My Goal

Discussion in 'Money Management & Banking' started by TeenMillionaire, 6th Jun, 2008.

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  1. TeenMillionaire

    TeenMillionaire Member

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    Thankyou everyone for your extensive replies.

    Firstly, to Chris C.
    Thanks for all your advice. I had heard of SMART goal-setting before but I looked it up again to refresh my memory. I've gone through it all and I'd like to share my responses to the SMART goal-setting system.
    I got my information from this site.

    Specific
    Who: I am planning on using my own skills, but also employing the help and advice of experts as well as people with whom I have common interests.
    What: Obviously my goal is to raise 1 million AUD.
    Where: Most of the actions performed to achieve this goal will take place in my home. Also, if I ever run an internet business, that would be home-based.
    When: I aim to achieve my goal before I turn 20
    Which: I need help with this section. I'm not sure what requirements or constraints are involved with my goal.
    Why: Financial security, as well as gaining investing experience fairly early on in life.

    Measurable
    I'm not sure how to measure my progress. I have short-term goals that make up my long-term goal, so I guess the achievement of each of these short-term goals would be an indicator to how well I’m going.

    Attainable
    I believe my goal is attainable, if I work hard enough. I think I have started to develop a certain attitude concerning this, and truly believe I WILL accomplish this.

    Realistic
    I think this is the most discussed aspect of my goal in this thread. There is very conflicting opinions between you all, but I figure even if I do not make it to the million, surely I will have still raised a significant amount. Not to mention the experience I will have gained.

    Timely
    I have a very specific time for this goal to be accomplished by. I will achieve my goal before the 24th of April 2011.


    Now to Sim
    You’ve provided good advice multiple times throughout this thread. I’d like to thank you for your assistance so far, especially for this statement: “Anything is possible - even for a 17 year old ... provided they have the right motivation, dedication and some great advice from people who are keen to see them succeed and prosper.” Thanks again for your comments.


    MasterChief
    I think you have some good points but you could get them across in a more constructive way. You seem to agree with everyone else’s opinions regarding the non-realism of my goal, but it’s a pity you couldn’t have worded it like them. My apologies if I seem rude or disrespectful in saying this. Nevertheless, thanks for your input.


    Everyone else
    Thank you so much for your replies. I’m saving all these comments so I can look at them when I need motivation.
     
  2. Freedom

    Freedom New Member

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    Hello Teen Millionaire!

    You have an EXCELLENT goal that is EASILY ACHIEVABLE. You sound PASSIONATE about it and that will be your driving force to get where you want to go. Some great points have been made in the forum, eg Breaking up your intention of a million dollars into step by step goals.

    Research material written BY millionaires for help on how to do this. There are many steps that need to be taken, but each step is easily achievable. Here's a couple of names for you to look up on the web and get you started..... Brendan Nicholls, Pat Mesiti. Prioritising and taking ACTION EVERY DAY, SUCCESSFULLY, to a PLAN will also help you achieve your goal.

    So, your goal is $1,000,000 (I think you're expecting too LITTLE). And your starting point is all the money you have from the part time job! Wonderful!!!! You are starting with FAR MORE than many millionaires did!

    So where to start to make the million? Property, shares or a business? Obviously it won't be as a salaried employee. (Have a look at Robert Kiyosaki's (a multi-millionaire) "Rich Dad, Poor Dad" book). Luckily you work only part-time. Spend the rest of your time on ACTION on your DREAM.

    So, property, shares or business are all ways to getting rich but A WEB based BUSINESS could see your market and wallett expand virtually OVERNIGHt!.....I'm thinking along the lines of someone else's thoughts in this thread......A million items/ideas/songs/whatever sold for a dollar = $1,000,000!!! I'm not sure how many people there are in the world somewhere around 6 BILLION? The chances of you making a million before the time you're 20 is well on the cards I'd say, IF YOU ARE TRULY SERIOUS ABOUT IT and have the COURAGE, THE PASSION and have REALLY HIGH ENERGY LEVELS to cope with all the WORK it takes to make your dream SUCCEED. To me it sounds like you may have.

    Also, it sounds like you have a TALENT - your CREATIVE, INNOVATE THOUGHTS for your business are exactly what got Bill Gates where he is today. He is one man you may aspire to, certainly in the way of computerised BUSINESS IDEAS and PHILANTHROPY!!!! (Don't know if there's an autobio or biography on him or not.) Using your NATURAL TALENTS and SKILLS to their BEST will get you very quickly along the road and it sounds as though you are more PASSIONATE about having a business, despite the fact you have already started off looking into property.

    Keep the CRUX of your money making INNOVATE thoughts QUIET until you are able to IMPLEMENT them, or you may find out someone has BEATEN YOU TO IT!!! Australia has a huge percentage of new young millionaire's made every year! YOU CAN BE ONE OF THEM!!! Yeah!!! Start reading quality ENTREPRENEURIAL magazines and visit their websites to feel bonded with big-minded people of your own ilk.


    AFTER you have your business fired up and running like a WELL OILED MACHINE which is HIGHLY SUCCESSFUL, you will then have EXCESS CASH with which to diversify into property/shares.


    KEEP YOUR DREAM IN FRONT of your EYES! You will then find that all the details that make up the plan are all quite small, and YOU WILL ACCOMPLISH THEM one way or another. There's a lot of truth in 'where there's a will, there's a way". The carrot dangling in front of you will keep you going and you will power through any obstacles that come your way!

    YOU MUST find a PURPOSE behind the million. Think about: what is your DESIRE IN LIFE? The more DESIRE, the more PASSION you will have for making it come true. PASSION will give you the energy required for ACTION. Read the Best seller 'THINK AND GROW RICH" by Napoleon Hill as soon as you can. (By the way, the subtitle is "This Book Could Be Worth a Million Dollars to You" - quite apt in your case, I thought.)

    Well dear Teen Millionaire, I could go on and on but this is not the place. If you are inspired by anything I've said and want to know a bit more about the practicalities of turning your dream into a reality, I'm happy to share with you what I know, so contact me through this site by email. I ONLY REGISTERED ON THIS SITE now, FRIDAY NIGHT, as I happened across your thread quite by accident, read all the comments, and I felt compelled to write to you, to encourage you. I don't normally have anything to do with forums so I won't be reading any more of it after I post this, so if you wish to contact me for further links, suggested reading material, ideas, or just plain old ENCOURAGEMENT! then please respond say by next Monday and I will check this site till then.

    Teen Millionaire, the difference between becoming a millionaire and not being a millionaire is that the Millionaire Mindset will read "' Think and Grow Rich"; he will read Entrepreneurial magazines;he will Write down his plan; he will start working on his plan. In short, he will take ACTION EVERY DAY toward his dream. Think of this next time someone tells you a good idea - There are a million good ideas, but there's only ONE MAN IN A MILLION who will take ACTION on a good idea. That's the MILLIONAIRE!

    GOOD LUCK TEEN MILLIONAIRE! I wish you EVERY SUCCESS! We need more of your ilk. Your GOAL to be rich is very worthy indeed! At least you will not be a burden on the taxpayer when you're older! and with any luck you will contribute some of your new found wealth to the good of society - (do a news search to find out what Warren Buffet, the world's richest share trader, has given almost all his fortune to. (around $62 billion is it?) He certainly has the power, by way of his money, of making this world a much better place for all of us, and I hope you do to. If you START NOW, by the time your Warren's age there's no reason why you couldn't be worth the same as him, and his friends!

    Another important thing you MUST do to become rich. DO NOT LISTEN to negative thoughts inside your head and CERTAINLY DON'T LISTEN TO ANYONE ELSE'S! JUST DO NOT LISTEN!

    As any millionaire will tell you....... follow your dream!

    When you're on the cover of Business Review Weekly please use your tag "Teen Millionaire" so I'll know who you are :)

    All the very very best,

    Freedom.
     
  3. TeenMillionaire

    TeenMillionaire Member

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    Thankyou so much for your feedback Freedom.

    I'd have to say that's been the most encouraging reply so far :p
    You're right in saying that I'm more interested in business that property or shares, so I'll get stuck into thinking of a great new idea that will make me my first million :D

    Thanks again for your encouragement and wise words.

    I'll be sure to contact you by email so we can keep in touch. Your motivational tips are greatly appreciated and I'm sure I'll need a lot more as I get further through my journey.

    -TeenMillionaire
     
  4. MasterCheif

    MasterCheif Active Member

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    ...

    ...

    Haha... easily achievable? Its actually $1369.86 per day (assuming you only just turned 17)... what is the day rate these days for coles? :)

    I have no need to reword anything I have said. Its ridiculous. Be Realistic.

    Also, I have a goal to make 3 billion dollars tomorrow.. can someone please support me?
     
  5. TryHard

    TryHard Well-Known Member

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    That's quite easily achievable. Go to the casino and put $86M on the number zero. If it comes up you'll have $3BN plus change. If it doesn't, you'll lose all the initial 'investment'. This assumes you currently have the (relatively) small base of $86M to start and you are prepared to lose it.

    You might also want to review the "SMART" methods and decide if your goal is in fact realistic given your individual circumstances. The goal of making $1M in a few years from zero base has been proven in the past to be achievable. $3BN in a day from nothing, coupled with a negative mindset, is probably a less common occurrence.

    Mindset and motivation and half the battle in wealth creation. People who don't have the right mindset will never understand that, and will argue till the cows come home how difficult everything is to achieve, while a small number of others will just get on and do it. I've seen so many examples of this during my career I fully believe it.

    :cool:
     
  6. crc_error

    crc_error The Rule of 72

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    I agree with you.. I believe this type of goal is fantasy. I also have a goal to have 1 million in 2 years, and I can tell you, its not possible to achieve for the majority.

    Sure you could win some money, you could be lucky and design something that takes off and is bought out by someone, you could make a website like google, ebay or facebook, or you could get selected in a feature film and become a harry potter? You could also join a band which becomes famous over night... but the reality of it is most people wont fall into these catagory, so its best to set realistic goals, and prehaps a speculative goal if you so wish.

    secondly making money is not the key to been happy in life, there are far more important things in life than 'making 1 million dollars' if your focus is making money, you will never succeed, if your focus is doing something you love, and doing it well, help others the rewards are more likely to follow in a monetory sense and or a personal satisfaction sense.
     
  7. TryHard

    TryHard Well-Known Member

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    That is totally true. Then again this is an investment forum, not a Greenpeace discussion board, so you can expect more focus on dollars than holistic pursuits.

    That's a gross generalisation, and either true, or a complete load of cobblers, dependent on the individual. There are many money-hungry people focussed solely on wealth who have been very successful in many people's estimation (do you think Alan Bond is particularly charitable ?) and many people doing something they love and helping others at the end of the day are not truly happy (some social workers I know go home to miserable home lives).

    Personally I agree it is more important to be holistically happy than aiming to make "x dollars". However financial independence lets people do a lot more of the things they love, whether that means more wealth or more happiness follows. A person is better off having an ambitious goal involving making money than no goal at all.

    Less than 1% of people are likely to have the perseverance and passion to make something substantial from nothing, which doesn't mean that 1% can't be represented by members of InvestEd. That 1%, probably quite rightly, also may not care much what you or I think anyway.
     
  8. crc_error

    crc_error The Rule of 72

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    saying your going to make 1 million dollars in 2 years is not possible with investing.. its called gambling.



    and are these money hungry people any happier than people with less? do these money hungry people ever reach a point where they say "I have enough now, and I'm so happy that I have finally achieved what I have achieved? I don't see any rich people stop working and saying enough is enough. And I would hardly look at Alan bond and present him as a happy satisfied person.

    actually no, money magnifies peoples qualitites. I have not seen someone who accumulates more wealth suddendly becomes a happier person.. if anything we see their problems magnified.. ie depression, drugs etc.. why are so many 'rich' people dieing of drug overdose's? Many rich people suffer depression just as much as less fortunate people.. did money fix Michael Jacksons problems? What about heath ledger? I don't think so.. wealthy people, especially those in the entertainment industry who usually have all the fame fortune and good looks certainly arent people I look to as been happy joyful people.. who I choose to be more like.. and keep as a role model.

    Invested is a place for investing.. and helping people in invest in their future. and set realistic goals possible from investing.. Making fantasy unrealestic goals is not a place for here. Prehaps the casino is the place for those...

    By all means be Ambitious and work hard... and then invest the proceeds into quality investments.. and reep the rewards.
     
  9. Denis__

    Denis__ Well-Known Member

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    From my own personal experience, one of the great advantages about trying to make money as a young person is that l had no financial committments and was not responsible for the well being of a wife and children and all the responsibilty and constraints that places on a person.

    It is so much easier to commit to entrepreneurial activities, work hard and be successful when you are free of the financial burdens that we inevitably take on with marriage and raising children .

    Good luck in the future. Those who say it can't be done are speaking from their own experience and it was true for them. I respect them for all their fine contributions to this forum but what they are saying in regards to this topic is not correct.

    All the best, Teen Millionaire

    Regards

    Denis:)
     
  10. Redwing

    Redwing Well-Known Member

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    To take from another post of yours...An earlier investment in FMG might have seen him be there sooner rather than later ;)

    In such a short time frame an Entrepreneur Mindset may be what's needed, my journeys been much slower :(

    PS: Money can buy happiness; it can even buy time.....but, as the songs says, it can't buy love (though it gets close)
     
  11. crc_error

    crc_error The Rule of 72

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    Please tell me the next FMG and we will all invest there!!!
     
  12. bigbuddha

    bigbuddha Active Member

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    Hello Hello,

    here's my two cents on the matter, I say just go for it. Who cares what other people think.

    If you have a goal of reaching 1 mill in 2-3 years just give it a crack.

    It'll be a hard path for sure, with alot of naysayers along the way.

    If I had listened to some the people I had come in contact with I would have never achieved what I have now. They kept saying, your to young, you need to put more time under your belt. I said .. "******** ..." and just forged ahead anyway and although I can't say I can retire (i'm 29 now) I definitely can say that I could probably take 6 months off each year and everything would still be running smoothly.

    Here was my basic strategy.

    Investment DEBT - use it, it's your best tool to get into the wealth building fast track.

    Don't get comfortable - once you place a big bet (yes investing can be a risk and can be abit of a gamble), and it pays off, next time place a bigger bet and so on.

    Listen to advice, but don't let it rule your decisions. - as I said before, if I had listened to others and just followed what they said, i'd wouldn't be in the position I am in now.

    Go for it!!!

    as trump says, " think big and kick ass"

    Regards,

    BigBuddha
     
  13. crc_error

    crc_error The Rule of 72

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    bigbuddha, so whats your position now? and when did you start your investing path?
     
  14. TeenMillionaire

    TeenMillionaire Member

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    Update:

    I am now starting a photography business with my dad. He is a professional photographer and I feel like all he needs is the right marketing strategy to start generating some revenue.
    I am going to register the business name and get an ABN soon. Does anyone know what my restrictions are as a minor when it comes to doing these tasks?

    -TeenMillionaire
     
  15. crc_error

    crc_error The Rule of 72

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    you don't need to register for GST unless you expect over $50k PA income from it..
     
  16. Simon Hampel

    Simon Hampel Founder Staff Member

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    Actually it is $75K now (something I didn't realise until I checked recently!)
     
  17. TeenMillionaire

    TeenMillionaire Member

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    But I still need an ABN and name right?

    - TeenMillionaire
     
  18. TryHard

    TryHard Well-Known Member

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    You'd be better off structuring 'with the end in mind' and getting your trust or company / whatever set up, (to limit liability, distribute income etc) trading as a registered business name with an ABN (and register the domain names etc for the web while you're at it). Dependent on your plans for the future of the venture you should consider branding issues / trademarks etc down the track.

    Given your goals I assume you are definitely expecting to be generating above $75K per annum so you might as well do the paperwork now and have it out of the way :)

    The State Govt often have good small business start up info at free seminars etc. (not sure what its called down there but its called "State Development" here I think) which often cover a lot of the basics and ideas about Intellectual Property, Export, yadda yadda. You won't learn anything too entrepreneurial from the public sector of course, but it is good for reminding you of statutory requirements and general textbook type approach to biz.

    Best of luck :cool:
     
  19. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    There sure are a lot of crabs in this thread. No one can make $1,000,000 in three years? Tell Twiggy that - he made $9,000,000,000 in 5. TM, stick to your guns mate and don't be afraid to give it a go. There are gonna be a lot of people who are gonna try and trip you up in the name of being 'realistic' - it's already started! Why they do this is because on some level they don't like the idea of you succeeeding because it shows them that they could have done the same, but didn't. But you just focus on your goal and do your damndest to get there mate.

    If you don't make it... no problem! It'll just take you a little longer than you planned. Not a big deal and you will have learned so much from doing it. People who are afraid to get out there and give it a go are the ones whom you will be leaving behind in a trail of dust.

    All the best.

    Mark
     
  20. C3PO

    C3PO Well-Known Member

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    TeenMillionaire

    You sound like a pretty impressive individual, your ambition is admirable. I think your goal is achievable. Here are some thoughts to help you in your quest:

    - Many of the people who make a lot of money do so using other people's money as a tool, i.e. borrowing or getting people to invest. So you need to learn about how to use debt to your advantage. For example, if you and your Dad decided to borrow money from the bank to buy the photography business down the road to expand your client base, the interest you would pay on that loan would be tax deductible. Similarly, once you have a bit of a track record and are ready to expand, you need to understand how to attract investors to your business. Amongst other things investors will look for a solid business plan and future earnings potential.
    - One of the fundamental ways in which large companies make money is that they buy assets cheaply, improve them somehow, and sell them for more than they paid. So pushing the example further, can you buy the photography business down the road cheaply? Can you improve it? Will the sum of that photography business plus your own photography business be worth more than the two businesses are individually?
    - Consider replication of a formula. Working in fast food you will understand that fast food companies make their money through replication of a simple formula (e.g. Big Mac). Can the idea of replication be applied to the photography business? Can you think of other photography businesses which have replicated a formula? PixiFoto comes to mind as an example.
    - Consider your end target. For example, if over the years you and your Dad acquired a large chain of photography studios throughout Victoria, and you wanted to sell the business, who would buy it?
    - If your passion is marketing, perhaps the photography business is the ideal first candidate for you to develop a career in marketing? Perhaps there is the opportunity to develop a successful brand name with this business, which in itself will have a value?

    If your Dad is in business himself then you have a golden opportunity to learn from him.

    Anyway these are just some random thoughts, hope they get you thinking a bit. For some inspiration with the photography business recommend you read "Funky Business" by Jonas Ridderstrale and Kjell Nordstrom

    Also, it goes without saying that there are more important things in life than money, so make sure you give yourself plenty of time along the journey to enjoy the many pleasures of life. There are already enough dull millionaires :)
     

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