• 01:12:36 am on August 5, 2008 | 4

    Mark asks …

    I have a vision, that I’m able to manage multiple streams of income from anywhere in the world (with internet access) and  I’m able to spend significant time with family and friends everywhere. My main obstacle is building a solid plan to get me from where I’m at to that vision.

    I’m currently quite comfortable in my current financial situation. I think I can pass “Making Money 101”. I don’t have any consumer debt except for a mortgage and a HELOC balance. The HELOC interest is actually lower than the mortgage right now, surprisingly. I do live within my means but I’m lucky enough to afford little luxuries and the opportunity to travel internationally and domestically a few times a year. However, being too comfortable makes me complacent and I don’t like being complacent. I want to graduate out of “Making Money 101” and move into “Making Money 201”.

    To start of being in “Making Money 201”, I’ve attended paid seminars on personal development, real estate, tax liens, and trading stocks and options. I’ve also read a few books, researched on the internet and networking with entrepreneurs and seemingly successful people. All these knowledge and experience do give me a wide range of ideas to start with. However, I do have trouble focusing especially when I’m working on these projects on the part-time basis.

    In the end, I tried to narrow down into tax lien investing for real estate, options trading and an internet business to bind all these ideas together.

    For tax lien investing, I did attend a seminar given by John Lane (http://www.taxsalelists.com/) and he did provide ideas and examples on how to profit from the knowledge on tax liens including unconventional ideas like “overbid refunds” and “land bank”.

    For options trading, I’ve attended seminars by Optionetics and I did attend an “Expert” level seminar given by the founder, George Fontanills himself.

    For an internet business, I’m planning to build on the knowledge and experience on the two activities mentioned above. Being successful in options trading can lead to a newsletter and potentially grow it to a hedge fund while some ideas from the tax lien investing can be converted into an internet business.

    Even after narrowing down the scope, I still have trouble spending enough time in these activities. I believe I need to narrow down the focus more to gain expertise and/or hire some help to keep things moving forward. What I lack now is good incremental steps that I can take to get things done and setting proper goals. In this regard, I do need some advice on what is the most important to focus first and how to take proper steps.

    On my personal finance situation, I think I’m doing OK and might be a little conservative given the current conditions. I don’t have significant amount of cash around but can muster 30-40K to start something. What should I be focusing on?

    Something!

    Now, that might sound flippant … but, Mark could be writing with my pen.

    In fact, the one thing that always heard from others was “focus, Adrian, focus” …

    … yet, I never could.

    So, Mark, you need to make a decision: to focus or not.

    To focus means to pick one thing … and, hope that you pick right.

    To not focus means to try many things … and, hope you have the energy.

    Only you know what’s right for you, but having been down this road myself – hell, I even have a tax lien company of my own … never traded a single lien … set it all up and got sidetracked with ‘something bigger’ 😉 – it’s (much) better to focus than not … you just need to find the one to focus on.

    But, which one?

    Start by considering everything that you have done so far and apply the Results Test:

    You’ve been ‘tax liening’; ‘optioning’; ‘interneting’ for some time now … what results have you achieved in each?

    Now, if you could eliminate just one obstacle from each, which one would then have produced a better result?

    I bet the obstacles were related to insufficient time or money

    Pick the one that you can most easily fix by applying your time – stop traveling so much; stop attending seminars for a while; stop working on the other ideas … you’ll be amazed at how much time you suddenly find!

    If you assessed correctly, soon you will have fixed the time one, which means that shortly thereafter you should have accumulated ample funds from that ‘venture’ to apply to the one that needs money.

    Now, you’re on your way ….

    Simple.

     

Comments

  • Bill OuYang 2:53 am on August 7, 2008 | #

    Adrian, I guess you are trying to espouse that one must FOCUS on ONE thing which creates the abundance of ACTIVE income and then leverage further to create PASSIVE incomes via real estates…

  • AJC 9:43 am on August 7, 2008 | #

    @ Bill – I agree … it’s a different way to look at diversity

  • markwws 10:03 pm on August 10, 2008 | #

    Adrian, time and money is definitely the main limiting factors. I’ll focus on time since that is my main obstacle now. It is hard to give up those trips! It reminded me of the few years I spent completing graduate school part time. Given the right plan and the right push, it can be done.

  • To focus or not to focus, that is the question … « How to Make 7 Million in 7 Years™ 2:32 am on September 24, 2008 | #

    […] is the question posed by Bill, who says: I guess you are trying to espouse that one must FOCUS on ONE thing which creates the abundance of […]


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