After three years, you may be sick of listening to me – besides, by now, you should be $2 million or $3 million into your own $7 million 7 year journey, so what can I teach you? – so, here is some really important advice from Darwin Deason, a self-made billionaire entrepreneur:
Forbes Magazine: You have $100,000–where do you put it?
Darwin Deason: It depends on age and goals–but if I was young, I’d put all of it in a company that a) I could directly influence or control, and b) that I loved.
If you have your own financial advice, or feel that summarizing somebody else’s ‘personal finance system’ into “just one page” would be fun – and useful – then I have 5 x $100 Apple Gift cards to give away!
Just check out this post to join the action: http://7million7years.com/2010/10/28/just-one-page/
But, hurry … the giveaway finishes on Thursday November 11th (the last day for submissions) and the entries are already starting to come in!
Winners announced Monday, November 15.
This Deason guy sounds pretty smart. I like his advice.Pretty simple,covers a lot of what you have already taught us.I Like the investing in something you can control,or influence.
Should you be making 1m a year every year in your 7m7y journey or is it build, build, and then have 7m once the 7 years is up?
It’s all too easy to think 7m in 7y, then perhaps I can make 1m in 1y, but I don’t think it works that way?
“7m in 7y, then perhaps I can make 1m in 1y, but I don’t think it works that way?”
@ Winalot – Agree! Simple compounding will show that the biggest $$$ gains come in the last 12 months of your journey …
Pingback: Best of the Rest: New To Me Blogger Edition | Sweating The Big Stuff