It has been a little over a month since my 35th birthday. I've been spending this month working on my newest goal, among other things.
I started realizing that I feel like crap more often than I feel great. That isn't unusual for men my age, but it's amplified by my disability. So that led me to a major life decision.
I've decided I'm going to retire at age 40 and spend the remainder of my life enjoying my children and focusing on the most enjoyable parts of my life.
Here's where it gets sticky. I'm broke. Well, not really broke, I have a couple thousand in the bank, but unless my five shares of Coca-Cola stock suddenly skyrocket, I need a financial plan.
My wife, Kristen, enjoys work. Maybe she can support me. Then I saw what social workers make and realized her salary won't even pay the mortgage. Unless I get a great deal on a big tent, I better come up with a new plan.
So here it is... I decided to make a million dollars. I figure, at 5% investment income, a million dollars will give me roughly 50k annually to pay the bills. It's not much, but it will pay the mortgage with enough left over for Taco Bell occasionally. Yes, with one million dollars invested, I should be able to survive on the dividends, interest and principal for the remainder of my life.
So, now, how do I become a millionaire? It's actually not all that complicated. Find one of the following:
An idea that makes $5.00 profit that I can sell 200,000 times
An idea that makes $20.00 profit that I can sell 50,000 times
An idea that makes $1000.00 profit that I can sell 1000 times
An idea that makes $20,000 profit that I can sell 50 times
An idea that I can sell for $1,000,000 profit just once
That sounds simplistic and kind of stupid, yet it's clear that it only takes one terrific idea and I have five years to make it happen.
I've decided to dedicate 20% of my time each day specifically to focus on generating these ideas and creating wealth from them. I think I'm making progress. I've started working on several ideas of my own, as well as ideas that others have given me.
I'm not greedy. I've been asking friends for their ideas. A few have actually offered great suggestions, one in particular may be a million dollar idea. Most of these friends will never specifically set aside time to develop these ideas into profitable ventures, but I've already dedicated time and will continue for the next five years. I'll be sharing the wealth if it's a friend's idea that hits big.
Here's a couple things I worked on in the last six weeks.
First, and foremost, I started a new company. It's a marketing consulting firm that focuses on Internet marketing. Hopefully, as I attract new clients, it will generate a million dollars in the next five years. Part of the structure of Tweed Net Marketing is a pay-for-performance system, so if my clients get rich, I get rich.
The company has three clients currently:
Two of these have potential to be million dollar companies, and I get a chunk of each one's revenue.
Anyhow, I'm counting July 2005 as month #1. In 60 months I hope to earn an extra $1,000,000 in cash above and beyond my salary.
I need to average an additional $16, 667 each month.
Approaching the end of month #1, I've earned $5201.00. I only have $994,799 to go. I'll try to update you on my progress.