First off this may be a mute point because I am yet to start a business in spite of spending a lot of time learning about the topic. All the same it's still an interesting question:
For example my ultimate goal is to build a lifestyle which has a yearly cost of around $600K. However I have multiple other incremental goals which I would achieve along the way:
As I said I haven't taken any real steps along this road apart from learning about it but perhaps that is doing me more harm than good?
I can see how it would be easy to develop an idea which fulfils the first couple of goals but ends up just being another job which would leave me just as busy as currently and would not allow me to scale because I'd be too tied up with the lower level business.
Anyway, I'd appreciate people's thoughts or references to any other resources when considering this.
Cheers
Gabriel
Should I be only aiming for home run business ideas which are going to lead to my ultimate lifestyle or should I aim for singles which will incrementally add up?
@snowbank over at foreverjobless.com has spoken about his 4 step process to evaluate an idea and step 4 is to make sure the idea has the potential to fulfil your goals. But should this be your ultimate goal or just an incremental goal?For example my ultimate goal is to build a lifestyle which has a yearly cost of around $600K. However I have multiple other incremental goals which I would achieve along the way:
- Create or acquire a series or single income producing asset separated from my time.
- Earn enough from these to replace my current income from my 9-5.
- Save enough to earn this level of income from 100% passive investments such as dividend paying stocks.
- Increase business and investment income to my ultimate lifestyle level of $600K per year or a level where I feel happy and satisfied.
As I said I haven't taken any real steps along this road apart from learning about it but perhaps that is doing me more harm than good?
I can see how it would be easy to develop an idea which fulfils the first couple of goals but ends up just being another job which would leave me just as busy as currently and would not allow me to scale because I'd be too tied up with the lower level business.
Anyway, I'd appreciate people's thoughts or references to any other resources when considering this.
Cheers
Gabriel
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