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If you had a million dollars... What would you do?

by Businessman79
24 replies
  • OFF TOPIC
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I made my millions in real estate as a residential home builder. Due to health reasons I have to face the facts and look for a business that I can run from my home. I have been exploring buying an existing profitable internet business but now thinking of starting one from scratch. Looking for something that is fun, relatively stress free and would earn a good ROI on my investment. Any ideas? What would you guys do?

PS: I'm not entirely sure this is the right forum for this but I wanted to give it a shot.
#dollars #million
  • Profile picture of the author Richard A.Cox
    Try the off topic forum.
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    • Profile picture of the author Steve B
      Businessman79,

      You should take advantage of your former education, training, and work experience and focus on how you might share what you know with others online that would like to know what you know. Does that make sense?

      By offering your talent, skills, and experience in some form or other, you will be the expert in what you offer. By being the expert, you can sell your knowledge and wisdom and offer sincere help and advice to people who will pay you for your skills.

      There are many, many ways to monetize wisdom and knowledge. And I'm not talking about writing a book (which is one simple way). There are hundreds of different ways to get paid for what you know.

      Do some market research first and see where there is demand within your skillset. Find demand and then apply what you know about that demand in a way that people will gladly pay you.

      If you just choose any old niche where you don't have an advantage, your chances of success go way down.

      The best to you,

      Steve
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      • Profile picture of the author agc
        Originally Posted by Steve B View Post

        Businessman79,

        You should take advantage of your former education, training, and work experience and focus on how you might share what you know with others online that would like to know what you know. Does that make sense?
        Alternatively, you could pay off all your debts and put your remaining million(s) in cash flow positive liquid investments (such as rent based REITs, direct consumer lending pools, or high dividend equity funds).

        If you make 5% a year (in distributed cash flow) on 2 million, that's $100k per year to live on.

        Then you could engage your experience and energy in charitable endeavors (maybe as pro-bono advisory services to builders and contractors or some such). If your "consulting" services build to where you are over subscribed, you can always turn it into a business later.

        But by removing the need to pay bills, you can initially relax and just focus on delivering the service for the fun and/or satisfaction of it. "They" say to "do what you love and worry about getting paid later."

        I always thought that was retarded. The bills don't go away just because you've decided to worry about them later.

        But if you can remove the need to worry about bills because you've already made your million(s) then hey, go for it!
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  • Profile picture of the author Jeff Lenney
    Originally Posted by Businessman79 View Post

    I made my millions in real estate as a residential home builder. Due to health reasons I have to face the facts and look for a business that I can run from my home. I have been exploring buying an existing profitable internet business but now thinking of starting one from scratch. Looking for something that is fun, relatively stress free and would earn a good ROI on my investment. Any ideas? What would you guys do?

    PS: I'm not entirely sure this is the right forum for this but I wanted to give it a shot.
    Be wary of any private messages. You're going to get a ton now from people that want to sign you up to the latest MLM or give you an affiliate link for something.
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    Too lazy to write something clever here, so check out my marketing blog and learn from a REAL Super Affiliate at JeffLenney.com

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  • Profile picture of the author Oliver Allen
    You have found the best forum to find what you are looking for right here. There are tons of ways that you can find something that you might like here at the warrior forum.

    Many of the members here have become millionaires from using some of the tools and services that are offered.

    You can join the WarRoom or search in the Warriors for Hire link.
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  • Profile picture of the author sirtiman
    Buy $5 PLR ebook and rewrite it to be membership site with hire freelancer to do it and the sell it for as much as you want.
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  • Profile picture of the author agmccall
    Can these ridiculous questions please stop

    al
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    "Opportunity is missed by most people because it is dressed in overalls and looks like work." Thomas Edison

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    • Profile picture of the author Peter Lessard
      Originally Posted by agmccall View Post

      Can these ridiculous questions please stop

      al
      LOL I feel you Al
      but the truth is there are many people genuinely asking this question.
      I personally know several offline millionaires that went through the process of wanting to own/buy online businesses. They are intelligent managers with money that have bought and sold businesses in the offline world but really have no idea of how to approach buying or building a successful online business.

      While this forum likes to preach money doesn't matter that is far from the truth.
      There are successful 6+ figure mostly online businesses being bought and sold all the time.
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  • Profile picture of the author Peter Lessard
    Will be interesting to see the replies you get :-)
    I have been doing online marketing full time for 16+ years including Fortune 500's.
    Been part of some big online spends and recently formed a venture group to take companies to the next level via partnerships/equity plays.

    The reason I am telling you all of that is just to show I have been around.
    My recommendations are as follows:

    1. The money you bring to the table should NOT be the major determining factor that the business will work. In other words just because you have money does not mean it will work.

    2. Don't do something that you are so emotionally invested in that common sense flies out the window. If the idea and business plan would not attract other similar but dispassionate investors don't do it.

    3. Fun and low stress is hard to answer for you because I have no idea what your idea of fun is. Also some things that might stress me out may not bother you at all.

    4. If you are going to drop serious money make sure that an initial properly proportioned piece of that goes to market research/due diligence. Get yourself an great adviser (more on this further down).

    In general now after having engaged in many "partnerships" because I have the online know how and others have money I have learned that what will make or break situations is the people behind them. I now invest my time in projects based on the people first, then the idea must be sound. I used to look for the idea and figure I could overlook the people aspect but that is what always bit me in the ass.

    Other factors to consider in what to choose are things like expected returns, risk tolerance, how long before you would like to see money back, how much of your time you want it to take up etc...

    Hope that helps a little bit. Be careful as well because its hard to get decent counsel on internet ventures. You can usually turn to your accountants/lawyers and traditional advisers for all other types of investments in the bricks and mortar world but when it comes to online stuff they are often not much help.

    P.S It may make sense to look for opportunities in things you already know about that could be applied to online channels.
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    • Profile picture of the author AlexanderBeloev
      In my opinion the worst case scenario of starting a business is the following:

      - having a lot of money, but 0 knowledge.

      So, instead of investing millions in creating your first online business, I would suggest you to invest millions in learning everything around a specific topic. start small, you don't need millions when starting, you don't need even 10 thousand when starting.

      You need money to pay for your hosting, domain and marketing tools. And you need to work personally on the idea you have. Only that way you can see what is stopping you from being successful fast, from achieving your goals and then you can invest tons of money in resolving that problem.

      Just my 10 cents.
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      • Profile picture of the author Peter Lessard
        LOL this cracks me up and the guy is going to get bombed with this.

        First I totally appreciate your post is to try to protect people with money just losing it but it does not apply to everyone.

        Many on Warrior Forum think that people that have accumulated wealth offline have no "O knowledge". That is rather presumptuous.
        How do we know the guy does not have an MBA? He is certainly way ahead of most people on this forum in actually having built and run a real company to the point of now being a millionaire. We may want to give him the benefit of the doubt that he is NOT an idiot and will perform due diligence etc...

        For me personally it is more absurd for someone to come on here and say "I have no money, how do I make a million?" than it is for a guy to say "I have money what could I get into online?"

        The really big problem here is that many of the people on this forum are bootstrapping and most plans, advice and WSO's are about the path to take when you have no money and need to "learn everything". Nothing wrong with that but not everyone is in that situation.

        When you have money and build businesses for a living you do NOT need to learn everything. I have friends that buy and turn around businesses constantly. They know NOTHING about the nuts and bolts like polishing granite or pressing shirts or cooking sushi or whatever business they are buying etc... but they do have money, know how to manage, know how to hire the right people and have way more successes than failures and continue to build their wealth.

        Why would this guy learn about hosting lol
        he can just hire a 75k a year highly experienced IM guy and get on to the business of banking coin.

        If this point of "he must work on the idea personally" were true in the real world there would be no such thing as stock markets and investments. Imagine saying "no, no you cannot invest in oil. You must find the oil, build the rig yourself and learn everything about getting it out of the ground".

        Originally Posted by AlexanderBeloev View Post

        In my opinion the worst case scenario of starting a business is the following:

        - having a lot of money, but 0 knowledge.

        So, instead of investing millions in creating your first online business, I would suggest you to invest millions in learning everything around a specific topic. start small, you don't need millions when starting, you don't need even 10 thousand when starting.

        You need money to pay for your hosting, domain and marketing tools. And you need to work personally on the idea you have. Only that way you can see what is stopping you from being successful fast, from achieving your goals and then you can invest tons of money in resolving that problem.

        Having said all that I totally appreciate that your post is to protect people from just being ripped off but we must also consider that there are opportunities for people with a budget to buy into an online venture.

        Just my 10 cents.
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        • Profile picture of the author salegurus
          Originally Posted by Peter Lessard View Post

          LOL this cracks me up and the guy is going to get bombed with this.

          First off why does everyone on Warrior Forum think that people that have accumulated wealth offline have no "O knowledge". That's just plain insulting.
          How do you know the guy does not have an MBA? He is certainly way ahead of most people on this forum in actually having built and run a real company to the point of now being a millionaire. We may want to give him the benefit of the doubt that he is NOT an idiot and will perform due diligence etc....
          LOL, so true... If the guy is legit he must have good business acumen and above average intelligence...
          Then people reply with this:

          Originally Posted by sirtiman View Post

          Buy $5 PLR ebook and rewrite it to be membership site with hire freelancer to do it and the sell it for as much as you want.
          Dear lord, i can't wait to see some of the replies destined to follow...
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  • Profile picture of the author axus_auto
    Party for a few months at least.
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  • Profile picture of the author Tom Addams
    I'd wonder where the rest went!

    Tom
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  • Profile picture of the author Tom Addams
    To answer your question...

    1. Domaining
    2. Website Development + Outsource the running
    3. Learn PPC; Do PPC.

    You have limitless options, though.

    Tom
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  • Profile picture of the author QueenMelanie
    you must be highly experienced in residential home building, so I think your online business should in-corporate something where you can use your existing knowledge
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  • Profile picture of the author imbnk
    Interesting question! For me, I will invest it on stock and real estate, so that I can get 10 millions faster!
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  • Profile picture of the author RayLee
    You're asking people who possess much less money and most of them are losing profits how to grow your wealth?
    This is not the circle where you should be. You can hire people like us, but do not do things that we do.
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    • Profile picture of the author Richard Van
      Originally Posted by imbnk View Post

      Interesting question! For me, I will invest it on stock and real estate, so that I can get 10 millions faster!
      He made his money in Real Estate and now has to stop doing that.

      I made my millions in real estate as a residential home builder. Due to health reasons I have to face the facts and look for a business that I can run from my home.
      The trouble is for the OP is that starting up an internet business will take up as much time as investing in property. Seeing as you understand the property market so well I see no reason not to stick with that. Be it in creating a product on how you did it or carrying on what you did on a smaller scale buying, renovating and selling property or building up a sizeable letting portfolio using the considerable wealth you've already amassed. If you've made what you have I suspect you have real estate contacts from developers to lawyers coming out of your ears.

      Better still, as you've made millions, why not retire and relax?
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      • Profile picture of the author Kay King
        I would think someone who earned substantial income in realty would have the contacts to join a local investment group.

        One I personally know of in my area provides funding for small business to expand either their facilities or their product lines. They deal with businesses that have a profitable track record rather than risky startups. The investors put in from $50k to $200k each and in the past two years the average return has been 7% per quarter.

        If you have the real estate acumen and the financial contacts...why not start an investment group buying up distressed properties either for rental income or to renovate/resell. You could start small, develop your own renovation crew and build as you go. Would be far less stressful than starting from scratch online because you'd be using knowledge you already have.
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