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April 21, 2009


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I think doing what you love is very attainable if you think outside the box. Like Golf? Start a golf tutoring service or build a golf course.

Like cycling? Open a cycling/outdoors store.

Like to travel the world? Start a blog reviewing destinations.

Chances are that you aren't the only one who loves to do that thing. So you have to think how to leverage that. It won't always be easy but it's definitely doable.

Doing what you love is key because the passion is a prerequisite to being great at something. It's the love that will get you through the inevitable dip. [1]

If you love golf, presumably you keep working on it even if you're not getting paid. Just thinking about and happily doing something everyday will make you great at it. And over the course of your career, that passion will lead to better and bigger opportunities.

On the other hand, if you hate lawyering, you will find every excuse to avoid it, making you a mediocre lawyer. And that mediocrity will hold you back throughout your career -- lower raises, first on the chopping block, etc.


The "Millionaire Next Door" and "The Millionaire Mind" (Stznley/Danko) books should BOTH be on a prospective M'aires MUST read list, I did the first before my first million, found the ssecond one enlightining before the 2nd frugal, start w/ 10% minimum under all circumstsances and gradually save/invest to 15%-25%, AVOID debt, (I graduated in 1982 w/ NO student loans, $3K in the bank and 2 (allbeit 11 and 13 year old) cars paid for and a job lined up (during the '82 recession - which was FAR WORSE for employment than today's times)...Anyone can work up to full-time while a student and Think Big!

Great post...common sense that isn't so common.

I especially like the point about buying equities. I think we are a couple years away from getting out of this, and returns will be a bit lower for the next five years. However, the yields on stocks, REITs, etc. are much higher than guaranteed Treasuries. Surely, investors will be rewarded for taking risk over the next 10 or 20 years. So loading up now and ignoring the movements for the next couple years will pay off.

Also, buying appropriate insurances is key.

On doing what you love, I tend to agree with FMF on this one. I love writing and would prefer to do freelance writing on subjects that interest me, but as many writers would tell you, "don't quit your day job." At this point in my life, my family needs the financial stability my paycheck provides. I do some writing for my job and have a little input on some of the subjects of my writing, but it is not a job I LOVE, it is a job I like.

[Warning on the next part: I'm bringing up a religious topic, so if you're not interested, skip this.] This also brings to mind my Bible study with my child last night. We were reading from Proverbs, and we came across 12:11, which reads (depending on the translation): "He who tills his land shall have plenty of breat, but he who chases fantasies is void of understanding." My child didn't understand, so I explained it this way: "Suppose you own a farm, and you work your land. You'll be able to feed your family. But suppose you own a farm, but you really want to be a rock star, even though you don't have much talent. That's chasing after fantasies. It's not that no one should pursue a career in music, but if you don't have the talent, you shouldn't leave what you have to go after something you're not likely to attain."

I have fair writing talent, but I'm not going to be the next Neal Gaiman. I'll stick with doing the job I like, even though I don't love it. Maybe I can do what I love later, or maybe I won't have that chance, but "self-fulfillment" is not the most important thing in life (nor are riches, I might add).

Sorry, I got a bit preachy.

I'd appreciate an article "10 steps to becoming a billionaire" as I'm already a millionaire and have a lot of time left in my career- I'm 35.


I will suggest ten steps to become a millionaire:

1. Love what you do;
2. Lear to leverage other people's money, time, intelligence and leadership;
3. Practice diversification in your business and investments;
4. Create multiple streams of income. Never stick in one line of business alone giving you single source of income;
5. Produce more than what you consume;
6. Pay yourself first;
7. Find a business need and fill it;
8. Practice integrity at all times in dealing with your business, stakeholders and community;
9. Practice persistence in reaching your goal;
10. Never lose money.

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