Asian, Latino) on a sailboat. You work hard for five years, earning the financial requirements for such a lifestyle and buy a yacht only to discover that the last thing you want is to live on a 36ft boat with three women.

In fact, you hate sailing.

Too bad you already blew the money on the boat.

Your NTP account was locked several months ago. This is the Suits account.

Did I ever tell you about the time that I had sex with over a dozen women in the space of 24 hours while maintaining 0.02% bodyfat?

There's something to be said about not making finite goals.

For me personally, i've set a goal to swim 100 meters daily at under a minute and a half. I've consistantly met this goal at the rip age of 27. Now that i've exceeded the world record by almost 12 seconds i find that i don't have much to live for anymore.

Should i try and set a flying speed record too? Who wants to wager against my 500 trillian Venezualean Bolivars?

[stefpdt]

(07-26-2016 02:08 AM)Travesty Wrote:  

If you just hit $10k/month in passive income this thread wouldn't exist.

This. OP just wrote some sales copy pimping his coaching/consulting services.

I'm not one to ever hate on self promotion, but cmon dude. What you wrote is full of limiting belief bullshit. Become a white water rafting guide?

This forum is about freedom in my eyes, meaning that most guys on here should be striving to make millions, or at least accomplish big things, not settle for less.

[polar]

^ sure, there's a soft sell in OP's post. But he's also an established member who has dropped a lot of value about his business ventures, and was adding more value in his post. Why does the example he used matter?

[stefpdt]

It just wasn't a congruent message. He supposedly doesn't know what he wants to do with his life, but still wants to sell people on his services.

Dude, you wanna make more money, telling by your actions.

Absolutely nothing wrong with making tons of money, but I don't see why anyone needs to be deceptive about doing it.