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Start a business: Make 10s -> 100s of millions, possibly billions.
- Thread starter Mr Uncle Leroy
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Captain Crunch
Veteran
MrPentatonic
Superstar
Couldn't have said it better
Most people don't live frugal though. As soon as people get an increase in pay, they spend proportionately more in response to that increase. I've always been a jew about money and a very good saver. When I get a salary its over son, I'm gonna stack my paper til it gets sky high
The Message
Lex with tv sets the minimum
You're right. You get a promotion then you move to a bigger house. Or you finally payoff that car note only to turn around and get in a lease a month later just to be in the latest hot sh1t instead of pocketing that doe. It's a hard cycle to break out of and easy to get hustled into.
That's not a bad idea, but b4 you pull the trigger on it, research the business and it's market as much as possible. Know its history.
I once knew someone who was running a moderately successful sandwich shop. They weren't balling but they had a decent lil steady income stream with it and loyal customers. She decided that she wanted to do something else so she sold it somebody. Now this dude went and changed numbers to the shop that existed for years and he made all types of changes that didn't need to be made. The loyal customers stopped coming because the number changed and instead of forwarding to a new number it had a prompt that said sorry this number is disconnected and suggested other restaurants in the area. Most people thought the place shut down so they stopped fukking wit it and dude had to close it down. Place was bringing in money for 10 years b4 dude bought it. He couldn't even keep it open for a year.
I read up on vending machines one time and there definitively not exactly what you would call passive income , there is a lot time required as far as maintenance goes in restocking, collecting your money etc, and i read that unless you do your research and buy/invest in a good brand your going to deal with headaches as far as repair goes.
Them on the other hand i also read that if you do it right you could be seeing some nice chunk of change from it,once you get established routes etc read up on this lady who has contracts on the NJ Turnpike, basically most of the machines at the hundred of rest stops are hers , lady was pulling in like 8 million a year easy.
As far as buying other business again i think its all about research , first and fore most why is the business being sold? Logically most people wouldn't want to sell a successful business in the first place.
Here is a link to a site i been meaning to drop in this thread tons of good info there
Millionaire Entrepreneur Forum
Millionaire Entrepreneur Forum
I've browsed this site, the only thing I didnt like about it was that half the members seem to be brainwashed by the book. A good amount of the responses I read entailed something along the lines of "thats not the fast track way of thinking"
I've browsed this site, the only thing I didnt like about it was that half the members seem to be brainwashed by the book. A good amount of the responses I read entailed something along the lines of "thats not the fast track way of thinking"
Being able to think for yourself is half the battle...
All my relatives keep pushing me, asking me why I don't want a house, and I always say that if I can't buy it in cash I want nothing to do with it. That 30 year mortgage looks like a damn prison sentence to me, for the average person it just kills any mobility and freedom you may have had. I value freedom and time over money, people see that clock ticking and think of all the money they're making at work, I see the clock and see the time ticking off my life. Freedom is what rich people have, the money is just secondary to the freedom they have to do what they want with their time.
Techniec
Drugs and Kalashnikovs
One thing I will say is that you could have the best idea in the world but idea is simply 5% of it, execution is 95%
I had a great idea (I wont say what) but after doing sme research and spending a few hundred on some prototypes I called it off cuz I realized it wouldn't work
Primarily because try as I may , the industry I was trying to enter I had virtually no expertise in and even I'd I put my heart and soul into it I would never truly be an expert
Never never never gt into a business u either don't have the passion or expert knowledge of, or cant develop
You get eaten alive
I had a great idea (I wont say what) but after doing sme research and spending a few hundred on some prototypes I called it off cuz I realized it wouldn't work
Primarily because try as I may , the industry I was trying to enter I had virtually no expertise in and even I'd I put my heart and soul into it I would never truly be an expert
Never never never gt into a business u either don't have the passion or expert knowledge of, or cant develop
You get eaten alive
Millionaire Fastlane? Yeah, it's a good book. it'll change your mindset on how money is made, I'll give it that.
Only problem is, you really aren't gonna get it like the author did it. He bought limos.com back in the day and built it out. getting lucky with a top level domain has long sailed.
still a good book, though. if anyone wants it, let me know.
The Message
Lex with tv sets the minimum
That's the thing though. I don't want to. We have to create our own blueprint. What he did, there was very little blueprint or precedent for him either at the time. But he did it. The internet is so wide open right now. We haven't scratched the surface of where and how people can bring their ideas and dreams to the world and CASH OUT lol. Technology changes and upgrades so quickly, the avenues to make money are endless.
We have the opportunity to create something that people will look back and say "Mr. Negative was the first to....he changed the game."