Flourish Financially G+ Community Question
To flourish financially is a goal of many people. One Million in the Bank has a G+ Community where I have received many questions. I recently had a new member introduce himself with his predicament as he approaches retirement.
“I’m ten years out from retirement. If I just continue as I am at that time my mortgage will be paid off, my youngest will be out of college, and I’ll have a pension secure enough to live…comfortably. …but…
Will I be able to financially help my kids and (hopefully) grandkids? Will I be able to move to a financially friendly State? ….doubtful.
I have ten years to build up some funds to ensure my family cannot just survive…but flourish financially. “
Flourishing Financially Answer
Yes, he has time to flourish financially. In almost all of my case studies of everyday people starting everyday businesses, they have put their first million dollars in the bank in 3-7 years. You do not need a new creative business idea, you do not need your own money, and there is tons of free advice and help available. You can find help at the SBDC, SCORE and if you are a veteran or woman, there are even more places to help you.
If you have a comfortable job already and are financially, OK, then you are at the same time in a difficult position and a great position.
Difficult Position to Flourish Financially
You are in a difficult position because you are comfortable. You probably work hard and your life and habits are in a nice routine. That comfort level makes it hard for you to put any urgency into doing all the research and work necessary to start your own business. It is very easy to find plenty of reasons (excuses) to put off really doing more than thinking about it. You must take action. By just thinking about taking action, your mind feels good and gets satisfaction that you are making progress, but you are not making any progress, you are just thinking. You need to take lots of action. You must make a mental adjustment that you will be a business owner and do whatever is necessary to succeed. This is not an easy task; most people never escape the comfort of their everyday life and never stretch and become all they can be. You can do it.
Great Position to Flourish Financially
You do not have to worry about the bills. You have a lot of experience. You have tons of resources available if you realize it or not. Because you do not have to worry about feeding the family while you are researching and trying to start a new company, it allows you to relax. But do not relax too much or you won’t get anything done. Set some specific goals so you can flourish financially, but keep them dynamic and get started. Push yourself, start doing your research. Take some SBDC or SCORE classes on starting a business, or marketing, or using Quick Books. Sign up at the SDBC and SCORE websites and you will start getting notices every week of classes being offered and webinars.
Your Current Job
I am not suggesting that you quit your current job. But you can still start researching a business and even start a business. How bad do you want it? I have many stories of people who started and built their business while keeping their current job. There is the prison guard who took night shifts so he could start and grow his roofing company in the daytime. There is the machinist that was able to get the equipment he needed and worked out of the basement in the evenings after he got off of work and on the weekends. Yes they both flourished financially. They are both millionaires now. They wanted it bad enough to do whatever it took.
How Long Can You Work 16 Hours a Day?
You can’t work 16 hours a day for ever and have a normal life. The 16 hours suggests your regular job requires 8 hour and your new business requires 8 hours. It will probably not be 16 hours, but still it will be a significant amount of time and it will disrupt your normal life. Consider this time of your life as your putting in extraordinary effort that will let you relax later and let you flourish financially. The prison guard grew his roofing company for 4 years before selling it and starting another business that gave him more time with his family. His roofing company was making him $200,000 a year and he sold it for $300,000, while all the time going to work every day for his regular job. Not quite a millionaire at that time, but well off, the next business he started took him to the millionaire status. The machinist did it for a year before he quit his job and just focused on his business. It took him 7 years to have $1,000,000 in the bank. Both men said it was hard, but exciting at the same time. It was short term pain for long term results.
Friends and Family
Your wife and friends may be very supportive, or they may not. I mention this because it is very important. If your wife is not supportive, be patient and win her over slowly. If possible get her as involved as she wants to be, she can be a tremendous asset. If your friends are not supportive, you need to examine that. It sounds harsh, but you may need new friends. At a minimum you need to spend less time with unsupportive friends, or at least do not discuss your business with them. If you have friends who are not supportive you are trying to succeed with one hand tied behind your back.
It is never too late to flourish financially. It can be done and is done every day, by everyday people, starting everyday businesses. Find ways to keep pushing yourself, take courses, start a business plan of any business you think you might want to start (it may change). Just by doing and keeping yourself in motion you put yourself closer to your goals. People of all ages, all religions, all ethnic groups- basically everyone…….this can really be done. You really can be a millionaire, get started now.
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One Million in the Bank
How to Make $1,000,000 with Your Own Business, Even if You Have No Money or Experience
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Veteran’s Guide to One Million in the Bank
(will be a free PDF or available on Amazon)
Women’s Guide to One Million in the Bank
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