• 02:29:22 am on January 7, 2009 | 13
    Tags: , , , , , , ,

    Fickle and in a Pickle

    Scott and I seem to share a love of ‘collecting’ hobbies … mine included (over the years): go kart (then car) racing; fly fishing; war gaming; CB radio; motorcycling; poker; and the list goes on … and on …

    I suspect that the challenge for Scott – as it was for me – will be finding the right thing (or things) to focus on. I can see a clear winner in this lot, but would be interested to see what you think?

    It seems that in every exercise, one of the 7MIT’s has ‘stood up’ and created a table or a list to help the rest of us; this time, it seems that we have Diane’s Table

    _______________________

    Boy, for some reason, this has been a really tough exercise for me. I’m not sure why, but I think because it has exposed some interesting things about myself that I wasn’t quite aware of.

    What this exercise has shown me the most is the fact that I am very fickle.

    I guess by that, I mean that I have a variety of different hobbies and interest, but that I change them out quite a bit. One minute, I’m all over researching fitness, weight training, bodybuilding, fat loss, etc. (I actually have a master’s degree in this stuff and have done quite a bit of research on all of it and consider myself a bit of a fitness fanatic), then the next, I’m more focused on playing guitar, studying guitar, wanting to join a local band for fun on the weekends, etc…

    Then the next minute, I’m all about researching how to restore our older historic home, then the next, I’m into archery and spending a lot of time shooting my tradition recurve bow to perfection….the list goes on and on. I have so many interests and bounce around from one to the next, that it’s hard to put a finger on using one for a growth engine to build wealth with. At least that’s my illusion for the moment and I guess as I continue to find myself and ‘grow up’, I might nail something down that I can capitalize on.

    Anyway, take a look at my list in the table below (Thanks for this handy little platform that you created Di!)

    From the list below, you can see that I have nothing that runs across all 4 categories, however, I do have at least 3 current interests that  cover 3 categories.

    One is playing guitar. I suppose I could coach/teach/mentor people in guitar playing, but who became wealthy just doing that alone? Joe Satriani taught Kirk Hammett of Metallica a few lessons, but he was already a world class musician on the concert circuit and selling albums long before that. This would be a tough one, because I consider myself  ‘not bad’  at guitar, but nothing to write/coach/teach, or even brag about.

    Now, fitness/training/health and even nutrition is definitely on 3 of them, and if I combine coaching/mentoring/teaching/consulting with it, I can be a fitness/training/health/nutrition…um….coach/mentor/teacher/consultant. Whew! Anyway, I’m thinking I might be able to concoct some sort of way to use this to sell myself or something worth paying for, but that’s going to take some serious ‘noggin burnin’ to figure something out to market there. That’s certainly a competitive market, but seems to be a highly profitable one when you have the right ‘juice’. (pun intended)

    The 3rd interest that spreads across 3 categories is an interest that I liked a lot as a child and have recently taken back up: this is shooting rifles and bows.

    I’ve been thoroughly enjoying this hobby as a way to unwind and relax (to shoot well, it almost requires a zen, or meditation-like focus and relaxation that I’ve come to really enjoy). Along with this hobby of course, is checking out or trying new and different equipment, competitive marksmanship, learning technology and mastering craft and technique, all of which I could spend a lifetime figuring out. And then there’s even rifle and bow making/crafting!

    Hmm, seems like a hobby that I could easily get pretty deep into.

    Well, that pretty much narrows it down. Travel, reading/learning, and going to concerts all pop up on at least 2 categories, but other than that, these are pretty much my interests and how they stack up.

    Any suggestions on how I can get richer, quicker with this new information would certainly be appreciated!

    EARN SPEND ABILITY DO
    How do you make $ or want to make money, past/present/future?(e.g., teacher) How do I spend $ or want to spend $ ? (e.g., clothing) What are you good at?What do you wish you were good at?What sparks your creative juices? What do you enjoy? (e.g., writing) What are your hobbies or qualifications/jobs?  What would you want to do, even for free?(e.g., wood-working)
    1 doctor Travel Health/Fitness/Nutrition Teach people about fitness/training/health
    2 coach/mentor Health/Fitness/Nutrition Sports Playing guitar
    3 writer(books, not blogs) Guitars Playing music/guitar Traveling
    4 consultant Concerts/Music Rifle & archery target shooting/competition Fine dining
    5
    teacher
    Historic home restoration Rifle & archery target shooting/competition
    6 musician(???) Fine dining Historic home restoration
    7 Rifle & archery equipment/target shooting equipment/fees/etc.. Reading/learning
    8 Reading/learning Concerts/Music
    9
    10
     

Comments

  • Jeff 6:58 am on January 7, 2009 | #

    Talk about being a renaissance man of many talents and interests!

    I think the engine that really jumps out at me is the Health/Fitness element. I’m sure that comes as no surprise to you.

    I think it will be easiest for all us to build a growth engine that centers around something we already have the ability to do. This will reduce the learning curve, increase confidence and really set the stage for achievable success.

    All we have to do then is find a way to earn money with that engine that aligns with something we want to do (teach, write, coach) etc. Coupling them in that manner could lead to an engine that we enjoy tuning, tweaking and revving. I don’t know about you guys, but I want to make every effort possible to enjoy the ride up the mountain if I can. It’s gonna take more than just increasing Net Worth to keep me happy on the journey.

    Scott, as I look at your “Diane’s Table” I’m zeroing in on your ability in the Health/Fitness/Nutrition field. The fact that you spend your money in this area today tells me that you probably can come up with some markets or niches that provide opportunities. What have you tried to buy that you can’t find, or haven’t been pleased with the offerings?

    Given the fact that you want to further educate people on Health and Fitness and your obvious extensive studies in this area (how many years of medical schooling have you had??), I think your path of least resistance, greatest success and enjoyment will come from a Health and Fitness engine.

    Options for making it a reality could be…

    1. Writing a blog on H/F/N to generate content over time that you could turn into a best selling book or maybe an e-book or online course that you sell via affiliates. Of course you could monetize the blog as well.

    2. With increasing health care costs, I think more and more companies will be interested in promoting good H/F/N lifestyles to their employees. Maybe there is an opportunity here to start a consulting business where you and your team could help companies integrate healthy lifestyles into the workplace. I’m thinking things like, on site workout facilities, the right healthy foods available in the cafeteria, proper lighting and other things that promote positive well-being…I’m reaching here a bit.

    I’ve gone on a bit too long here, I’m sure. So I’ll pause for now and watch the conversation grow amongst everyone else.

    Oh, and if H/F/N doesn’t work, I say chuck it all and shoot for the moon. I’ve always wanted to be a Rock Star too. 😉

  • Ryan 12:23 pm on January 7, 2009 | #

    @ Jeff – I’m with you on the rock star thing! Maybe we can all form a band! LOL!

    @ Scott – Jeff’s also right on with the H/F/N stuff. There are a plethora of choices for weight loss, nutrition, etc., but you have an edge (Dr., other degrees, tons of research, etc.), and a passion that could put you on top of that market (and it’s a REALLY REALLY BIG market).

  • Jeff 12:47 pm on January 7, 2009 | #

    I can see it now…”AJC and the MIT Band” featuring their hit singles “Finding My Number,” “Living My Life Purpose,” and “My Required Compound Growth Rate is Bigger Than Yours!” 😉

  • Scott 2:19 pm on January 7, 2009 | #

    LoL, and don’t forget the hit rap single “I’m Bout’ to Tap that Equity” 😉

    Yeah I was kinda thinking the same thing about a business in health and fitness. It’s definitely something that I think I could excel at and truly enjoy and you certainly have some great ideas for me to start brain storming on Jeff!

  • Josh 3:29 pm on January 7, 2009 | #

    Scott – I’m sure the fitness industry looks like to much competition to be effective, but I don’t think I’ve ever seen a health program that was actually written by a doctor, I agree Ryan that this is an edge worth exploring.

    I also think there may be some potential in historic home restoration for a side gig. Do some studying on what sorts of historic homes are of great value and sought after, then just keep your eyes and ears open.

  • Scott 4:38 pm on January 7, 2009 | #

    Yes I think you have a couple of good points there Josh.

  • Diane 11:39 pm on January 7, 2009 | #

    Uh, need I say “Dr. Atkins”? C’mon now, I think we all agree that it’s health/fitness that Scott should build on, and that having an MD offering and promoting the project (notice there is now a conflict-of-interest for the MD as an independent analyst).

    The suggestion Jeff gave about a workplace endeavor also has merit. The place I worked was adding more and more to the offering (we had showers, but not on-site gym, yet were next to a bike path, had a volleyball team, softball team – whatever we wanted, the company would sponsor it seemed, very supportive – and there was a golf league – all pretty impressive given the size of the company. We also fielded about 26 folks to run the AF Marathon and other relay, 5k, 10k, 1/2 marathon, runs once a year.)

    Is there anyway you could target the medical profession? Seems they usually don’t follow their own advice, and since many also get into the expensive riflery and hunting scenarios (my x-fil used to go to Alaska annually, plus fly-fishing trips various places, and took his sons with him, too, packed his own shot, tied his own flies, managed a couple of stock portfolios (one a trust), so I am thinking that is part of your lifestyle – wanna-dos rather than making money at it.

    I wish we didn’t have that one clause in this MIT agreement about working together because I thought your advice would benefit me as well.

    Similar to the doctor’s stamp-of-approval on a product/plan, etc., Suzanne Somer’s put out a diet book with lots of recipes based on this diet she had created. Her dil was a nutritionist and with her help, they went to the medical field to validate some of what she observed.

    I think if you created something, and got endorsements from celebrities (or Billy Mays! now a celebrity himself, eh?) – similar to the 5-hour energy drink now on tv ads – you could run something on the tv; set up a website; and watch the sales come in.

    You may be hearing about upsales – start low, say at $17, then hook them in and sell them up to another level on the next sale (say $49?) and then higher on a 3rd one? Get them into a subscription mode? (meaning they pay something each month, maybe they buy a 30-day supply, sign up for a newsletter, etc.) The numbers say that these folks disappear after 4 months, and you really only need 4 sales a day (renewed, in order to keep generating the cash flow) to start making $10k a month. I would say that there are so many schemes out there like that now that folks really don’t want to see the upsales out there because they feel like they’re being low-balled and given very little upfront and then expected to kick in more than $20-30 (general price for a traditional publisher’s HB now) to get more information.

    Jeff’s suggestion on figuring out what you want and can’t find is good, I think. I’ve been mulling that over for myself in the low-carb area as well. There are a lot more products out there, plus more restaurants offering alternatives (some on the menu already) that I feel like there is a large body of people out there looking for this.

    I participated in a survey in the past couple of months that asked lots of questions about protein bars. I’d used one or two at some point in my on-going weight loss in 2008 or 2007 and hadn’t used a whole slew of them that are out there. Next time I went to the store, I read all their labels and noticed almost none of them were low carb. Where they went high protein, most went with sugars to offset the taste. Other products will increase the salt/sodium and/or the sugars when the lower fat.

    What are your pet peeves out there in the fitness area? Where are most people ignorant in the area you know best? How could you help them?

    Please don’t call the table mine, guys. It’s the format Adrian gave us. I just put it in Word, and it’s just a table. The table above is SCOTT’s Table. 🙂

    Looking forward to seeing how the rest of you fill it out.

  • Scott 7:50 am on January 8, 2009 | #

    Great suggestions Diane and from everyone all around. It’s all really got me thinking now 🙂 Thanks guys!

  • Jeff 9:47 am on January 8, 2009 | #

    I can’t get Brad Paisley’s song “Start a Band” out of my head!

  • Adrian 11:48 am on January 8, 2009 | #

    @ Jeff – I guess you haven’t heard me sing … my daughter (7 y.o. at the time) had to use reverse psychology to get me to stop singing in the car. I’ll manage the band tho’ …

    @ Scott – fantastic ideas for you here, I would focus on Ryan’s list of strengths: “Dr., other degrees, tons of research, etc.), and a passion that could put you on top of that market (and it’s a REALLY REALLY BIG market).”

    … that may direct you to health/fitness or some other medically-oriented avenue.

    Then you will need to decide if you will make it clinic-based or product-based (i.e. a chain of clinics focused on this ‘idea’ and/or mass-marketed products).

    @ Diane – I love the Million-Dollar Napkin as an early Making Money 201 idea (pay off debt, build up some passive income to ‘buy time’ and/or build a cash deposit for ????), but am struggling to see how any of you will build your Number with it, as you aren’t likely to build anything on-sellable … would Rupert Murdoch want your e-business? I see this very similarly to Scott (the actor, not Scott the doctor) that I built my Perpetual Money Machine posts around:

    http://7million7years.com/2008/09/09/how-to-build-a-perpetual-money-machine/

  • Scott 1:39 pm on January 8, 2009 | #

    LoL, Jeff, I was thinking of the same thing.

  • Diane 3:49 pm on January 8, 2009 | #

    @ Adrian – I don’t know what you are referring to as a “million dollar napkin” – is there a disconnect somewhere? I think I pointed out here (or on Lee’s posting, same topic) that we can’t get rich doing writing, blogging etc. I am picking up more and more that what you are telling us is that we need to have something that someone else will pay big bucks to buy from us – for Scott, me, Lee, and perhaps others.

    @All – I’m being serenaded now by someone who used to be in several bands – so I offer the services of this drummer for your band… Is the name “BoYS in the bAnD” taken yet?

  • Adrian 8:30 pm on January 8, 2009 | #

    @ Diane – Meant to include the link; this series of video should give you a very good idea of the ‘numbers’ that an eproduct-type business can produce … when run by a ‘master’:

    http://www.continuityblueprint.com/napkin.html

    Yes, you are right, the 50%+ group out there will need a saleable business to make their Number/Date combo.

    Doesn’t mean that an ebusiness of the ‘napkin’ type can’t/shouldn’t be a step along the way … as you know, I encourage it … but, all of the 7MITs have BIG/SOON Numbers, so you will need more …

    BTW: how does a drummer ‘seranade’? 🙂


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