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Money 101: Understanding this Phase
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Started this discussion. Last reply by Trey & Juliana Jun. 8, 2009.

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Michael and Trey & Juliana are now friends

June 19, 2009

Trey & Juliana replied to Michael's discussion 'Money 101: Understanding this Phase'

AHA!!! I have been searching for the money 101 guidelines. I knew I had to do that first before I got to the fun stuff

June 8, 2009

Profile Information

What's Your Number?

7 Million

What's Your Date?

July 7, 2015

What's Your Life's Purpose?

To develop and nourish relationships by helping people in life-changing ways.

The formula I used to reach my Number:

Lifestyle of $250k annually, beginning in 2015 requires $7million

$250k marked for inflation (add 38%), multiplied by 20 = roughly $7million
(250k + 95k) x 20 = 6.9million

I didn't multiply by 40 because I feel that at the age of 35, I will still probably want to work, but will work only because I choose to. My work will also be a safety hatch (in case I should have multiplied by 40).

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At 5:43pm on December 10, 2008, KC said…: Yes I can see the forum is a good way to go.

As this isn't on-topic for Money 101 I thought I'd leave this on the Comment Wall.

I know you have to be real careful writing about financial matters that have had a major personal effect, for confidentiality reasons, and so on, but if you could do a general post citing the sorts of things you've noticed, it would be good to read something entitled: "Don't let a startup drag you down!" or "Startups - handle with care" or similar, where you can warn us how easy it is to get caught up in something that may later damage you; and also say how you'd recommend other people deal with it if they get approached with a similar startup proposition themselves.

I don't know how relevent this is, but here in the UK they've recently instituted something new called "LLP" - limited liability partnerships - because of the unfair burden the old law put on the remaining partner when partnerships went wrong. So here they saw things weren't working very well, and so actually created a new type of legal arrangement for setting up a particular type of business.

I know this may not apply in your case, but its just an example of where the existing arrangements were sub-optimal, and could only be improved by changing the law about the types of business you could set up.

For personal reasons you may feel that posting about this wouldn't be a good idea - that's fine. I just thought I'd mention it, as it seems like an experience that we could all learn from; and startups may seem attractive to many Numberers, so any notes of caution would undoubtedly be gratefully received.

As you've "been there, done that, got the T-shirt" you could claim to be well-qualified to write a saleable information product on the subject perhaps, and cash-in on adversity. Maybe that's being a bit too optimistic - I just throw it in as another idea.

At 7:59pm on December 7, 2008, Debbie said…: I too think that even if (I mean, WHEN) I reach my number I will continue to work because I will want to. I love my work. I just would like not to have to do SO MUCH of it :)

At 12:03pm on December 3, 2008, Adrian said…: Saw your discussion post about how you came up with your Number; very clear!

How do you think you're going to get there? Want to share your plans?

Also, my Date was pretty much plucked out of thin air ... at the time $5 Mill. in 5 years sounded pretty good (I'd been working near-to-failing businesses for a few years, so the thought of working them for even another 5 was pretty daunting); by the time I got to $5 in 5, getting to $7 in 7, and onwards was a relative snap :) The trick now, it appears, is staying there!

At 2:28pm on December 2, 2008, Diane said…: Hi Michael! Have you got a certain segment of the population in mind? What kind of work do you do now? Welcome to Share Your Number!