How to Make $1,000,000

[guru1000]

Maybe I didn't explain myself clearly.

Concrete planning (critical thinking and analysis) alone doesn't not allow you to transcend your current limitations. You need to combine with abstract, which comprises beliefs and motivations. You are not ready.

 

[Tenacity]

Maybe I didn't explain myself clearly.

Concrete planning (critical thinking and analysis) alone doesn't not allow you to transcend your current limitations. You need to combine with abstract, which comprises beliefs and motivations. You are not ready.

Lol, dude will you just tell me what the business opportunity is? Goodness.

 

[switch7]

Guru, while we are on the current subject, if there was one book you could recommend to achieving your goals/dreams, the book that had the most impact on you, which one would it be?

 

[guru1000]

Only two books I think you would ever need:

1) Abstract. Think and Grow Rich: Mastermind principle, expansion of self-limiting beliefs and paradigms, reciprocal servicing (for abstract awareness), specific goal-setting (this one is where abstract meets concrete)

2) Concrete. 7 Habits of Highly Effective People: Proactivity, game plan, mutually-beneficial proposals, behavioral analysis of prospect, synergize, organization, goal setting, self-balance to build production capacity.

Begin with abstract (i.e., beliefs, motivations, psychology, etc.). Then proceed to concrete (modus operandi, planning, analysis, etc).

 

[Tenacity]

Guru,

I'm a little bewildered here. You make a thread with the title of "How to Make $1,000,000" but you never list out actual details on "HOW" to make one million dollars?

You discussed a belief system, you discussed having tenacity and you discussed having faith, I'm still waiting for you to provide a list of business or career opportunities with details on HOW to make a million dollars working those opportunities?

The only concrete detail you have provided was about your time in structuring equity deals. Are you saying that's the "HOW" in relation to making a million dollars? Can you provide examples going forward on how we can structure some equity deals going forward like you did?

I'm curious about why would you make a thread with this misleading subject line, that provides absolutely no concrete supporting details whatsoever? If you sent this out in an email, you would be violation of the Can-Spam Act by having a misleading subject line.

 

[guru1000]

LOL. Tenacity, you realize you are like a magnet to this thread.

In your business approach, you are 100% concrete and 0% abstract. You will accomplish much more than someone who is 100% abstract and 0% concrete, but far less than the entrepreneur who possesses both. The key is balance and fluidity of percentages, depending on your progress in the goal attainment.

In 2009, when I started over; implementing my goal, motivation, and belief—becoming one with the goal—my focus was 80% abstract, 20% concrete. As my I internalized my abstract completely (by becoming one with it), I had more focus to place toward the concrete and away from the abstract. Up to about last week, my new percentages were as follows: 0% abstract, 100% concrete, as I was 100% actualized with my goal.

Now I have set my new milestone in motion, so again my percentages I’m striving for are 80% abstract, 20% concrete. But I’m not quite at that level yet, maybe closer to 40/60, as it takes focus and energy to divert into the abstract to such a significant extent and away from the reality (concrete). I would ever go further to state that when I place the abstract focus at 50% or greater, I feel a bit “delusional.” But that’s OK; just part of the process.

The million dollar notion is representative not of the million, but rather whatever the reader’s desire is to actualize. This thread was meant to be money- but rather goal-based in abstract language. This thread was for those who wish to transcend their current limitations. For this to occur, it begins with the abstract transcendence. Ergo, the focus on beliefs and motivations. You bring up a reasonable request about the concrete action plan, but that diverts from the focus of this thread. I may create a separate thread addressing the concrete element, but it may be difficult as all have different paths, talents, products, skills, so it’s never one size fits all. Concrete is a more tailored approach; the same way that I have different modus operandi for the different industries I get involved with. Notwithstanding, in a different thread, I might draw a general concrete guideline in what to look for, financing, leveraging, partnering, marketing, prospecting, and tax shelters.

Tenacity, since you love to hear about Tenacity (btw, you must be an only child!), I will draw an analogy/story to exemplify our exchanges better in the quote below:

Tenacity drives a Dodge Charger. Tenacity uses 50 octane gas, as in his surroundings, ALL use 50 octane gas, so this is normal.

One day, Tenacity is driving on the expressway at 120 mph (the fastest the Charger could go), and lo and behold, he sees GURU fly past him in a what-it-appears-to-be Ferrari going at 220mph! Tenacity is shocked! The charger has a max speed of 120 mph, but here comes GURU flying at more than 100 mph greater speed!

Tenacity is "motivated." He wants to build the same “Ferrari” that he thinks he just saw GURU in as to drive 220mph also. So Tenacity does his due diligence. He studies how Ferraris are made. He studies what areas sell the most cost-effective parts. He studies how to build one. He studies the import/export laws to bring expensive parts overseas. He studies the intricate mechanisms of how an engine works. Tenacity studies for a couple years.

Now he is ready to build. Tenacity takes the next ten years to build this Ferrari. Tenacity is tenacious and will stop at nothing until the job is complete.

Ten years later, lo and behold, the Ferrari is complete. What a beauty!!

Tenacity puts gas in the car, gets on the highway, and stomps on the gas pedal. The car accelerates like lightening, but then, maxes at a speed of 140. WTF, Tenacity thinks! “I did everything correct. I studied for years. I spent DAM 10 years building it. Everything was done correctly. Why am I maxed at 140 mph? I could have sworn I saw GURU going 220mph 12 years ago.”

Tenacity is dumbfounded.

One year passes.

One day, as Tenacity pulls into the gas station, well what do you know, there is GURU.

“GURU,” Tenacity screams, “I have been looking for you for 12 years! PLEASE tell me my friend, why does my Ferrari not go up to 220 mph like yours?!”

GURU responds, “Well Tenacity. Number one, I don’t drive a Ferrari. I drive a Dodge Charger.” Tenacity looks over at GURU’s car which is indeed a Dodge. Why did Tenacity assume it was a Ferrari, he ponders?

“Second,” GURU continues, “I use 999 octane gas. What type of gas do you use?”

You have all the tools necessary to create your own concrete plan to transcend. What YOU are missing is the focus on the abstract element.

 

[Tenacity]

Guru,

I actually liked that story lol. But let me ask you this question to continue this discussion.

You mentioned that one should: Begin with abstract (i.e., beliefs, motivations, psychology, etc.). Then proceed to concrete (modus operandi, planning, analysis, etc).

It's funny because I believe the opposite is true, I would begin with concrete concepts and from the development of such concrete concepts, I would naturally birth abstract aspects of motivation, belief, "purpose" and passion. What do I mean? Let me explain below.....


#1.) Social Science and Market Research Study

I believe every business venture begins with a full understanding of the Social Science related concepts that are related to such venture. This includes conducting full research and analysis over the Macro and Micro, the Political landscape (taxes, regulations, if there's a free market available, etc.), prior customer behavior, prospective customer behavior through monitoring changes in attitude, monitoring shifts in landscapes, completing primary market research, completing secondary market research, etc, etc. This is solid concrete concept development.


#2.) Innovation

From this study, which is what I refer to as MARKET RESEARCH, it allows you to determine what type of products, services, skills and competencies you need to bring to this market to fulfill the prospective upcoming (or current) demand. HERE, is where the abstract comes in, where your creativity and innovation is laid on the table to create products, services and solutions for said MARKET in a first mover or second mover strategy, to gain such market share and serve such market share better than competing options.


#3.) The Selfish Artist v.s. The Business Artist

It's the difference (in my opinion) between the selfish artist and the business artist. The selfish artist will sit down and create music, film, or other form of entertainment (art) based solely on what THEY "feel" like creating.

Where as the business artist will not sit down to create anything until AFTER they have researched and identified a particular target market that they will decide to cater to, and once that's identified, THEN their "abstract" comes to the table in terms of creating the "art" that their market wants.

The "purpose" of said business artist is then born through their "passion" to SERVE said market. From their "passion" to serve said market, their persistence/tenacity is developed as they can see the BIG PICTURE and don't allow short term setbacks to off-set their ultimate goal/milestones.

 

[guru1000]

Creativity and innovation are byproducts of the abstract, not THE abstract.

Abstract refers to thinking models and paradigms (e.g., HOW BIG DO YOU WANT TO GET?)

What do you do when you have identified a huge market? Do you pursue only the market that your limited finances allow you to pursue—or—do you pursue a lion’s share of the market with focus tenaciously pursuing VC/investors first. Or both? Or maybe 50% of your finances. Or maybe 200% of your finances with a loan. Or maybe 25%. Or maybe none. Or maybe 1000000%, go after the whole market, only VC with a do or die approach. Or focus only on publicly offering the shares upon X dollars in revenue. But then how much revenue? How much in assets? List on the OTC BB, small-cap or big-cap Nasdaq? Maybe the Big Board? Your abstract is where in the scale you fall.

Maybe your product is adequate to make a living, but not for a home run. Do you go 100% with the product, or drop it? Or maybe both? Or maybe 25%? Maybe 10%. But what if you want to go public, what % of the product would generate the most market makers' interest? Your abstract is where in the scale you fall.

What about homogeneous products? Is there a need for them or are your current products enough to “make a living.” Or better focus on an amalgamation of products to diversify interests for potential brokerages who may want to get involved with you. Or maybe you don’t. Or maybe a combination. Your abstract is where in the scale you fall.

This applies to all facets of concrete planning.

Abstract first, then concrete.

I'm not sure if you really don't understand the abstract/concrete rudimentary concept or just looking to argue. Others are welcome in this thread, but my responses to you are simple enough and straightforward for any reader to comprehend fully. You, as well, are aware of (although you may not understand) the weakness in your modus operandi. So I'll leave it here.

 

[TheException]

Tenancity.

For Pete's sake just go download the Audible app from Amazon and get "Think and Grow Rich" by Napoleon Hill as previously suggested. It will cost you $15 right now. But every month you get another book.

Think and Grow Rich was the first audio book I ever listened to. It was the door to other great work by Godin, Gladwell, etc.

But Think and Grow Rich along with my suggestion of The Alchemist by Paulo Coelho will do wonders for teaching you what the abstract is. It sounds like you need it too. This could be the best $15 youve ever spent in your life, and yes I am serious! I believe this to be that important.



Lastly, you were complaining that guru failed to provide a "concrete" path to a million dollars. Fortunately (yes FORTUNATELY, not unfortunately) it doesn't work this way. We all must find our own path.

I, myself have started my own business in my related field. Do I make 8 figures? Not yet. But that is the point. It is as if I am being challenged to never lose sight of my goal or to become discouraged. Most entrepreneurs fail....simply because most just give up and quit. They LOSE sight of the abstract. It is never a straight shot up to the top. All journeys are comprised of peaks and valleys.

If you have the correct mindset in place(abstract), then your actions (concrete) will automatically guide you through, without really having to think all too much about it.

 

[mrgoodstuff]

Guru,

No, I'm not blaming the "white man" lol, that's what those far left Black Lives Matter (or should I say, Black Criminal Lives Matter) buffoons do lol.

I'm a conservative and I believe in free market capitalism, the issue is that we haven't had true free market capitalism in decades. The only true capitalist left is the small business owner on Main Street who is getting literally fvcked in every hole possible through regulation, taxation, lawsuits, globalization, big business coming in to suck out his customers, inflation, higher production costs, higher labor costs, etc. etc.

Guru I can't stand overly positive people lol, people who want to talk about rainbows, care bears and lolli pops, as if the world is this awesome "great" place.

I don't think being overly positive is productive at all, just as being overly negative isn't productive. Realistic thinking and analysis based on our situation is more productive.

Guru you told me you lost millions and made millions, you would be a FAR greater asset to guys like me coming up behind you if you were to provide more details on HOW you made the millions. Ambiguous statements of: "keep the dream alive," "always believe," "never give up", etc. aren't productive as they lack details as to what you did to produce the millions you said you have.

For example, did you gain the millions from Day Trading? Did you gain the millions from working a Hedge Fund? Did you gain the millions from starting a successful business? How did you navigate the industry, how did you break in, how did you keep your sanity, how did you handle tough times, how did you raise capital, how did you meet the right people, etc., etc.?

THAT'S the information that's productive, this "keep on dreaming and keep your head up" crap is best reserved for 8:30 a.m. in the morning on an episode of Barney and Friends or TeleTubbies

I haven't been on here very long, but I did stumble on a thread, Tenacity... That you were focused on the negative viewpoint and "reality" as if it is an unmoveable brick wall. Whereas the others were saying without positive thinking, nothing will be possible.

You can get into those groups and you can amass the money without borrowing the money from someone else, you can still innovate and travel successful paths...

With your mindset you make it seem that the position you are currently at in life is one you are forged into and there is no wiggle room, growth or movement. This is not true.

 

[Reservoir Dog]

I haven't seen any evidence of anyone making anything in this thread. I've seen a lot of talk but no concrete evidence. My experience of self-made millionaires is that they barely have enough time for themselves let alone for creating a thread and debate for 4 pages on how to make millions. As seeing is believing and until I see some evidence I'm calling bs on this one.

 

[mrgoodstuff]

I haven't seen any evidence of anyone making anything in this thread. I've seen a lot of talk but no concrete evidence. My experience of self-made millionaires is that they barely have enough time for themselves let alone for creating a thread and debate for 4 pages on how to make millions. As seeing is believing and until I see some evidence I'm calling bs on this one.

I've had a few mils run thru me, but never earned $1M as an individual in one year. A few years of $250k individually.

I can say that people who make money work very hard, or are very well connected or both.

There is a lot of ways to achieve this goal, but I guarantee it won't be "common" sense, because "common" sense would indicate everyone is getting it and it's not true.

And yes your time will be limited, however the more you are able to capitalize off the successes of others, IE: people under you bringing in money it could mean that you could be very prosperous and still have time.

 

[Reservoir Dog]

I've had a few mils run thru me, but never earned $1M as an individual in one year. A few years of $250k individually.

I can say that people who make money work very hard, or are very well connected or both.

There is a lot of ways to achieve this goal, but I guarantee it won't be "common" sense, because "common" sense would indicate everyone is getting it and it's not true.

And yes your time will be limited, however the more you are able to capitalize off the successes of others, IE: people under you bringing in money it could mean that you could be very prosperous and still have time.

Oh I understand that. I'm a millionaire myself. Although I inherited my wealth through my father's business. I know that those who make real money have to think outside the box as it were and that conventional thinking only keeps you poor. My father believed the earth is flat, that is how unconventional he was in his thinking.

 

[mrgoodstuff]

Oh I understand that. I'm a millionaire myself. Although I inherited my wealth through my father's business. I know that those who make real money have to think outside the box as it were and that conventional thinking only keeps you poor. My father believed the earth is flat, that is how unconventional he was in his thinking.

Nice. Glad you agree on that one.

 

[Reservoir Dog]

Nice. Glad you agree on that one.

Indeed. And it didn't take us 4 pages to get there.

 

[Tenacity]

Tenancity.

For Pete's sake just go download the Audible app from Amazon and get "Think and Grow Rich" by Napoleon Hill as previously suggested. It will cost you $15 right now. But every month you get another book..........

I have read just about every major "motivational" book out there, from Think and Grow Rich, to Rich Dad/Poor Dad collection of books, Zig Ziggler's material, The Law of Attraction, and I grew up in the Black Church which predominately preached the Prosperity Gospel which is basically The Law of Attraction with a bible verse tied to it.

So you are preaching to the choir, I would argue that I know way more about the "rah rah" motivational speech aspect of the "abstract" then Guru does lol.

Lastly, you were complaining that guru failed to provide a "concrete" path to a million dollars. Fortunately (yes FORTUNATELY, not unfortunately) it doesn't work this way. We all must find our own path.

And see this is where the problem lies with this thread in my opinion. So maybe YOU can elaborate for me then?

I laid out my goal by Retirement (65) to have enough in principal to where the monthly interest off that principal in combination with Social Security (what's left of it) will cover ALL of my personal expenses even factoring in Inflation and higher health care/health insurance costs.

My goal was to have this principal be about $1 million but if not, at least $750,000 with about 4% interest being paid on it which is $30,000 a year. Then Social Security I would hope to get $20,000 (at least) from so I would have $50,000 a year to play with BEFORE touching my principal. I would estimate that my personal expenses might be about $40,000 - $45,000 per year by the time I'm at 65.

So that IS my individual path right there that I created, and I would work in my current industry (Commercial Finance) for the next 30 years to get there. I'm not making any kids, not getting married, and I stay in a low cost of living area.

GURU RESPONDED like other Investors in the Online Investment Community and said, "Tenacity, $1 million in 30 years won't be what it is today, you won't survive!"

I RESPONDED and said it would be a lot more than what majority of my peers will have.

Then I asked Guru can he give me ideas to get to $5 million or $10 million then, seeing as though he believes $1 million won't be enough....and he didn't provide any ideas.

So how is Guru helping me? Obviously if I KNEW how to make $10 million I would already be damn doing it. I have a PLAN to get to the $1 million, Guru says that won't be enough (which I totally disagree with), but YET he won't provide ANY IDEAS on how to acquire $10 million.

 

[mrgoodstuff]

I have read just about every major "motivational" book out there, from Think and Grow Rich, to Rich Dad/Poor Dad collection of books, Zig Ziggler's material, The Law of Attraction, and I grew up in the Black Church which predominately preached the Prosperity Gospel which is basically The Law of Attraction with a bible verse tied to it.

So you are preaching to the choir, I would argue that I know way more about the "rah rah" motivational speech aspect of the "abstract" then Guru does lol.



And see this is where the problem lies with this thread in my opinion. So maybe YOU can elaborate for me then?

I laid out my goal by Retirement (65) to have enough in principal to where the monthly interest off that principal in combination with Social Security (what's left of it) will cover ALL of my personal expenses even factoring in Inflation and higher health care/health insurance costs.

My goal was to have this principal be about $1 million but if not, at least $750,000 with about 4% interest being paid on it which is $30,000 a year. Then Social Security I would hope to get $20,000 (at least) from so I would have $50,000 a year to play with BEFORE touching my principal. I would estimate that my personal expenses might be about $40,000 - $45,000 per year by the time I'm at 65.

So that IS my individual path right there that I created, and I would work in my current industry (Commercial Finance) for the next 30 years to get there. I'm not making any kids, not getting married, and I stay in a low cost of living area.

GURU RESPONDED like other Investors in the Online Investment Community and said, "Tenacity, $1 million in 30 years won't be what it is today, you won't survive!"

I RESPONDED and said it would be a lot more than what majority of my peers will have.

Then I asked Guru can he give me ideas to get to $5 million or $10 million then, seeing as though he believes $1 million won't be enough....and he didn't provide any ideas.

So how is Guru helping me? Obviously if I KNEW how to make $10 million I would already be damn doing it. I have a PLAN to get to the $1 million, Guru says that won't be enough (which I totally disagree with), but YET he won't provide ANY IDEAS on how to acquire $10 million.

I'm kinda stalled in my plans, but one of my major plans which is currently underway and on "time" is my plan to have over $3.5 mill in my 401k account by time I'm 65. It's currently executing according to plan, but I max out my 401k every year and will use the $5000 catchup after age of 50 to put in more.

Then I see with a SEP retirement you can stack way 3x more per year tax free, just gotta have a small corporation. It is in my mind to perhaps get back to consulting and even if it's just me doing the same thing at a higher rate to sock more into my pretax retirement.

I do want something to make money ontop of this, but right now, I can't complain.

I know further success is a serious burst of IMAGINATION and motivation and will power, I just don't know where it's coming from yet.

Tenacities millions can come from the book or video which shows how he smashed thru his mental blocks to achieve millions.

 

[Tenacity]

I'm kinda stalled in my plans, but one of my major plans which is currently underway and on "time" is my plan to have over $3.5 mill in my 401k account by time I'm 65. It's currently executing according to plan, but I max out my 401k every year and will use the $5000 catchup after age of 50 to put in more.

Then I see with a SEP retirement you can stack way 3x more per year tax free, just gotta have a small corporation. It is in my mind to perhaps get back to consulting and even if it's just me doing the same thing at a higher rate to sock more into my pretax retirement.

I do want something to make money ontop of this, but right now, I can't complain.

I know further success is a serious burst of IMAGINATION and motivation and will power, I just don't know where it's coming from yet.

Yes, I use SEP IRAs, you don't need a C-Corp to use them though, just any type of business entity (including a Sole Prop). I use SEP IRAs and HSAs, the HSAs are solely for tax reduction purposes as if you hold them until your 60's you can pretty much treat them like a regular IRA.

I think your $3.5 million goal is great, I'm currently shooting for as much as possible but the $750k in principal goal is the MINIMAL goal, as the interest payments on that from a safe/conservative investment in combination with social security, should "passively" cover all personal expenses.

But understand, there are people in the Online Investment Community that will tell you that $3.5 million WON'T be enough .

I participate a lot on City Data's Investment Forum for example, these guys all have figures of $10 million that one needs to freaking retire in 30 years. $10 million!!

As if 99.8% of people in this country will even have the "opportunity to sniff" amassing that much wealth within 30 years.

 

[mrgoodstuff]

Yes, I use SEP IRAs, you don't need a C-Corp to use them though, just any type of business entity (including a Sole Prop). I use SEP IRAs and HSAs, the HSAs are solely for tax reduction purposes as if you hold them until your 60's you can pretty much treat them like a regular IRA.

I think your $3.5 million goal is great, I'm currently shooting for as much as possible but the $750k in principal goal is the MINIMAL goal, as the interest payments on that from a safe/conservative investment in combination with social security, should "passively" cover all personal expenses.

But understand, there are people in the Online Investment Community that will tell you that $3.5 million WON'T be enough .

I participate a lot on City Data's Investment Forum for example, these guys all have figures of $10 million that one needs to freaking retire in 30 years. $10 million!!

As if 99.8% of people in this country will even have the "opportunity to sniff" amassing that much wealth within 30 years.

My plan is to own all my.**** and live upper middleclass style on less than the interest.

 

[TheException]

I have read just about every major "motivational" book out there, from Think and Grow Rich, to Rich Dad/Poor Dad collection of books, Zig Ziggler's material, The Law of Attraction, and I grew up in the Black Church which predominately preached the Prosperity Gospel which is basically The Law of Attraction with a bible verse tied to it.

So you are preaching to the choir, I would argue that I know way more about the "rah rah" motivational speech aspect of the "abstract" then Guru does lol.

Then did you embrace nothing from them???

There is a difference between "listening" and "embracing". From your comments in this thread it appears you have simply done the former.

And see this is where the problem lies with this thread in my opinion. So maybe YOU can elaborate for me then?

I laid out my goal by Retirement (65) to have enough in principal to where the monthly interest off that principal in combination with Social Security (what's left of it) will cover ALL of my personal expenses even factoring in Inflation and higher health care/health insurance costs.

My goal was to have this principal be about $1 million but if not, at least $750,000 with about 4% interest being paid on it which is $30,000 a year. Then Social Security I would hope to get $20,000 (at least) from so I would have $50,000 a year to play with BEFORE touching my principal. I would estimate that my personal expenses might be about $40,000 - $45,000 per year by the time I'm at 65.

So that IS my individual path right there that I created, and I would work in my current industry (Commercial Finance) for the next 30 years to get there. I'm not making any kids, not getting married, and I stay in a low cost of living area.

Ok. Well that sounds like basic financials to me.

Pay off debt, and cashflow like a mofo then brother. Guru is talking about financials FAR in advance of your current goals. If this is all you seek, then I would suggest this thread would not be for you.

Then I asked Guru can he give me ideas to get to $5 million or $10 million then, seeing as though he believes $1 million won't be enough....and he didn't provide any ideas.

Its not his job to give you ideas lol.

If it is not YOUR idea, you wouldn't work hard to complete it anyways.

So how is Guru helping me? Obviously if I KNEW how to make $10 million I would already be damn doing it. I have a PLAN to get to the $1 million, Guru says that won't be enough (which I totally disagree with), but YET he won't provide ANY IDEAS on how to acquire $10 million.

Well I suppose he's not then. You seem to have your goals and that will suffice for you. So in essence....you are incapable of learning from this thread, because your mind is closed. You are set on your own goal, which is fine.

But no one is telling me how to make money. I started a business and I am learning on my own. To ask for "concrete directions" on how to be successful is pretty comparable to low income earners asking for government benefits.....just looking for free handouts without having to work for it.