My TMI is 22.531.00. Possible?

[tbootz]

Or $751 a day.

This is actually the minimum I came up with after eliminating several other important bullet points. Most ideally, my TMI comes out a little over 40.000 a month.

Is this possible to achieve? I know a very select few have done it, but is this possible for anyone if they really dedicate themselves to achieving this?

[edjt]

I dont mean to sound flippant but anything is possible once you put your mind to it. I can say that becuse I have proved it to myself on more than one occasion. I left school with no qualifications whatsoever and until recently owned a business valued at £5million, had about 40 employees and had an income that I couldnt believe possible. That is something i didnt think i would have ever achieved.

You may not succeed at your first attempt, in fact the odds are stacked against you succeeding at your first attempt, but thats not the point. What is really important is trying your best and what you learn along the way and in the end you will succeed.

Two quotes from Winston Churchill that have always helped me are;

"when you are going through hell, keep going"

and

"never, never, never quit"

Hope this helps

[Zenit]

If you feel it's impossible to achieve your TMI or your TDI, ELIMINATE more. Until you have more cash delete some of your less important things and always remember the "Less is more" rule.

But if you still think you have eliminated all the things you need, create your muse now! The first step is easier than you think.

Difficult? Maybe. Impossible? Never.

[kamakiri]

That is a joke right? An ideal TMI of $40,000 a month? Planning on buying 3 Ferraris a year? Go back and re-read the exercise. You are doing it wrong.

[JKohlbach]

There is no "right and wrong" answer to the question... $40,000 might be good for him, even though it does sounds unreasonable to most. It is rather excessive, but i'm interested.. what exactly is it that's making it so huge?

[edjt]

I know at least a dozen people earning more than $40,000 per month, in fact I know they earn more than £40,000 per month, and belive me, its no joke. If that is someones goal, why question it?

[kamakiri]

Don't encourage this misguided dude. What he needs is to go back and start at page 56 and re-read the book. 40k, or even a 20k is not any reasonable TMI. Tim calculates the TMI necessary to buy a Lambo Galliardo Spyder for less than 10% of that.

If you 'require' even a $20k TMI to make your dreams come true, you have delusions. Asking the question if this is doable, the answer is of course a resounding YES. The real thing you should be doing is questioning your underlying assumptions. Joining the new NR has absolutely nothing to do with a 40k TMI. It is all about leveraging your time, money, and skills to live a better life.

Calculate a realistic TMI, then go out and get it.

[sub8hr]

At the age of 52 Bill Gates has a net worth of $58 billion. Granted this money was not earned evenly over his lifetime, that averages out to about $93 million/mo or about $3.1 million/day.

So there you go, even $3.1 million/day is possible. Now all you need is a killer business acumen and some extremely good luck.

[italian_job]

...now...THAT is thinking laterally!

well done, i never thought about the fact that you do not earn evenly through the years (even though without "preparation" years you would never get to the "boom" years)

ciao

[kamakiri]

So there you go, even $3.1 million/day is possible...

Completely immaterial to the discussion here guys. Any income is possible. Is Bill Gates' necessary TMI even 3.1mil? Nope. Is it even close? Nope. Is Bill Gates part of the NR? Hell no.

[Omega]

tbootz,

I imagine that you have alot of material things in your list. There is nothing wrong with that, but sometime you can substitute them with equivalents that won't take so much money out of you.

40k a month is completly doable. One of my colegues business is making 5 millions a month.

My TMI is only 8k a month. That's 1/5th of yours.

So, yes it is possible, but instead of being possible, you should think, how close are you to it? And, what will you have to do to get to it?

[dvdwlsh]

Guys, let's not assume he just has exotic cars and frivolous material possessions in mind for his TMI. Perhaps $40k/mo allows him to invest in entrepreneurial ventures in need of funding or supports extended family struggling financially.

We're not privy to his intentions or motives, so the only question that really matters is - how does he make it a reality?

[froldt]

I am going to have to agree with dvdwlsh on this one. I don't know what tbootz's needs are, just how much they cost, so I can't judge either way on this one.

Yes, it is definitely possible. A friend of mine has a store on ebay pulling in about $35k a month. I don't know how much of that he gets to keep, as he has some employees doing all of the work. (I don't know if that is profit or net.) However much he makes, though, he makes by having his name on the business... his employees do all of the work for him.
If he wanted to spend some more time on it, it could grow, but he doesn't want to spend the time. He found a niche that he could fill (motorcycle/atv parts) and started filling. Accidentally found it, of course. He was selling ATV's (another business), bought some at an auction that wouldn't sell and decided to part them out. Sold quick, made more money than if they had all been together, and decided to branch into that.
From his 4 businesses, one is part time (seasonal), one is full time (run w/ a partner), and the other two are pretty much hands-off (ATV & parts sales).

[sub8hr]

Completely immaterial to the discussion here guys. Any income is possible. Is Bill Gates' necessary TMI even 3.1mil? Nope. Is it even close? Nope. Is Bill Gates part of the NR? Hell no.

Reading between the lines of my post, exactly my point--any income is possible.

Moreover, is it possible for anyone? Yes and no. Possible for someone yes. A few people certainly, there are real life examples to go 'round. For absolutely anyone? Probably not. The statistics indicate most people will fail.

As to whether it's reasonable to want $40k/mo, not worth discussing. If you want it you want it, end of story. All that will achieve is a 50/50 chorus of naysers or "yeah man go for it" (though personally I like to be a "yeah man go for it").

[kamakiri]

This is the stupidest thread I have seen here in a year, and I should not even be posting here again. We all universally agree any income is possible. That is pretty much a given.

The point that I am trying to make (that everyone seems to have missed) is that a TMI of $40,000 a month is completely unreasonable. Leading this guy on is a disservice to him.

The whole exercise of TMI calculation is to define what you need.

Tim sums it up extremely well here on P. 51:

Most People will never know what they want. ...[what most people want] is too imprecise to produce a meaningful and actionable answer. Forget about it

I am in no way telling this guy to set his sights lower. I am trying to say that a TMI of 40k is poorly though out and meaningless as a goal. That could get you 10 brand new Ferraris every month.

The whole process is to get a realistic and actionable goal that you can work toward. Not to see if any goal is possible. We all know that it is.

[dvdwlsh]

...a TMI of 40k is poorly though out and meaningless as a goal. That could get you 10 brand new Ferraris every month.

Mind telling us where are you buying $4,000 Ferraris? You'd be lucky to get even one of these for that much brotha..

http://www.whatihearyousayingis.com/exotics.jpg

[kamakiri]

Did we read the same book DVD?

Tim calculates the TMI of a Lambo, and I quote Tim's exact words here: "For example, a Lamborghini Gallardo Spyder, fresh off the showroom floor at $260,000, can be had for 2,897.80 per month"

[dvdwlsh]

Did we read the same book DVD?

Tim calculates the TMI of a Lambo, and I quote Tim's exact words here: "For example, a Lamborghini Gallardo Spyder, fresh off the showroom floor at $260,000, can be had for 2,897.80 per month"

I'm just messing with you man, I know the beauty of financing :p Personally, I'm torn between the F430 and Aston Martin Vanquish.

[jkendrick]

I think kamakiri makes a good point. I eventually hope to make enough to allow my businesses to be my ONLY source of income and live a very comfortable life. But initially, my plan is merely to get to a $4000 TMI by next fall to allow for my fiance (she'll be my wife by then) and I to travel the world for a year without dipping into savings. Right now, the way our travel plans are shaping up, it is very possible that I would INCREASE my savings while traveling if I make the $4000 TMI. And I still feel that is an ambitious initial goal.

[froldt]

jkendrick, I agree with you. My goal is to make approx. $1,000 a month by June. This small amount allows me to live my current lifestyle (just a bit of an increase, actually) and my wife and I can focus on our studies and not working some crappy job. We actually want more, but that amount will allow us to keep our current financial aid packages. In order to pay for everything (school debt, a new motorcycle for me, current lifestyle & taxes) I need about $7,000 a month.

I do understand kamakiri's point, but I can also see where the TMI could include repaying medical bills, or massive debt, or supporting an infirm family member. This TMI could be short term only (a year or three), and after the debt is paid off it would be reduced to a smaller TMI.
I don't know, but I can imagine a few circumstances where such a large number is needed. Over all, though, I could be comfortable with that for a year.

I think kamakiri makes a good point. I eventually hope to make enough to allow my businesses to be my ONLY source of income and live a very comfortable life. But initially, my plan is merely to get to a $4000 TMI by next fall to allow for my fiance (she'll be my wife by then) and I to travel the world for a year without dipping into savings. Right now, the way our travel plans are shaping up, it is very possible that I would INCREASE my savings while traveling if I make the $4000 TMI. And I still feel that is an ambitious initial goal.

[bmonsma]

Holy crap.

The poor guy who started this thread is probably doubting himself so badly right now. Dude, the reason most people don't get what they really want is because: 1) They're lazy. 2) They didn't research the how-to enough 3) They don't believe.

Knock out those three and you're better than 99% of the earth's population.

[TPapp]

Holy crap.

The poor guy who started this thread is probably doubting himself so badly right now.

Agreed, so hopefully he ignores the naysayers. It's been mentioned already but I think it bares a repeat; we don't know what his goals are. For me personally I will need between $10,000-$15,000 TMI to fulfill my dreamline. So who knows what he wants to do, maybe he needs $40,000 to fill his, why are so many people mad at him for wanting that for himself? Haters.

[tbootz]

I recalculated my TMI, using Tim's methods, lowering the costs to the lowest available amount. I did more "soul searching" and dream lining, and involved others close to me into the process as well, this time my "more complete" TMI for a period of 5 years came out to be just under 70.000 (including the 1.3 buffer). After 5 years, my TMI will drop down to a more modest 50k, and then below 40k in 10 years time. This figure may seem high, but frankly even after skinning everything to bare bones I doubt I would be able to fund the extended dreamline with anything under 40k.

Probably 40% of my costs are material, the rest is taking care of family, paying off debts, medical bills and making enough so that no one in my family has to ever work again, among others. There is also an amount allocated to funding future projects. The material costs involve one time items which is why my immediate (5-10) TMI is considerably higher than afterwards when I've paid off the resultant debt.

Perhaps some of you are content with the idea of "liberating" yourselves from the 40+ hour work week and simply using the spare time to extend your current lifestyles, however beyond that I want to enjoy all my newly freed time in a moderately luxurious lifestyle. I have one life and so do my loved ones, I want to make it as carefree and enjoyable as possible. Instead of saving money on economy class airplane tickets, I'll take the first class ones, thank you. Whatever I can afford now, I want to take to a higher level of living standards when I'm successful. Afterall, life is about progression in whatever way we interpret the word.

I'm not materialistic, but the handful of material items that I -do- want are quite costly. Surprisingly or not, sports cars and the like are not among them. I agree with the people that said it's a mistake to judge my ambitions without knowing me as a person or my personal lifestyle goals.

The thread was kind of pointless though as I was/am already dead-set on my goals of achieving my dreamlines, regardless of the replies, but I fell back on seeking reassurance/confirmation from people here as a form of momentary self doubt. That said, some of the replies just further solidified my ambitions, I'm marching on and if any of you want to see me in the top 1%, set your own goals higher rather than trying to tear down my own. ;)

P.S: Thanks for the people who replied kindly and positively. :)

[JKohlbach]

It's good that you've revisted the process here.

What I would suggest to help you move forward on this monolith of a target would be to break it down a little further. Have this one as your "ideal" TMI. Redraft another proposal that is your "Just Me" TMI, and another with "Just My Family" for your immediate family (not extended family) and see how you go there.

One question I like to ask myself is.. "How do you eat an elephant?" ... and the answer is "One bite at a time." Break whatever it is you're looking at into it's most basic element and you'll find any project a lot simpler.

PS. I think this thread belongs in the Definition section of the forum :) Just for next time.

[Omega]

tbootz,

You have set an ambitious goal.
If I understood correctly you also want to take care of you family so they won't have to work either. Perhaps you could devide the TMI with them, among those capable of working this would allow you to manage and create many muses at the same time.
Either way, any income is possible, they just become harder the bigger they are. You can achieve your TMI with a single muse or with multiples, it is just statisticly easier with multiple muses.

[vemmafun]

of course ... just go for it and be patient and also change your actions a long the way to stay on track.

practise DDDDBD = Daily Disciplines Done Daily Builds Character

[CashCache]

...but I fell back on seeking reassurance/confirmation from people here as a form of momentary self doubt.

I can relate with this statement. Sometimes it feels like you are on an island and there is nobody that understands what you are trying to accomplish. Using a group like this as a sounding board can be very helpful, but you need to have some thick skin and know that you are going to get a few nay sayers.

Overall, I think this thread is pretty positive and informative. I'm going to go back to that section of the book and re read it with a different mindset.

Thanks...