So who is a millionaire on here?

11 years ago

Originally Posted by animal44

Who's actually made a clear million dollars/pounds (after taxes/expenses) or equivalent in your particular currency...

And in what length on time? Did it take you a year? Ten years? A thousand years... :-)

I am. Two peak years. 2006-2007. But it took me maybe 20 years to get to the point where I could earn that kind of money.

In the 1980's I made a million over a 4 year period. A million isn't that much. A good job, and you make that in 15 years anyway.

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sandalwood 11 years ago

If you count wasted hours, wasted days and wasted opportunities, I am.
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qu4rk

11 years ago

Originally Posted by Claude Whitacre

I am. Two peak years. 2006-2007. But it took me maybe 20 years to get to the point where I could earn that kind of money.

In the 1980's I made a million over a 4 year period. A million isn't that much. A good job, and you make that in 15 years anyway.

Claude, you just broke rule #1 of the 10 Crack Commandments!

How The 10 Crack Commandments Aren't Just For Drugs, But Business Too

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daniyal100

11 years ago

Originally Posted by Claude Whitacre

I am. Two peak years. 2006-2007. But it took me maybe 20 years to get to the point where I could earn that kind of money.

In the 1980's I made a million over a 4 year period. A million isn't that much. A good job, and you make that in 15 years anyway.

selling only vaccums??

That's awesome man

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Claude Whitacre

11 years ago

Originally Posted by daniyal100

selling only vaccums??

That's awesome man

Yes, selling vacuum cleaners. My best year in business, with a retail store, we did a smidgen less than a million dollars in sales. The amazing thing is, that it's not very unusual, for the type of retail store I own.
I have several friends in the vacuum cleaner business who regularly do 3-5 million a year in business.

Heck, a million a year is just $3,000 a day in business. Five or six decent vacuum sales a day, and you're there.

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tryinhere 11 years ago

Originally Posted by Claude Whitacre

we did a smidgen less than a million dollars in sales..

Would not A million in sales is probably a long way from a million dollars in the sky rocket, take out cogs and then your runnning costs etc and probably lucky to have 25% of that ? dont know never been in vacums but in general across the board type thing ? it my be better if there is a huge markup on the items ?

edit / I see it was done it over 4 years. My error
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daniyal100

11 years ago

Originally Posted by Claude Whitacre

Yes, selling vacuum cleaners. My best year in business, with a retail store, we did a smidgen less than a million dollars in sales. The amazing thing is, that it's not very unusual, for the type of retail store I own.
I have several friends in the vacuum cleaner business who regularly do 3-5 million a year in business.

Heck, a million a year is just $3,000 a day in business. Five or six decent vacuum sales a day, and you're there.

what's the price you selling man? Does your vaccums have some sort of super powers in it or is it because they got a super sales man?

Your profiting 3000$ selling only 5 or 6 vaccums??

3000$ a day profit make a total of less then 800,000 though if you open 5 days a week..I din't count any vacations otherwise it'll be around 600,000 annually..

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Claude Whitacre

11 years ago

Originally Posted by daniyal100

what's the price you selling man? Does your vaccums have some sort of super powers in it or is it because they got a super sales man?

Your profiting 3000$ selling only 5 or 6 vaccums??

3000$ a day profit make a total of less then 800,000 though if you open 5 days a week..I din't count any vacations otherwise it'll be around 600,000 annually..

We only sell high end vacuums. And yes, I'm a great salesman.

We're open 6 days a week, all year. Our average vacuum sale is about $800. The profit isn't $3,000 a day, it's $3,000 a day in business. A little more than half of that is net profit.

That's in a peak year. This year, we'll do maybe $300,000 in sales (from the store). I'm winding down, and only spend about an hour a day on the floor. The rest of my time is spent writing and talking to clients.

I also have consulting clients, mostly from the books I write.

We don't take vacations.

Originally Posted by tryinhere

Would not A million in sales is probably a long way from a million dollars in the sky rocket, take out cogs and then your runnning costs etc and probably lucky to have 25% of that ? dont know never been in vacums but in general across the board type thing ? it my be better if there is a huge markup on the items ?

edit / I see it was done it over 4 years. My error

We had a million dollar year in business. Once. And between 2006 and 2007, we netted a million dollars.. An $800 vacuum cleaner costs us about $300. Our overhead is a constant five grand a month. Low overhead, minimal employees, good marketing, great selling...it all helps..

None of this is including the sales I made of Local Online marketing services....or online sales of training materials, or speaking fees.....

I've been at this awhile. None of this is overnight.

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Matthew North

11 years ago

Originally Posted by Claude Whitacre

We're open 6 days a week, all year. Our average vacuum sale is about $800. The profit isn't $3,000 a day, it's $3,000 a day in business. A little more than half of that is net profit.

That's in a peak year. This year, we'll do maybe $300,000 in sales (from the store). I'm winding down, and only spend about an hour a day on the floor. The rest of my time is spent writing and talking to clients.

I also have consulting clients, mostly from the books I write.

We don't take vacations.

Thank you for highlighting this.

I see so many people saying how much they'd love to be millionaires, and I mean who wouldn't.

But people don't really have a conception of how much persistence and hard work they need to put in to get that result. Anything can work, it's just hard, hard work. And the more success you want, the harder you need to try. I'm amazed that people don't understand this intuitively. I guess every blue pilled consumer truly believes that all they need to do is following some kind of step by step system and the money will be in the bank next week, either that or people think their financial situation is completely and utterly hopeless! All or nothing thinking at its' most cruel.

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eccj

11 years ago

Originally Posted by Matthew North

Thank you for highlighting this.

I see so many people saying how much they'd love to be millionaires, and I mean who wouldn't.

But people don't really have a conception of how much persistence and hard work they need to put in to get that result. Anything can work, it's just hard, hard work. And the more success you want, the harder you need to try. I'm amazed that people don't understand this intuitively. I guess every blue pilled consumer truly believes that all they need to do is following some kind of step by step system and the money will be in the bank next week, either that or people think their financial situation is completely and utterly hopeless! All or nothing thinking at its' most cruel.

Yeah but there is this really cool book I read called the 4-Hour Work Week...... all you do is sell brain supplements or something

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misterme

11 years ago

Originally Posted by Claude Whitacre

We don't take vacations.

Neither do I. Once in a blue moon I do a weekend getaway. Is there something wrong people like us? I keep reading from successful people who talk about the ability to take several lengthy vacations in tropical resorts and wonder if the fact I don't means I miss out on life? Though I would like to get away to Key West. The rest of the world I can see on tv documentaries.

Originally Posted by Matthew North

I see so many people saying how much they'd love to be millionaires, and I mean who wouldn't.

There was one night I remember during the 90's I was working on my financials and realized I had a million in assets. It was cool, but a let down. I still needed to work. There was no chauffeured limo in my driveway. No butler in the house. Life didn't change. For the next few weeks it was weird working knowing I was maybe the wealthiest person in the room. Now, maybe if I get to ten million I'll feel differently about this.

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Claude Whitacre

11 years ago

Originally Posted by misterme

Neither do I. Once in a blue moon I do a weekend getaway. Is there something wrong people like us? I keep reading from successful people who talk about the ability to take several lengthy vacations in tropical resorts and wonder if the fact I don't means I miss out on life? Though I would like to get away to Key West. The rest of the world I can see on tv documentaries.

They keep talking about lavish vacations because...the people who fantasize about making serious money, fantasize about the lavish vacations, and yachts, and jets..... And these successful people are selling a lifestyle to the people who believe this is what they want. The people who really make money? They're working...and selling the wannabes.

Of course, there are the very very few who create a huge business, that runs and grows without them. But I've never known a real businessman who wanted to get away. I know I never did.

Originally Posted by misterme

There was one night I remember during the 90's I was working on my financials and realized I had a million in assets. It was cool, but a let down. I still needed to work. There was no chauffeured limo in my driveway. No butler in the house. Life didn't change. For the next few weeks it was weird working knowing I was maybe the wealthiest person in the room. Now, maybe if I get to ten million I'll feel differently about this.

Ten million is assets? It's about there that I might stop thinking about it....because I couldn't spend that much, in the rest of my life. (meaning my wife and me).

Our home will be paid off completely in a few months. It's a smaller home, on the nicest street in town....

But...the biggest, nicest home...on the nicest street in town, just came up for sale. Three homes down from us.

I've been teasing (well, only half teasing) my wife about it. "Honey, if we just worked three more years, it would be paid off"....It's a truly beautiful home.

She said, "You don't care about the house, you just want to piss off my family (her brothers and sisters)". OK, I admit, the idea appeals to me. I joke that, "If I can convince the sellers that their house is haunted, we could just trade homes".

A woman that was paid a million dollars for an invention (I think) was asked, "How does it feel to be a millionaire?"

She said something like, "Well, I used it to pay some bills, set a little aside in savings, and that's it".

A million a year is substantial, but a million in assets? A nice home, a little land, a decent retirement fund...and you're there. My UPS man is a millionaire.

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eccj

11 years ago

[quote=Claude Whitacre;10020542]They keep talking about lavish vacations because...the people who fantasize about making serious money, fantasize about the lavish vacations, and yachts, and jets..... And these successful people are selling a lifestyle to the people who believe this is what they want. The people who really make money? They're working...and selling the wannabes.[QUOTE=Claude Whitacre;10020542]

Exactly.

.

Originally Posted by Claude Whitacre

A million a year is substantial, but a million in assets? A nice home, a little land, a decent retirement fund...and you're there. My UPS man is a millionaire.

Most Americans have next to nothing in the form of assets..... when you take into account debt a lot are in the red.

Yeah a million a year is a lot. Hell a million in liquid assets is really good. But a million if you are including the house.... not so much.

$1,000,000 a year in liquid will get you a $50,000 a year income passively. For a single guy doing his thing in Bangkok that's not bad. Just enough to make some videos and sell a course to some dope who read the 4-hour work week lol.

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misterme

11 years ago

Originally Posted by Claude Whitacre

They keep talking about lavish vacations because...the people who fantasize about making serious money, fantasize about the lavish vacations, and yachts, and jets..... And these successful people are selling a lifestyle to the people who believe this is what they want. The people who really make money? They're working...and selling the wannabes.

No, I didn't mean those that use that as a pitch, showing photos of themselves by a Rolls in front of a mansion, wads of cash in their fists. I meant real people with businesses and they like taking nice vacations. One guy I knew took something like four vacations a year to places like Italy. He was making about $200,000 a year. Another guy I knew was always talking about his vacations, loved to go away. You hear others say how they'd love to go to Paris, Alaska, see the pyramids... made me wonder if that's normal or not.

Originally Posted by Claude Whitacre

A million a year is substantial, but a million in assets? A nice home, a little land, a decent retirement fund...and you're there. My UPS man is a millionaire.

I was expounding on Matthew's point about 'who wouldn't love to be a millionaire' and not on the point about making a million a year. Good for your UPS man, it's not cheap these days to keep yourself clothed in brown shorts.

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Claude Whitacre

11 years ago

Originally Posted by misterme

No, I didn't mean those that use that as a pitch, showing photos of themselves by a Rolls in front of a mansion, wads of cash in their fists. I meant real people with businesses and they like taking nice vacations. One guy I knew took something like four vacations a year to places like Italy. He was making about $200,000 a year. Another guy I knew was always talking about his vacations, loved to go away. You hear others say how they'd love to go to Paris, Alaska, see the pyramids... made me wonder if that's normal or not.

I have a friend that takes his family on vacations several times a year. He owns homes in other countries, and is the definition of wealthy. But he has a business that doesn't need him, day to day. He owns several large retail stores, and a huge mailorder business. Lots of employees.

But for decades, he worked every day, all day, he was the main salesman for his company. A real force of nature.

But I always wonder about people that make lots of money...to get away. That seems so odd to me.

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kenmichaels

11 years ago

Originally Posted by Claude Whitacre

I have a friend that takes his family on vacations several times a year. He owns homes in other countries, and is the definition of wealthy. But he has a business that doesn't need him, day to day. He owns several large retail stores, and a huge mailorder business. Lots of employees.

But for decades, he worked every day, all day, he was the main salesman for his company. A real force of nature.

But I always wonder about people that make lots of money...to get away. That seems so odd to me.

I don't vacation, but now that my kid is getting to that age where
getting out and learning by doing and being involved ...

that's all about to change.

I've got mine - so at this point it's just bragging rights, ego and
mindset to see how far I can go this time around.

However the longer my kid is around, the less I think I care about
any of that and the more I care about his life.

Mines almost over, his is just starting - might as well do my best
to make sure he gets that life I only dreamt about as a kid.

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savidge4

11 years ago

@animal44 so what exactly was the motivation behind the post and the question? More specifically what is it you were wanting to gain from asking the question?

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longrobnc

11 years ago

Originally Posted by savidge4

@animal44 so what exactly was the motivation behind the post and the question? More specifically what is it you were wanting to gain from asking the question?

Precisely why I didn't throw my hat in. Not sure what there is to gain by patting myself on the ass in front of the crowd.

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BigFrank

Banned 11 years ago

Originally Posted by longrobnc

Precisely why I didn't throw my hat in. Not sure what there is to gain by patting myself on the ass in front of the crowd.

I guess that would be your subtle way of claiming millionaire status without patting yourself on the ass in front of the crowd?

Cheers. - Frank

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longrobnc

11 years ago

Originally Posted by BigFrank

I guess that would be your subtle way of claiming millionaire status without patting yourself on the ass in front of the crowd?

Cheers. - Frank

Well, since you want to be the hall monitor and call me out........ yes, I am a millionaire. Several times over. Well before I was 40. I could expound quite a bit, but I'll just say that it's a very overrated experience. Didn't think that demotivating another person by telling them that it has it's own list of problems was counter productive. The punch in the face from the checks that you hand over to the IRS after you finally get traction is bad enough. Unless you start out living a very meager lifestyle, having a million bucks changes your life very little. You can live well, but you aren't going to be hobnobbing with the jet setters. I would have been much happier to earn 100k and have a great deal of personal freedom. Personally, I have no freedom and I can't find a way to make my businesses run without a 12 hour a day commitment from me. All of the things that I wanted when I had nothing mean little to me now. Other than a great home, I wanted a boat, a nice motorcycle and a Ferrari. I never bought any of these toys because mentally they feel like boat anchors. I just can't bear paying taxes or maintaining one more of "anything".

Forget trying to hit an imaginary number. It's arbitrary. Build a business that provides you with some stability and let's you live a life that you love living. The money will be no consolation when you are unhappy.

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BigFrank

Banned 11 years ago

Originally Posted by longrobnc

Well, since you want to be the hall monitor and call me out........ yes, I am a millionaire. Several times over. Well before I was 40. I could expound quite a bit, but I'll just say that it's a very overrated experience. Didn't think that demotivating another person by telling them that it has it's own list of problems was counter productive. The punch in the face from the checks that you hand over to the IRS after you finally get traction is bad enough. Unless you start out living a very meager lifestyle, having a million bucks changes your life very little.

Well, I have only made a million once, close a second time but much more interestingly, have been homeless twice.

Having lots of money was great, but being homeless was much more enlightening and less burdensome. Duh!!! I also learned much more about my fleeting existence than I ever did when I had money.

Personally, I loved writing big fat checks to the IRS. It was a masochistic way of validating my success. If I'm going to live and work in the greatest country on Earth, I'm willing to pay my way and to help pay the way for those that were less fortunate than myself. Of course we all have a different perspective of how much is too much. I never felt that I was paying too much. It was never an issue for me. My attitude was, "Take it. I'll just make more." lol

Cheers. - Frank

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longrobnc

11 years ago

Originally Posted by BigFrank

Well, I have only made a million once, close a second time but much more interestingly, have been homeless twice.

Having lots of money was great, but being homeless was much more enlightening and less burdensome. Duh!!! I also learned much more about my fleeting existence than I ever did when I had money.

Personally, I loved writing big fat checks to the IRS. It was a masochistic way of validating my success. If I'm going to live and work in the greatest country on Earth, I'm willing to pay my way and to help pay the way for those that were less fortunate than myself. Of course we all have a different perspective of how much is too much. I never felt that I was paying too much. It was never an issue for me. My attitude was, "Take it. I'll just make more." lol

Cheers. - Frank

Frank,

I have been on my own since 16. I grew up in a very poor and abusive home until I just ran away. I lived hand to mouth until I was 24. At that time, I walked out of a very bad situation with nothing but the clothes I was wearing. That's when a friend started teaching me how to sell. That was the turning point.

I never minded paying taxes, but at the tipping point that the government took the lions share I started to become resentful. Not so much of the IRS, but resentful of most of my family that refused to work and found ways to sponge every cent that the government has on tap. Yes, I will pay my way, but I will always resent busting my ass while other people give up and do nothing. There is a massive difference between less fortunate and plain lazy mooches.

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BigFrank

Banned 11 years ago

Originally Posted by longrobnc

Frank,

I have been on my own since 16. I grew up in a very poor and abusive home until I just ran away.

Pretty much the same, here. I volunteered for Vietnam when I was 16, hoping I would die there. Was sworn-in at 17. Die? No such luck.

I lived hand to mouth until I was 24. At that time, I walked out of a very bad situation with nothing but the clothes I was wearing. That's when a friend started teaching me how to sell. That was the turning point.

I started out selling Cloverine Black Salve, door-to-door, when I was 8 years old. I'm sure you have no idea what that is, but I'm sure that Claude does. lol

I never minded paying taxes, but at the tipping point that the government took the lions share I started to become resentful. Not so much of the IRS, but resentful of most of my family that refused to work and found ways to sponge every cent that the government has on tap. Yes, I will pay my way, but I will always resent busting my ass while other people give up and do nothing.

Never let those folks bother you. If anything, their existence and life style should do nothing more than illuminate your own personal accomplishments. If everyone possessed your gifts, there would be nothing special or unique about your own existence. Additionally, perhaps someday your successes will motivate a current deadbeat loser to decide to turn their life around. Stranger things have happened. Every Yin needs a Yang.

Always look for the bright side. :-)

Cheers. - Frank

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Manny Hernandez

11 years ago

Originally Posted by longrobnc

Frank,

I have been on my own since 16. I grew up in a very poor and abusive home until I just ran away. I lived hand to mouth until I was 24. At that time, I walked out of a very bad situation with nothing but the clothes I was wearing. That's when a friend started teaching me how to sell. That was the turning point.

I never minded paying taxes, but at the tipping point that the government took the lions share I started to become resentful. Not so much of the IRS, but resentful of most of my family that refused to work and found ways to sponge every cent that the government has on tap. Yes, I will pay my way, but I will always resent busting my ass while other people give up and do nothing. There is a massive difference between less fortunate and plain lazy mooches.

I cannot agree more. I never understood why somebody that makes $10k or less a year has a tax bracket of 10% and I am on a tax bracket of 39%

The message we send people is that if you work hard, sweat more and aim to achieve more in life we are going to make you pay big but if you take Food Stamps and every other government benefit you can BS your way into and stay at home watching TV doing nothing then you do not have to pay nothing.

I do not mind paying taxes as I love my country and even risked my life for it but what I can't stand is being charged more just because I work harder than the rest.

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BigFrank

Banned 11 years ago

Originally Posted by Manny Hernandez

I do not mind paying taxes as I love my country and even risked my life for it but what I can't stand is being charged more just because I work harder than the rest.

You're not being charged more for working harder than others. You're paying more because you have been more successful than many others. The two things are not mutually inclusive. I know people living in poverty that work harder than most people that I know. I also know millionaires that have never worked an honest day in their lives.

No one said life was fair. :-)

Cheers. - Frank

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iAmNameLess

11 years ago

Originally Posted by Manny Hernandez

I do not mind paying taxes as I love my country and even risked my life for it but what I can't stand is being charged more just because I work harder than the rest.

I don't like how we're penalized for success. It's almost as if being successful is a bad thing.

I'm considering a move to puerto rico.... talk about tax savings

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.X.

11 years ago

Money is the least of it, friend.

Pass that bitter pill on to someone else. I know
exactly what you mean but don't give it any thought
because you have something more valuable than
any sum of money and "paying tax" on that is worst
of all.

Nobody sitting on their ass is happy - nobody.

Originally Posted by longrobnc

Frank,

I have been on my own since 16. I grew up in a very poor and abusive home until I just ran away. I lived hand to mouth until I was 24. At that time, I walked out of a very bad situation with nothing but the clothes I was wearing. That's when a friend started teaching me how to sell. That was the turning point.

I never minded paying taxes, but at the tipping point that the government took the lions share I started to become resentful. Not so much of the IRS, but resentful of most of my family that refused to work and found ways to sponge every cent that the government has on tap. Yes, I will pay my way, but I will always resent busting my ass while other people give up and do nothing. There is a massive difference between less fortunate and plain lazy mooches.

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alistair

11 years ago

Originally Posted by BigFrank

If I'm going to live and work in the greatest country on Earth, I'm willing to pay my way and to help pay the way for those that were less fortunate than myself.

Cheers. - Frank

I don't know when exactly you're planning on coming to England, but I'd just like to say welcome.

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eccj 11 years ago

Originally Posted by alistair

I don't know when exactly you're planning on coming to England, but I'd just like to say welcome.

Well unless he is going on a time machine that goes back to pre World War 1 then I don't think a welcome will be necessary
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- StevenUK 11 years ago
  
  I am an online 'Millionaire'.
  
  My assets are worth over 7 figures and all paid for, or in cash.
  
  I had that before I was 40.
  
  When I was 16 I actually set out to become a millionaire, and nothing on this green earth was going to stop me. So that was me, by age 37.
  
  A few things I want to point out:
  
  1) A million £/$ is nowhere near enough to last you a lifetime; so you cannot retire if you are still fairly young and still have to work - but it gives you a fantastic cushion, and maybe 15-20 years of breathing space.
  
  2) It DOES feel great not to have money worries, or be frantically chasing the illusive £/$ as much as before you had made a bit of equity.
  
  3) It is a great feeling knowing your mortgage is paid off in full, and you will always have a roof over your head; and so will your children, no matter what happens (unless you do something extremely stupid!).
  
  4) Money DOES by you freedom; freedom to choose; freedom not to have to work 40 hours a week for somebody else; freedom to do, and go where you like, and EXPERIENCE life in an unrestricted way - this is priceless.
  
  But finally, and more importantly, being in the position of wealth does one thing - well, it did for me:
  
  It allows you to cut through the BS that is out there.
  
  And by BS, I mean you see things 'differently' to those who are scraping a living.
  
  Things like fashion; having to have the best cars; clothes; the latest iPhones and other silly toys, and the likes. It really is all BS, and when you have made money, you realise how other people live their lives, chasing something that is amazingly false, and futile.
  
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BigFrank

Banned 11 years ago

Originally Posted by longrobnc

The money will be no consolation when you are unhappy.

Well, someone once said, "Anyone that claims that money won't buy you happiness, simply doesn't have enough money."

I agree with you. I find that all you need is to be secure, content and relaxed. Those are the foundation to a happy life, especially once you become an old bird.

Cheers. - Frank

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longrobnc

11 years ago

Originally Posted by BigFrank

Well, someone once said, "Anyone that claims that money won't buy you happiness, simply doesn't have enough money."

I agree with you. I find that all you need is to be secure, content and relaxed. Those are the foundation to a happy life, especially once you become an old bird.

Cheers. - Frank

Exactly, you can wrap a Bugati around your ass for an hour a day, but once you get out, you're still just you. You can live in a mansion, but all of the shortcomings that you always had will still exist. Believe it or not, but your list of friends will shrink like a phallus in ice water. In my situation, you either become an ATM, or people turn on you. You will see new faces, but you will always wonder if this person would even speak to you if you were still poor. This all has it's own list of problems.

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BigFrank Banned 11 years ago

Originally Posted by longrobnc

Exactly, you can wrap a Bugati around your ass for an hour a day, but once you get out, you're still just you.

Just you with a sweaty-ass! lol

Cheers. - Frank
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Briedis2

11 years ago

Originally Posted by BigFrank

Well, someone once said, "Anyone that claims that money won't buy you happiness, simply doesn't have enough money."

I agree with you. I find that all you need is to be secure, content and relaxed. Those are the foundation to a happy life, especially once you become an old bird.

Cheers. - Frank

I perfectly agree with you. The only things which are great with making a lot of money are freedom and security.

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BigFrank

Banned 11 years ago

Originally Posted by longrobnc

Other than a great home, I wanted a boat, a nice motorcycle and a Ferrari. I never bought any of these toys because mentally they feel like boat anchors. I just can't bear paying taxes or maintaining one more of "anything".

Well, if you are going to work hard there is nothing wrong with having a few toys, for as long as they amuse you. I live in a very nice, but by millionaire terms, modest lakeside home (down from 3 homes and a farm), I had my Donzi docked out back (gone), had a fleet of classic British and Italian bikes (gone) and I am quite content to cruise around in my paltry, low-end BMW convertible. When the Ferrari drivers look down their nose at me I just give them a thumbs-up and a wall-to-wall smile. That generally leaves them scratching their head.

I'm confident that I've learned what they haven't figured-out, yet. :-)

Cheers. - Frank

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Sellaholics 11 years ago

Originally Posted by longrobnc

Not sure what there is to gain by patting myself on the ass in front of the crowd.

That's what people I like to work with sound like. In online marketing the quiet ones never stick their head up to have it chopped off.
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Claude Whitacre

11 years ago

Originally Posted by savidge4

@animal44 so what exactly was the motivation behind the post and the question? More specifically what is it you were wanting to gain from asking the question?

I can tell you why I posted an answer.

The question is slightly invasive, and in kind of bad taste. I thought that was funny.

The idea of telling someone outright that you make a good living, is frowned upon, which I also find funny.

The OP obviously thought a million dollars was a great deal of money, which I find funny.

I knew that stating that you make a good living would be thought of as bragging, which I find funny.

I knew that at least one person would challenge the claim, not knowing how an average business makes money...which I found funny.

I assumed at least one person would call me a liar, which didn't happen...but I would have found it funny.

In a Forum by vacuum cleaner retail store owners, I stated that my business grew an average of 81% every year for 8 years....(2000-2007) .It was true, and my main supplier even said it was true.(They own the forum) But it started arguments...sides were taken (not by me), theories were formed as to how I did it, or why it was impossible...

Two member (of the other forum) spent months, asking questions, trying to catch me in a lie. I admit, I thought they just wanted to learn how I was doing it, but someone called me and filled me in on the real motives. (So I wouldn't keep wasting my time, trying to help).

I wanted to see if it would happen here. It didn't. But this is generally a more savvy group.

And, to be honest, I didn't think anyone else would claim how much they made. And I was afraid the thread would die. I just wanted to see the responses.

As a speaker, for some reason..people ask me how much money I make. Usually very young newbies. I ask them to guess. Their answer tells me a lot about them.

And I have no humility.

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BigFrank Banned 11 years ago

Originally Posted by Claude Whitacre

And, to be honest, I didn't think anyone else would claim how much they made. And I was afraid the thread would die. I just wanted to see the responses.

Claiming how much one made is one thing. Managing to hang on to it is another feat entirely.

Personally, I will just as freely admit that I lost a million as claiming that I made a million.

There are pro and cons to both occurrences. :-)

Cheers. - Frank
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56villages

11 years ago

Originally Posted by Claude Whitacre

I can tell you why I posted an answer.
As a speaker, for some reason..people ask me how much money I make. Usually very young newbies. I ask them to guess. Their answer tells me a lot about them.
And I have no humility.

Claude,

Event the event planner sometimes asks how many speaking engagements one makes a year just to do the math on how much money one makes.

The best answer for people who ask how money do you make is... "Why? Do you work for IRS?" We both laugh and move on to the next topic.

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animal44

11 years ago

Originally Posted by savidge4

@animal44 so what exactly was the motivation behind the post and the question? More specifically what is it you were wanting to gain from asking the question?

There's lots of sage wordsmiths giving business advice on here. I was wondering how many have actually walked the talk...

If you want advice on anything, you want to find out the advisor's credentials first.

I'm glad I amused Claude...

Money is a metric to measure business success. There is no other purpose of a business other than to make a profit.

My own personal metric of success is freedom. But that's damn near impossible to measure objectively. Money is easy to measure.

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BigFrank Banned 11 years ago

Originally Posted by animal44

There is no other purpose of a business other than to make a profit.

Nothing wrong with making money and having a strong social conscience. The two things are not mutually exclusive.

Honestly, your attitude is one that makes many people hate business and the people that run the business world.

Cheers. - Frank
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- animal44 11 years ago
  
  Originally Posted by BigFrank
  
  Nothing wrong with making money and having a strong social conscience. The two things are not mutually exclusive.
  
  How does that contradict what I said...?
  
  Originally Posted by BigFrank
  
  Honestly, your attitude is one that makes many people hate business and the people that run the business world.
  
  Huh?
  
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  BigFrank Banned 11 years ago
  
  Originally Posted by animal44
  
  How does that contradict what I said...?
  
  Huh?
  
  You said, "There is no other purpose." You wrote it. I quoted it.
  
  As to the, "Huh?" That belief reflects poorly on many business people who do not share that view.
  
  Cheers. - Frank
  
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Slade556

11 years ago

Originally Posted by animal44

There is no other purpose of a business other than to make a profit.

My own personal metric of success is freedom.

I think you just contradicted yourself there. Profit does not equal freedom or even happiness for that matter.
IMO, the purpose of a business is to do something you enjoy in order to make a profit, then you will feel the real freedom.

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BigFrank

Banned 11 years ago

Originally Posted by Slade556

IMO, the purpose of a business is to do something you enjoy in order to make a profit, then you will feel the real freedom.

Satisfaction? Probably. Freedom? Not if you're working 80 hours a week doing something you enjoy to make a profit.

Think about it.

Cheers. - Frank

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Oziboomer 11 years ago

Originally Posted by BigFrank

Satisfaction? Probably. Freedom? Not if you're working 80 hours a week doing something you enjoy to make a profit.

Think about it.

Cheers. - Frank

I'd stayed out of this thread because the millionaire tag is something I don't think I have earned yet even though every year a million or more passes gently through my control as I scrape off a percentage to carve out an existence...it's been that way for over 20 plus years.

That illusive "work-life balance"

Something I'm so glad I sort of have had for a fleeting time over the last few years....

A few years back I always spent every Wednesday with my Dad...now 82...going fishing,,,usually offshore and hardcore...that's what we get off on...

I always go away with him 2 -3 times year for a Dad and Son trip for 7-10 days time permitting. (now it is Three of us that go together and soon four as the youngest gets his sea legs)

Wednesdays are now filled teaching my kids to swim and exploring various activities together.

Sundays...every second one is a family dinner with as many family members as can be mustered.

Every second Thursday always has a "my time" therapeutic massage followed by quiet lunch.

Saturdays I spend time with the kids and usually that includes a beach trip with the whole family and either a family BBQ or restaurant visit.

I work hard....very hard.

My work usually involves dealing with the biggest problems and the most complex situations that get thrown at my diverse range of businesses.

There would be many occasions where weeks of 60 hours plus are required....

Normal...no...

...but when needed the other parts of "Life" suffer.

My advice....

Yes you can trade time for money.

Don't trade "LIFE" for money.

As a mentor of mine once said

"One hour is filled with sixty diamond minutes...don't waste them ! "

If you have a good reason to spend your time away from your loved ones to make money just realise you need to buy that time back later and make sure you don't leave it too long between making time for family and making money otherwise one day they won't be there.
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kenmichaels

11 years ago

Originally Posted by BigFrank

Satisfaction? Probably. Freedom? Not if you're working 80 hours a week doing something you enjoy to make a profit.

Think about it.

Cheers. - Frank

In my business there are only two things that I do that I actually enjoy.
The rest of it falls some where between strong dislike to true hate.

Business F'n sucks !

IMHO, as much as it sucks it's still better then working for anyone

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Oziboomer

11 years ago

Originally Posted by kenmichaels

In my business there are only two things that I do that I actually enjoy.
The rest of it falls some where between strong dislike to true hate.

Business F'n sucks !

IMHO, as much as it sucks it's still better then working for anyone

Sounds a bit like any relationship...

The more you love...the more you notice those little things you really hate.

Is it an age thing...or just familiarity?

Business is very love/hate because you just got to get fired up and all the warm fuzzies don't always do the trick....

...but a bit of "I'm gonna F'n do that today...accompanied by....

..we'll if I don't the World's gonna pay the price...kinda attitude is sometimes required...

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savidge4

11 years ago

Originally Posted by animal44

Money is a metric to measure business success. There is no other purpose of a business other than to make a profit.

I would kindly disagree with this. I just so happen to love the hell out of what I do.. all of it. Making money is seriously a bonus for me.

I am artistic ( not autistic ) by nature I think. I have always been into photography and drawing and the like. I very much like the precision of architectural drawing. When I was young... 12 If my math is correct My mother "saw" the future, and bought me my first computer a TI 99 4/A. That immediately sucked me in. I would stay up for days on end programming RPG Text games, and distribute cassette tape copies to all the geeks in school.

Not to much later I got into "hacking" with my Apple II ( All caps keyboard ) and later upgraded to the Apple II+ got in heavy with the BBS scene, and ran one for 4 years.

I grew up in a family owned print shop. in about 1990 or so, some guy ( don't remember his name ) had this piece of hardware that connected to type set machines to an Apple. with the use of a BBS system clients could "upload" text directly. I had a connection getting Bell and Howell Private label Apples, that I would load up with the BBS software and customize, and sell to this guys clients. At the age of like 15... I was making a KILLING.

Migrating to web design was obviously very natural. For that matter running a business online was very natural as well. I was very fortunate early on in the "Internet" to get involved in a pretty big start-up... well it ended up big.

After that I did some pretty decently high profile stuff for a few years and kind of got burnt out after a while. I got into Installing Satellite Systems as a change of pace.

At the same time I got really into digital photography, and was selling prints. In my then local market I was selling more than a few and made the jump to getting my own Large Format Printer. Kind a had to justify the expense of the printer so I went out and pre sold a bunch of work. It took exactly 6 days from the time I set it up, to the time it was paid off.

Satellite Installation was getting in the way at this point... So I hired my first crew to install for me while I sold prints, banners, etc and started doing web design again. Got into printing, and video work and anything and everything that your average small to medium business would use to promote their business.

Then my Girlfriend of 5 years got preggers... She wanted to be close to her family.. so we moved to West By God Virginia. I pretty much picked up right were I left off. Started a Satellite business and focused on that for about 6 months, and then got that running smooth and then got into the business of small / medium business promotion.

Originally Posted by animal44

My own personal metric of success is freedom. But that's damn near impossible to measure objectively. Money is easy to measure.

What exactly does freedom look like to you?

Originally Posted by Oziboomer

There would be many occasions where weeks of 60 hours plus are required....

I work 8 to 3 mostly 7 days a week... 8 am to 3 am - well not exactly that much. I do spend a fair amount of time in the afternoon with my son - 2 to 3 hours. Weekends he gets even more time.

I basically don't own a business, I work for one - that happens to be mine! LOL

Some interesting numbers... if you have a roof over your head, food, and water - regardless of your income.. that puts you at roughly the top 25 percentile of wealth in the world. A million dollars... that makes you a 2 percenter in the world.

I personally believe its not so important as to how much you have.. its what you do with what you do have. If you have, and those around you don't.. there is something wrong.

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animal44

11 years ago

Originally Posted by savidge4

I would kindly disagree with this. I just so happen to love the hell out of what I do.. all of it. Making money is seriously a bonus for me.

So why don't you do it for free...?

Originally Posted by savidge4

What exactly does freedom look like to you?

Last night I wrote a full todo list for today. This morning I got up, saw a bright blue sky, gave the wife a kick, and by 8.00am we were out in the wilds of west sussex enjoying a nice half day out walking and photographing the wildlife. Would've been a full day, except wifey had a pre arranged appointment.

That is freedom. I don't have to work every day, or even most days. I can choose.

Originally Posted by savidge4

I personally believe its not so important as to how much you have.. its what you do with what you do have. If you have, and those around you don't.. there is something wrong.

I kind of agree with you, however I also believe there will always be a proportion of the population who will always be the "have nots" for whatever reason. I'll willingly help those who are willing to make some effort.

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savidge4

11 years ago

Originally Posted by animal44

So why don't you do it for free...?

Have you ever tried to sell free? It really is not so simple. I would almost go so far as to say selling free can be harder than selling something that is way over priced. But... I actually do quite a bit for free. Getting into the 3rd point that you brought up here. I find it a bit rewarding to assist those that are willing to put in the effort.

And with that idea I do extend my services to those that I feel are going to push forward and make a go of things. Sometimes it works well, and other times there is a bit of doubt in the intent and it backfires quite badly. The reality is I didn't get to where I am today with out the help and guidance of those that know more than me. and I feel the need to offer the same in return, and to hopefully pass the good fortune given to me.

Originally Posted by animal44

Last night I wrote a full todo list for today. This morning I got up, saw a bright blue sky, gave the wife a kick, and by 8.00am we were out in the wilds of west sussex enjoying a nice half day out walking and photographing the wildlife. Would've been a full day, except wifey had a pre arranged appointment.

That is freedom. I don't have to work every day, or even most days. I can choose.

I think that's great you have that in your life! I don't think I genetically could do that. I had a moment not to long ago.. I sold my web design business. I was sitting at my desk with a rather nice check staring at me. At that very moment I could have done anything in the world I wanted to. I could have done absolutely nothing.

I walked out to the main part of my office and pulled together a "Staff Meeting" Thanked everyone for their hard work bah blah blah. Then said moving forward.. we are doing this... yada yada yada, and got on the phone and started making things happen.

For a whopping 15 minutes I had no direction, and no focus, and what I thought was no meaning in my life. Right up there with the worst 15 minutes of my life really. Its about humorous looking back at it... but it seriously scared the crap out of me! lol

Originally Posted by animal44

I kind of agree with you, however I also believe there will always be a proportion of the population who will always be the "have nots" for whatever reason. I'll willingly help those who are willing to make some effort.

I agree. We can call it drive, or motivation, or whatever else. but rubber hits the road, and you are in, or you are out. I like to think that I have the ability to see "IT" in people. I will at times extend myself and my resources to help others make a better reality for themselves. It doesn't always pan out, but that is in itself part of the process. Part of learning is trial and error. its those that keep at it, and seek assistance from those that maybe aren't better, but clearer in the path of success that is key.

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outlawdawg 11 years ago

I have to agree with you - once you realize that a million is not that much you have to reevaluate your dream. If it is to have a bank account with a million dollars - you are there. However, most of us are looking for a certain lifestyle to consider ourselves successful. IN my case a million dollars is just a part of the house I am working for. The biggest challenge is to stay motivated and on track.

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Ryan David

11 years ago

Originally Posted by Claude Whitacre

We only sell high end vacuums. And yes, I'm a great salesman.

We're open 6 days a week, all year. Our average vacuum sale is about $800. The profit isn't $3,000 a day, it's $3,000 a day in business. A little more than half of that is net profit.

That's in a peak year. This year, we'll do maybe $300,000 in sales (from the store). I'm winding down, and only spend about an hour a day on the floor. The rest of my time is spent writing and talking to clients.

I also have consulting clients, mostly from the books I write.

We don't take vacations.

Eh, you probably get questioned a lot because your stories make people raise their eyebrows. You say it's not hard to "make" $1M (implying you're pocketing $1m). Then someone points out how many vacuum cleaners that is and you say that the figure was a revenue figure, but since an $800 vacuum only costs you $300, over half of the million is "net profits". It's actually not net profits, it's gross profit. With what's left over you pay rent, commissions, utilities, advertising, payroll, etc.

Even if you can minimize all of those expenses, there is still the 2 biggest questions that most people are questioning:

1) That gross margins on a vacuum cleaner are 65%? Little hard to believe.
2) You're selling 3-5 vacuums per day in the middle of Ohio? Consistently, you have 3-5 people just strolling in and buying an $800 vacuum. Your vacuum cleaners must be like the Tesla of vacuums.

Ehhhhhhhhhhhhhhh

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Claude Whitacre

11 years ago

Originally Posted by Ryan David

1) That gross margins on a vacuum cleaner are 65%? Little hard to believe.
2) You're selling 3-5 vacuums per day in the middle of Ohio? Consistently, you have 3-5 people just strolling in and buying an $800 vacuum. Your vacuum cleaners must be like the Tesla of vacuums.

Thanks for bringing that up. My stories don't bring up the eyebrows of anyone who knows me, or has visited my store....or anyone else in my industry.

Yes, right now, we sell maybe 2 high end vacuums a day. But we (until this last year) were consistently selling 3 or 4 a day, six days a week. It isn't an amazing figure. Your amazement is due to your lack of knowledge of how much a retail store sells in a day.

And $800 fo a vacuum is our average. We just don't sell discount store vacuums. If you go into any Specialty store selling high end vacuums (there are about 5,000 in the US), you'll see that my average sale is only 20% above industry average.

You aren't exposing any of my claims. You are exposing your lack of knowledge of selling in a high end retail store.

Gross margins average 66%. That's just a few points above average in our business. And my figures also include service and parts sales. But not internet sales, speaking fees, consulting fees, or sales training materials sold. I also own Local Profit Geyser, that still brings in a good deal of money every month. None of that is included, because they are separate businesses. And profits from book sales are not included.

Right now, I'm winding down, because we are going to retire soon. So I'm not marketing as strongly as I used to.

Google my name. That's right, just Google Claude Whitacre.

See all those websites, speaking engagements, awards, clients, testimonials? See the pictures of my store? The articles I've written in my industry magazine? The best selling books I've written on selling?

I get tickled, remembering decades ago, when doubters like you, actually mattered.

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Ryan David

11 years ago

Originally Posted by Claude Whitacre

Thanks for bringing that up. My stories don't bring up the eyebrows of anyone who knows me, or has visited my store....or anyone else in my industry.

Yes, right now, we sell maybe 2 high end vacuums a day. But we (until this last year) were consistently selling 3 or 4 a day, six days a week. It isn't an amazing figure. Your amazement is due to your lack of knowledge of how much a retail store sells in a day.

And $800 fo a vacuum is our average. We just don't sell discount store vacuums. If you go into any Specialty store selling high end vacuums (there are about 5,000 in the US), you'll see that my average sale is only 20% above industry average.

You aren't exposing any of my claims. You are exposing your lack of knowledge of selling in a high end retail store.

Gross margins average 66%. That's just a few points above average in our business. And my figures also include service and parts sales. But not internet sales, speaking fees, consulting fees, or sales training materials sold. I also own Local Profit Geyser, that still brings in a good deal of money every month. None of that is included, because they are separate businesses. And profits from book sales are not included.

Right now, I'm winding down, because we are going to retire soon. So I'm not marketing as strongly as I used to.

Google my name. That's right, just Google Claude Whitacre.

See all those websites, speaking engagements, awards, clients, testimonials? See the pictures of my store? The articles I've written in my industry magazine? The best selling books I've written on selling?

I get tickled, remembering decades ago, when doubters like you, actually mattered.

Wow, you mean that you're such a celebrity that you're able to rank your own sites for your name? I can't believe that you're able to beat out the millions of Claude Whitacre's that have setup websites and tried to get traffic to them!!!!

I do see the pictures of your store...it looks like there might be a 7-11 on one side and a payday loan place on the other?

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Claude Whitacre

11 years ago

Originally Posted by Ryan David

Wow, you mean that you’re such a celebrity that you’re able to rank your own sites for your name? I can’t believe that you’re able to beat out the millions of Claude Whitacre’s that have setup websites and tried to get traffic to them!!!!

I do see the pictures of your store…it looks like there might be a 7-11 on one side and a payday loan place on the other?

Amazing, and not worth any more of my time.

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eryeal

11 years ago

Originally Posted by Ryan David

Wow, you mean that you're such a celebrity that you're able to rank your own sites for your name? I can't believe that you're able to beat out the millions of Claude Whitacre's that have setup websites and tried to get traffic to them!!!!

I do see the pictures of your store...it looks like there might be a 7-11 on one side and a payday loan place on the other?

You're really out of line - he was called out on the accuracy of his information, and he provided plenty of resources for you to go and check him out .. then you call him out on wanting to be a "celebrity" .. Troll much?

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Ryan David

11 years ago

Originally Posted by eryeal

You're really out of line - he was called out on the accuracy of his information, and he provided plenty of resources for you to go and check him out .. then you call him out on wanting to be a "celebrity" .. Troll much?

Not sure what you mean. He said that nobody could believe him on *fill in the blank claim* and I pointed out why it was hard to believe him based on what he said here e.g. referring to "making a million" in terms of revenue, confusing gross profit with net profit, the idea that he's selling 3-5 $800 vacuums per day in a town of probably 25K.

Hey, I'm just pointing out a handful of things that come to mind after scanning his post. If nobody had clarified his statements, he'd be leaving the impression that he's netting a million bucks selling vacuum cleaners in Ohio.

I only bring up the "celebrity" piece because he tells me to "Google my name. That's right, just Google Claude Whitacre.". Based on a boistrous statement like that, I was expecting to see him speaking on the Today show or getting interviewed by CNBC. What do I find? Some self-published books on Amazon, a bunch of websites he owns, and an "upscale" vacuum store that looks like it's in a strip mall next to a comic book store.

I wasn't intentionally being insulting, but I was just kinda shocked at the lack of self-awareness. Like really, you don't understand why people don't believe your claims after (in 1 post) you went from implying you are making $1M/year in net profit selling vacuums when (maybe) you actually making $650K in gross profits....this is all assuming the rest of the statements e.g. he's selling 3-5 vacuums per day in a town of 25k or the fact that the gross margins are 65%.

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iAmNameLess

11 years ago

Originally Posted by Ryan David

Not sure what you mean. He said that nobody could believe him on *fill in the blank claim* and I pointed out why it was hard to believe him based on what he said here e.g. referring to "making a million" in terms of revenue, confusing gross profit with net profit, the idea that he's selling 3-5 $800 vacuums per day in a town of probably 25K.

Hey, I'm just pointing out a handful of things that come to mind after scanning his post. If nobody had clarified his statements, he'd be leaving the impression that he's netting a million bucks selling vacuum cleaners in Ohio.

I only bring up the "celebrity" piece because he tells me to "Google my name. That's right, just Google Claude Whitacre.". Based on a boistrous statement like that, I was expecting to see him speaking on the Today show or getting interviewed by CNBC. What do I find? Some self-published books on Amazon, a bunch of websites he owns, and an "upscale" vacuum store that looks like it's in a strip mall next to a comic book store.

I wasn't intentionally being insulting, but I was just kinda shocked at the lack of self-awareness. Like really, you don't understand why people don't believe your claims after (in 1 post) you went from implying you are making $1M/year in net profit selling vacuums when (maybe) you actually making $650K in gross profits....this is all assuming the rest of the statements e.g. he's selling 3-5 vacuums per day in a town of 25k or the fact that the gross margins are 65%.

I have a client that has a vacuum store, not a big client, just someone I've done some print design stuff for EDDM.

In a town of 30K, they're doing about 3.5M in revenue on a yearly basis. The store is a hole in the wall, looks like they would have trouble selling 3-5 vacuums a month.

I don't know what they're NETTING but I would guess it would be around 400K or so. Family business, so there's more employees than they probably need, I would assume they could be pretty close to 1M net if they really wanted. They also do repair work.

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Ryan David

11 years ago

Originally Posted by iAmNameLess

I have a client that has a vacuum store, not a big client, just someone I've done some print design stuff for EDDM.

In a town of 30K, they're doing about 3.5M in revenue on a yearly basis. The store is a hole in the wall, looks like they would have trouble selling 3-5 vacuums a month.

I don't know what they're NETTING but I would guess it would be around 400K or so. Family business, so there's more employees than they probably need, I would assume they could be pretty close to 1M net if they really wanted. They also do repair work.

So you're telling me that each and every person is spending $110/year on vacuum cleaners/service. That's every man, woman, and child. I think it's more likely they are doing $350K a year.

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longrobnc

11 years ago

Originally Posted by Ryan David

So you're telling me that each and every person is spending $110/year on vacuum cleaners/service. That's every man, woman, and child. I think it's more likely they are doing $350K a year.

I live in North Carolina, and drive to an Oreck store that's in a town north of me. It is an almighty shock standing in that store how many people walk in for service. It's also shocking to see how they sell new vacuums to these people. It's a tiny retail space and we are often shoulder to shoulder. I've waited in line 20-30 minutes to buy spray cleaner for my air purifier. Claude's may be a different set up, but I have no doubts that this store does well over a million a year. As for that $110 figure. I spend well more than that by the time I buy bags, tune ups, air purifier cleaner, smell good stuff to place in the purifier, drops for the floor steamer and a new floor steamer or vacuum every few years. We have rode to the store several times just to see if they have anything interesting a new.

Edited:

I have air purifiers at home and in my office.
I have Oreck vacuums at both locations.
I have floor steamers at both locations.
These items also make great gifts. People love them.

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Oziboomer

11 years ago

Originally Posted by Ryan David

So you're telling me that each and every person is spending $110/year on vacuum cleaners/service. That's every man, woman, and child. I think it's more likely they are doing $350K a year.

It might just be that a couple of thousand people are buying high end vacuum cleaners in the 800-1200 range and those people are also entering a service agreement and perhaps buying other cleaning products.

Add that to another couple of thousand buying low end products and consumables.

Add that to other repairs...

Doesn't seem to far from the realms of possibility.

You've also got to remember that many retail businesses also have some online supply going on and also if the repair department has a reputation for fixing specific brands that may be capturing business from a far wider market than the 30K residents.

I know from my retail experience that people who only look in from the outside don't really get an understanding of the true scope of the business.

In one of my retail businesses which involves the custom framing of pictures if you asked Joe Blow on the street "What's a picture frame cost?", most would say between $10 - $50...whereas our average is currently just over $312 per frame.

Each week would sell at least 10 frames in the $600 - $1000 range plus 2-3 in the $1000 plus range and although not common we would sell at least 6 a year in the $2000 - $5000 range.

That would be normal retail for us....

but if you also add the "behind the scenes" stuff like...

Several ongoing commercial contracts to supply large multi-nationals that run into $20-50K each plus per year.

Another $300K of online sales.

That is only the picture framing stuff and I won't say I'm in the average bunch for that industry.

Most people would only draw conclusions about what a business does from their own perspective and unless they've got first hand experience or consult to other businesses regularly they wouldn't have a clue.

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Claude Whitacre

11 years ago

Originally Posted by Oziboomer

It might just be that a couple of thousand people are buying high end vacuum cleaners in the 800-1200 range and those people are also entering a service agreement and perhaps buying other cleaning products.

Add that to another couple of thousand buying low end products and consumables.

Add that to other repairs...

Doesn't seem to far from the realms of possibility.
.

There just aren't that many retail stores that specialize in high end vacuums. The top dealer (that I'm aware of) does $7-8 million a year, in a town of about 15,000. How? The same as all of us....he draws people from outside his town. There are 17,000 people in Wooster Ohio (my town), but we draw customers from several counties. We also have websites targeting most of the major cities in Ohio, to draw people into our store from the entire state. Every week, we have someone drive from Cleveland, maybe an hour away, to buy from us.

20 years ago, there were maybe 15,000 stores like ours. Now, they are down to 5,000. The ones who didn't learn how to market, and advertise online, are now gone.

Truthfully, in 15 or 20 years, stores like mine will be gone. Our average customer is in their 60s. Almost never do we get someone under 40 in here.

The average person buys a new vacuum every 5-6 years. And a third of the people who come in for service, buy a new vacuum.

People buy high end vacuums here, because all our marketing is geared toward the high end. We don't advertise any vacuum under $279. The average customer comes in, expecting to pay $4-600 for a vacuum. It isn't much of an upsell.

If they come in, expecting to pay $79, then getting to $199 is going to be nearly impossible. But a $500 shopper? They will go to $999 pretty easily. It's all in who you are attracting with your marketing.

I know you already know that. I'm just feeling chatty.

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Claude Whitacre 11 years ago

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- kenmichaels 11 years ago
  
  Originally Posted by Claude Whitacre
  
  I may have been a little premature.
  
  You know this has got to be one of the stupidest threads ever in the offline section.
  It started off kinda funny, then got somewhat interesting then fell off the rails
  when WF decided to include it in the newsletter ...
  
  Now everyone wants in to promote their sig ...
  
  -- Took forever to run off all the link droppers ... one email and bamm
  now the offline section is infested again.
  
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  DWolfe 11 years ago
  
  Originally Posted by kenmichaels
  
  ]
  -- Took forever to run off all the link droppers ... one email and bamm
  now the offline section is infested again.
  
  Very true, Just flagged one post it was written in a foreign language. This section of the forum has had some very good threads here lately. One with Ewan, Savage4 and a few others helping someone about a sales letter and another helping Zoro with his directory site..
  
  Now that the word millionaire is blasted to every troll on this entire community, they are back. The funny thing is the OP asked who is a millionaire and wondering why they spend time on this forum. He thinks everybody would be on a boring beach drinking booze.
  
  Then a dispute involves some one who has been working for over 20 plus years over in his business. No one takes into consideration his age, savings, investments or if there is duel income in his home.. Makes for interesting reading till the trolls came here. A billionaire like Trump spends most of his time in his business and says his leisure time is learning or playing golf (still making deals). Not the Beach...!
  
  Some times this section is better off, just left flying low under the radar.
  
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  tryinhere 11 years ago
  
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Peter Lessard

11 years ago

LOL I would hate to see when you are actually being intentionally insulting.

Seriously though many people are giving their head a shake and just being nice and not telling you what they really think of your posts. This is a friendly forum completely different than the main one. Trust me you have made yourself look like a total ass.

In the big picture why was it necessary to go looking for reasons to attack the guy? YOU chose to paraphrase what he said and YOU chose to believe it would leave others with the impression he was netting 1 million a year selling vacuums. I was not remotely confused with what he was saying or left with any grandiose impressions and frankly after 16 years of serving retail clients including those in vac/central vac sales there is nothing that stands out to me as being out of line.

Did he try to sell us a WSO? Did half the forum leave with plans to set up vacuum stores? He states he did a million in 2 peak years but it took him maybe 20 years to get to the point where he could make that kind of money. Guy and his wife work 6 days a week without vacations for a few decades and we should call him out if he now says he has 1 million+ in assets to show for it?

Beyond his actual posts and then your choices of interpretation and ensuing comments the other reason your really stepped in it is because many and I mean many on this forum have followed his posts, read his books and have profited from his help. It totally pisses us off that sometimes we lose people like him because of crap like this.

He told you to Google him so you could see he is not some fly by night fake. You chose to then make it look like he was making some sort of claims on how he can rank for his name lol Your not being rude? "some self published books" Hmmm what the hell is wrong with best selling self published books? His have made me money, yours not so much!

I get that in normal context "google my name" could be taken as a bit over the top and look at me etc... but frankly in this instance it was a very polite response compared to what I or many others on here would of told you.

Originally Posted by Ryan David

Not sure what you mean. He said that nobody could believe him on *fill in the blank claim* and I pointed out why it was hard to believe him based on what he said here e.g. referring to "making a million" in terms of revenue, confusing gross profit with net profit, the idea that he's selling 3-5 $800 vacuums per day in a town of probably 25K.

Hey, I'm just pointing out a handful of things that come to mind after scanning his post. If nobody had clarified his statements, he'd be leaving the impression that he's netting a million bucks selling vacuum cleaners in Ohio.

I only bring up the "celebrity" piece because he tells me to "Google my name. That's right, just Google Claude Whitacre.". Based on a boistrous statement like that, I was expecting to see him speaking on the Today show or getting interviewed by CNBC. What do I find? Some self-published books on Amazon, a bunch of websites he owns, and an "upscale" vacuum store that looks like it's in a strip mall next to a comic book store.

I wasn't intentionally being insulting, but I was just kinda shocked at the lack of self-awareness. Like really, you don't understand why people don't believe your claims after (in 1 post) you went from implying you are making $1M/year in net profit selling vacuums when (maybe) you actually making $650K in gross profits....this is all assuming the rest of the statements e.g. he's selling 3-5 vacuums per day in a town of 25k or the fact that the gross margins are 65%.

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Lance K

11 years ago

Originally Posted by Ryan David

I wasn't intentionally being insulting, but I was just kinda shocked at the lack of self-awareness. Like really, you don't understand why people don't believe your claims after (in 1 post) you went from implying you are making $1M/year in net profit selling vacuums when (maybe) you actually making $650K in gross profits.....

I followed his comments just fine. If you ask me, the people who thought he was implying net profits were just looking to shoot holes in his story. If anything, Claude is guilty of giving a cliff notes version on the assumption that anybody reading this thread has a basic understanding of how businesses work.

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AndrewCavanagh 11 years ago

Originally Posted by Claude Whitacre

We don't take vacations.

I've been at this awhile. None of this is overnight.

Two VERY common traits of many of the most successful business people I've met.

One of the big problems with people who've worked jobs most of their lives is they
find it really hard to get the idea of working your arse off for many years and being
responsible for EVERYTHING.

There is great money in business but it rarely stays with the idiots who want to
go golfing, spend their money on expensive vacations and fancy cars.

Business people understand the real value of both their time and their money and
they don't waste it.

Most of the smart business people I know who have finally started spending serious
money have been at it hard for over a decade and have built huge cash buffers and
physical business assets so they're not spending their capital to enjoy themselves.

Kindest regards,
Andrew Cavanagh
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animal44

11 years ago

Originally Posted by Claude Whitacre

Heck, a million a year is just $3,000 a day in business. Five or six decent vacuum sales a day, and you're there.

The criteria was after taxes and expenses. In the US, that'd be more like $1.75 million before taxes... :-)

Jay Abraham made $6 million in his first successful JV. And that wouldn't have taken hard work... or a whole year... :-)

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Claude Whitacre

11 years ago

Originally Posted by animal44

The criteria was after taxes and expenses. In the US, that'd be more like $1.75 million before taxes... :-)

Only if you don't know how to manage your money. If someone makes $1.75 million on gross profit, and pays $750,000 in income tax, that person is a fool.

And that's why I said it took 2 years, even though we did almost a million in one of those years.

Originally Posted by animal44

Jay Abraham made $6 million in his first successful JV. And that wouldn't have taken hard work... or a whole year... :-)

My God! Are you saying that someone made more money than me? Why, I've never been so embarrassed in my entire life. I'm getting that Jay Abraham on the phone right now, and am getting to the bottom of this.

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YourBizAid

Banned 11 years ago

Originally Posted by Claude Whitacre

My God! Are you saying that someone made more money than me? Why, I've never been so embarrassed in my entire life. I'm getting that Jay Abraham on the phone right now, and am getting to the bottom of this.

LOL!!! I know millionaires as one of the funniest dudes on the planet. And by all mean, you're one of them!

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savidge4 11 years ago

ok so now we have someone that says if you don't make a million in a year it doesn't count. we have people disputing if selling Vacuums at on average $800 a clip could gross a million a year... let alone make someone a millionaire... and NOT ONCE has anyone thought for 2 seconds that becoming a millionaire could take I don't know 4 years? WTF?!?!?!?!

Here has been my strategy over the years.. I started very young actually. I had invested $1000 in an account. over the many years.. going on 30 of them now. I have to my best ability invested $1000 a month. Over the past many many years I have been more then lucky to maintain a growth rate of over 7% ( anyone that understands finance understands 7% is the target # for best results - known as laws of 7 )

In 30 years time I have become a millionaire. Forget selling, forget how much money my company has made blah blah blah... MY personal investments OVER 30 years ( only 12k a year ) puts me in the club. I could have very easily never grossed a million dollars in a single year and done this. I could have not grossed a million over 10 years and done this. I could have taken 20 years to gross a million and still done this.

The point... Stop chasing.. and start investing.
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TheGMa

11 years ago

Originally Posted by Claude Whitacre

My God! Are you saying that someone made more money than me? Why, I've never been so embarrassed in my entire life. I'm getting that Jay Abraham on the phone right now, and am getting to the bottom of this.

Oh lordy! There goes my makeup! LOL!!!

My problem isn't the time or effort or boredom card. Starting in 1999, I built a large international organization that was unique at the the time (and in many ways still is) and to this day is extremely effective. One little pissed-off grandma and a computer plus about 10 hours or so a day, day in and day out for 7 years is all it took to make headlines, and another 4 to keep the ball rolling. It's an all volunteer nonprofit.

My problem is actually making money. I can write like gangbusters - created a 2000-page web site that used to be quoted all over hell and gone - but only ever made about $200/mo for the corp in affiliate marketing & AdSense (In nonprofit speak that's called "Unrelated Business" and you pay taxes on it).

No, not gonna' give you the name of the .org. I'm retired from that and starting over. I need to build sites that will make money and at 69, I don't have time to live in the slow lane. Hell, I'd be happy w/$300 a month. Not for long mind you, but it's a start.

Hmmm... Maybe I should build myself a few vacuum cleaner sales sites written from a unique point of view.

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Ron Lafuddy

11 years ago

TheGMa; "Hell, I'd be happy w/$300 a month. Not for long mind you, but it's a start."

You're in luck, as just about any minimum wage job will get you there.

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TheGMa

11 years ago

Originally Posted by Ron Lafuddy

TheGMa; "Hell, I'd be happy w/$300 a month. Not for long mind you, but it's a start."

You're in luck, as just about any minimum wage job will get you there.

*Grin* Cute. No help, but cute.

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bizgrower

11 years ago

Crazy thought. Could you make and sell cookies, or something like that, through that .org?
A lot of ready audience and you could set it up to pay you and .org.

Originally Posted by TheGMa

Oh lordy! There goes my makeup! LOL!!!

My problem isn't the time or effort or boredom card. Starting in 1999, I built a large international organization that was unique at the the time (and in many ways still is) and to this day is extremely effective. One little pissed-off grandma and a computer plus about 10 hours or so a day, day in and day out for 7 years is all it took to make headlines, and another 4 to keep the ball rolling. It's an all volunteer nonprofit.

My problem is actually making money. I can write like gangbusters - created a 2000-page web site that used to be quoted all over hell and gone - but only ever made about $200/mo for the corp in affiliate marketing & AdSense (In nonprofit speak that's called "Unrelated Business" and you pay taxes on it).

No, not gonna' give you the name of the .org. I'm retired from that and starting over. I need to build sites that will make money and at 69, I don't have time to live in the slow lane. Hell, I'd be happy w/$300 a month. Not for long mind you, but it's a start.

Hmmm... Maybe I should build myself a few vacuum cleaner sales sites written from a unique point of view.

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TheGMa

11 years ago

Originally Posted by bizgrower

Crazy thought. Could you make and sell cookies, or something like that, through that .org?
A lot of ready audience and you could set it up to pay you and .org.

Oddly enough, That was part of the fund raiser biz plan for that corp about 8 years ago. I've since retired, lost a bunch of dough (stolen) and am starting over again.

There's talk of the corp hiring me to bring the site back to snuff, but I'm not waiting around.

I'm going for the affiliate market and it ain't gonna be a walk in the park. My 25-year specialty is in a niche that most peeps don't want to know about - fraud. But I have some fun ideas and am going for it.

One thing I know for certain - you're never too old or too beat up to make a biz on the 'net. Age brings a ton of experience to the job. And these days, even children are making a decent go of it. Just get in there, start kicking butt, hurry up and make your mistakes, and keep a journal of ideas.

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TheGMa

11 years ago

PS - ref off-line money, my partner is a millwright and a cabinetmaker, meaning he is a major trouble-shooter. We are constantly on the lookout for gaps we can fill with practical inventions. We are in the process of writing provisional patent applications for his/our inventions and have investors waiting in the wings.

Which of course will lead to a profitable, content-filled website, yeah?

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bizgrower

11 years ago

Originally Posted by TheGMa

PS - ref off-line money, my partner is a millwright and a cabinetmaker, meaning he is a major trouble-shooter. We are constantly on the lookout for gaps we can fill with practical inventions. We are in the process of writing provisional patent applications for his/our inventions and have investors waiting in the wings.

Which of course will lead to a profitable, content-filled website, yeah?

I'd take a look at the Tesla battery/home energy area.

Tesla Powerwall

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TheGMa 11 years ago

Originally Posted by bizgrower

I'd take a look at the Tesla battery/home energy area.

Tesla Powerwall

Thanks bizgrower!! Am sending my partner off to investigate right this minute.... done and back.

Thank you for your replies and your thank you.
You know, I have new glasses and I STILL can't find the dang button to thank someone.

Never mind - rebooted and now the 'Thanks' button is showing. This laptop's DRAM is 2G short of efficient.

Dancing smiley courtesy of www.freesmileys.org
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bizgrower 11 years ago

Originally Posted by animal44

Jay Abraham made $6 million in his first successful JV. And that wouldn't have taken hard work... or a whole year... :-)

After ten to fifteen years at the school of hard knocks.
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Mailnoi

11 years ago

Originally Posted by Claude Whitacre

I am. Two peak years. 2006-2007. But it took me maybe 20 years to get to the point where I could earn that kind of money.

In the 1980's I made a million over a 4 year period. A million isn't that much. A good job, and you make that in 15 years anyway.

Hi.
You're GREAT. I've purchased your books, really terrific and helpful stuff.

Thanks a lot.

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CaliforniaDayDreaming 11 years ago

Good for you, Claude. Did having money change your personality?
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PriorityFundingNetwork 11 years ago

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J50

11 years ago

Offline a million isn't that much, last year we cleared over a million as a company 1.1MM I think it was.

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misterme

11 years ago

My dad was a bricklayer, working for others, and became a multi-millionaire. There's several paths to making a million and one of them is through businesses. But you need a business capable of making that much. Some people get into business and between the rates they charge and the hours they put in to earn those rates, it's mathematically impossible.

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Christian Swift

11 years ago

Originally Posted by misterme

My dad was a bricklayer, working for others, and became a multi-millionaire. There's several paths to making a million and one of them is through businesses. But you need a business capable of making that much. Some people get into business and between the rates they charge and the hours they put in to earn those rates, it's mathematically impossible.

That's very true!

A lot of people get into business thinking that it is a given that they will become wealthy and successful, however most end up just wasting time and going around in circles.

Christian

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Vers

11 years ago

I've made $1M in 9 months in 2007. This year I'm going to make a new record

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iAmNameLess

11 years ago

I've always found it funny when people ask how much you make. How much I make, how much you make, has little to do with what their income potential is, or the lack of potential they have.

Also, people think that total revenue is an indicator of success, but it really isn't. It's pretty common to find clients doing 5-10 million in revenue, and barely getting by.

How many trillions does the US government bring in each year? How many trillions are we in debt still? LOL.

Money is a funny thing. A useful tool for sure, but I no longer think of it as a metric to gauge success.

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Claude Whitacre

11 years ago

Originally Posted by iAmNameLess

I've always found it funny when people ask how much you make. How much I make, how much you make, has little to do with what their income potential is, or the lack of potential they have.

Also, people think that total revenue is an indicator of success, but it really isn't. It's pretty common to find clients doing 5-10 million in revenue, and barely getting by.
.

I have a friend that, years ago, owned 7 retail stores, each doing about a million dollars in business a year. He had a fully staffed office, dozens of salespeople, and tons of overhead. One day, I asked how he was doing. He said, "Last year we did $7 million dollars in business".

I said "How much of that is yours?".

he said, "$125,000".

I said, "Why not close all your stores except one, dump the overhead, fire everyone, and work one store by yourself? How many vacuums can you sell a day out of your best location?"

he said "Five".

Claude, the Merciless, "Well, that's not you selling. You would sell 7 or 8 easily...by yourself. How much is that in net profit a year?"

It took a few minutes. He said "About $300,000".

But.....many of his employees were relatives. His wife would have killed him if he got rid of his "Managers". Oh, well. This was maybe 30 years ago.

---------------------------------------

In 2004, we did $500,000 in sales out of our small retail store. I hadn't really started speaking for money yet, but my marketing was very good. Good enough to write a book about.

My main factory rep told me, "Claude, you could do a million dollars a year out of this store, easily".

I said, "I know. Right now, we take out about $250,000 in income. If we did a million in sales, I'd need at least two more employees, who would never sell as well as I do....and more advertising. My net might rise to $300,000...but my efforts and headaches would double."

And he said, "Yeah, but if your sales double, your purchases from us double too". We both laughed, and he knew that I would love such clarity of thinking.

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longrobnc

11 years ago

Originally Posted by Claude Whitacre

I have a friend that, years ago, owned 7 retail stores, each doing about a million dollars in business a year. He had a fully staffed office, dozens of salespeople, and tons of overhead. One day, I asked how he was doing. He said, "Last year we did $7 million dollars in business".

I said "How much of that is yours?".

he said, "$125,000".

I said, "Why not close all your stores except one, dump the overhead, fire everyone, and work one store by yourself? How many vacuums can you sell a day out of your best location?"

he said "Five".

Claude, the Merciless, "Well, that's not you selling. You would sell 7 or 8 easily...by yourself. How much is that in net profit a year?"

It took a few minutes. He said "About $300,000".

But.....many of his employees were relatives. His wife would have killed him if he got rid of his "Managers". Oh, well. This was maybe 30 years ago.

---------------------------------------

In 2004, we did $500,000 in sales out of our small retail store. I hadn't really started speaking for money yet, but my marketing was very good. Good enough to write a book about.

My main factory rep told me, "Claude, you could do a million dollars a year out of this store, easily".

I said, "I know. Right now, we take out about $250,000 in income. If we did a million in sales, I'd need at least two more employees, who would never sell as well as I do....and more advertising. My net might rise to $300,000...but my efforts and headaches would double."

And he said, "Yeah, but if your sales double, your purchases from us double too". We both laughed, and he knew that I would love such clarity of thinking.

Claude, it might come as a shock to some, but I know guys in my industry that do well over 8 figures a year, and don't cash flow $300k. People get hung up on the gross when the bottom figure is the only one that counts.

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Stocs 11 years ago

I was a millionaire long ago. I was so happy, my company grossed a tiny bit over $1 million that year.

Of course, it cost about $950,000 to do it, so...
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- animal44 11 years ago
  
  Originally Posted by Stocs
  
  I was a millionaire long ago. I was so happy, my company grossed a tiny bit over $1 million that year.
  
  Of course, it cost about $950,000 to do it, so...
  
  That's why the criteria is one million after taxes and expenses. You were a little off...
  
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Stocs

11 years ago

Originally Posted by Claude Whitacre

I have a friend that, years ago, owned 7 retail stores, each doing about a million dollars in business a year. He had a fully staffed office, dozens of salespeople, and tons of overhead. One day, I asked how he was doing. He said, "Last year we did $7 million dollars in business".

I said "How much of that is yours?".

he said, "$125,000".

I said, "Why not close all your stores except one, dump the overhead, fire everyone, and work one store by yourself? How many vacuums can you sell a day out of your best location?"

he said "Five".

Claude, the Merciless, "Well, that's not you selling. You would sell 7 or 8 easily...by yourself. How much is that in net profit a year?"

It took a few minutes. He said "About $300,000".

But.....many of his employees were relatives. His wife would have killed him if he got rid of his "Managers". Oh, well. This was maybe 30 years ago.

---------------------------------------

In 2004, we did $500,000 in sales out of our small retail store. I hadn't really started speaking for money yet, but my marketing was very good. Good enough to write a book about.

My main factory rep told me, "Claude, you could do a million dollars a year out of this store, easily".

I said, "I know. Right now, we take out about $250,000 in income. If we did a million in sales, I'd need at least two more employees, who would never sell as well as I do....and more advertising. My net might rise to $300,000...but my efforts and headaches would double."

And he said, "Yeah, but if your sales double, your purchases from us double too". We both laughed, and he knew that I would love such clarity of thinking.

This is so true.

I had 4 trucks on the road 8-10 hours per day with 6 employees in them plus 2 employees and myself to support them.

Now I do better by myself with 1 truck and a helper.

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Akin Alabi

11 years ago

I'm humbled to say I am over and over again.

In dollars!

It took 8 years.

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longrobnc

11 years ago

Originally Posted by Akin Alabi

I'm humbled to say I am over and over again.

In dollars!

It took 8 years.

When I boxed, I routinely fought Nigerians. All hard workers, all physical specimens and all great people. Friday Ahunanya, Samuel Peter, Teke Oruh, and Duncan Dokiwari. Ever heard of any of them?

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DaveTheSinister

11 years ago

Originally Posted by longrobnc

When I boxed, I routinely fought Nigerians. All hard workers, all physical specimens and all great people. Friday Ahunanya, Samuel Peter, Teke Oruh, and Duncan Dokiwari. Ever heard of any of them?

Respect. Those are some big guys. Peter's shots always looked so damn strong. You were a pro? Your avatar is just a bit too small for me to really make out your face so I can recognize you.

To OP, Im not currently a millionaire. I actually dont intend to be a millionaire, but rather just my own boss and provider. I prefer to allow the effort and energy combined with sound decision making to determine what my ultimate monetary value ends up as.

You determine wealth by the amount of freedom you have and that is cool. Yet, doesnt having a surplus of money allow a person to be able to buy freedom? IMO freedom isnt a bi-product or a choice. Its earned off the sweat you put in previously. I mean, unless you were born into a family who did the sweating for you OFC.

D

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timiwillson 11 years ago

enough time, good job, and money management i guess
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sttbs

11 years ago

Originally Posted by Claude Whitacre

And he said, "Yeah, but if your sales double, your purchases from us double too". We both laughed, and he knew that I would love such clarity of thinking.

hahaha.. great mind.. good stuff. I love sticking around with people like these too.

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TheBigBee

11 years ago

Originally Posted by iAmNameLess

Also, people think that total revenue is an indicator of success, but it really isn't. It's pretty common to find clients doing 5-10 million in revenue, and barely getting by.

True indeed... I am curious. In your line of work do you find it easier to close a sale of a guy who is doing 5-10 million or the guy doing $500k - $1M?

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bizgrower

11 years ago

Happy Hour Effect Stress Buster - From Balance to...

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Peter Lessard

11 years ago

Judging by the size of her shoe closet and her lifestyle it occurred to me that my wife might be a millionaire.

I asked and she said she did not want to disclose her exact net worth but that it was a safe assumption. I asked her how she did it.

She replied "It was easy, I just had to raise 6 kids."

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savidge4

11 years ago

My girl wants to know what size your wife wears? ( shoe size ) and when the Shoe Sale to pay for all that college is going to take place?

Originally Posted by Peter Lessard

Judging by the size of her shoe closet and her lifestyle it occurred to me that my wife might be a millionaire.

I asked and she said she did not want to disclose her exact net worth but that it was a safe assumption. I asked her how she did it.

She replied "It was easy, I just had to raise 6 kids."

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Peter Lessard 11 years ago

LOL size 8 but since we have already taken care of college for all of them doesn't look like there is a shoe sale in our future ;-)

Originally Posted by savidge4

My girl wants to know what size your wife wears? ( shoe size ) and when the Shoe Sale to pay for all that college is going to take place?
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Terry Jett

11 years ago

Not me, or at least moneywise. Have had a wonderful 20+ years online and made a very good living doing so.

I took the route of spending time with my family as much as possible and never took the time to hit a million

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khtm

11 years ago

Not to be captain obvious, but a millionaire is someone whose net worth exceeds $1M, not someone who earns $1M in a particular time period...

Because a lot of that money would be spent on things like mortgage, toys, booze, vacations, etc...

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talfighel

11 years ago

And if you sell really high ticket programs that can bank you anywhere between $1,000-$5,000 per person, you can make a million dollars pretty fast. All you have to do is to master getting these customers in the door and buying.

So your goal is to find these products and then master online marketing.

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BigFrank Banned 11 years ago

Originally Posted by talfighel

All you have to do is to master getting these customers in the door and buying.

Oh, is that all??? lol

Cheers. - Frank
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RecessionPROOF

11 years ago

Interesting,

I once had a goal to make a million by age 40, then retire, my how times have changed. A million today is nowhere near what it was when I first set my goal, and I learned the hard way, when you reach your goal, you need not retire, simply set a new goal, as retirement was not for me, I enjoy promoting and marketing and reaching new goals, and in reality, I am not the retiring kind of person, I lasted two years and could not stand retirement, you can only sit on beach so long, fish, golf and tennis, no, I like working too much, especially when it is easy and fun.

Success to all,

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igrowyourbiz

11 years ago

I think a stronger assessment would be who has a NET WORTH of 1 million or more.

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Claude Whitacre

11 years ago

Originally Posted by igrowyourbiz

I think a stronger assessment would be who has a NET WORTH of 1 million or more.

And that's really the definition of "Millionaire". But again, anyone in their middle age, with a nice home and some savings is pretty much there.

My UPS guy is a millionaire. It's really not that big a deal anymore.

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eryeal

11 years ago

Originally Posted by Claude Whitacre

And that's really the definition of "Millionaire". But again, anyone in their middle age, with a nice home and some savings is pretty much there.

My UPS guy is a millionaire. It's really not that big a deal anymore.

The home is the kicker - if you're able to buy a decent home in your early twenties, you have a huge head start. You can have a $1 million dollar home and $500k in the bank, and not be a millionaire because of how much you still technically owe on your home. Unfortunately I got started really late in terms of purchasing a home, so even though I am making great money, I'm a long way away from being a millionaire in terms of assets. Trying to make up a bit by paying additional $ in our monthly home payments.

But once you have a clear and free home, no mortgage, then your net worth can really skyrocket.

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web_dev

11 years ago

Originally Posted by Claude Whitacre

And that's really the definition of "Millionaire". But again, anyone in their middle age, with a nice home and some savings is pretty much there.

My UPS guy is a millionaire. It's really not that big a deal anymore.

I don't count my residential home towards my net worth. It's everything excluding your home. Your liquid assets, investments, properties and businesses minus liabilities.

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Mantox

11 years ago

Achievable!!

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whitehorse1

11 years ago

I am.
7 years IM'er:
- first 4 years broke / learning
- then 2 years huge / found a niche (and some luck)
- then last year barely 6-fig (google sneezed)

But, as mentioned, net worth is a better metric. Me- about 2M.

But I"m 43 so had a head start ... 20 years at a 'real' job working 60 hrs/wk.

But forget the money... if I could go back I'd spend more time with the kids when they were young, work less and just live responsibly/frugally.

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StevenUK 11 years ago

Originally Posted by whitehorse1

But forget the money... if I could go back I'd spend more time with the kids when they were young, work less and just live responsibly/frugally.

That's the thing.

I made all mine from home, with my kids around me. But even though they were 'around me', and I watched them growing up, because I was so immersed in 'making it', I do not remember as much about them growing up as I should have.

Sure, they have protected lives now that I have made a few £/$, but I definitely wish I had stopped to 'live the moment', instead of chasing the £/$.
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waynmeyer

11 years ago

Great post friends. If I add my 2cents worth. Slightly off topic yet relavent to the question.

To keep your wealth no matter what u do you have to beat inflation. If u don't then inflation will depreciate your savings fast. It's more about how do you beat inflation once u make money. The answer is scalability and recurring income go hand in hand when seeking success. Money must work for itself rather than u work for the money.

Internet marketing alone is certainly one way to succeed yet I would say one of the hardest with a short life span. If u want money go with property it's the best form of recurring income. Literally money while u sleeping

The people talking figures on the Internet are all talk. Speak to local businessmen that u can validate their success. Use them as mentores. Offline is where all the commodities hang if u get my drift.

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JawadAshraf

11 years ago

Nice to see and meet the millionaires. Lots of things to learn here. Keep them coming.

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Texlend

11 years ago

It's not what you make, it's what you keep. Keep your bills low is my advise.

I wish I learned that 20 years ago or at least had .10 of every dollar I pissed off..

What it used to mean to be a "Millionaire" is now better described as a "Billionaire" or at least $100MM..

To be old and wise requires you to first be young and stupid I guess. That is my story and I am sticking to it.

Your mileage may vary.

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ramesh4sr

11 years ago

Can you pls PM me the code please? Thank you

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yt80

11 years ago

me too. me age34 in Japan Millionaire who made money with internet marketing tactics. actually its very easy to make money here in Japan because only few people can understand English so they can't get any information from US, if I use the latest tactics from Eben or Frank ,success comes to me so so easily.

So if you want to succeed in internet marketing, Japanese market is one of the option.
and I guess also China is good

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yt80

11 years ago

And do you know James Skinner? He's just an imitator of Tony Robbins, but he made at least 10 million dollars/yearly in Japan because all of Tony's product are not translated into Japanese. but James Skinner can speak Japanese(little bit weird though), JP people buy his product.

so if you could speak Japanese, , , , , ,it would be easy to make 1M

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jabba

11 years ago

There are many ways to make a million! In google it used to be really easy with spam. We made 600k euro once in 6 months once when google was dumb. Basically we appended our affiliate ID to booking.com so it looked like booking.com/london?aid12345, booking.com/paris?aid12345 we then went out and spent 10k plus a month on buying links from all the possible systems at the time. That was probably the easiest money we ever made.

However since google has got smarter and greedier the game has changed, this is no longer possible although we do have a few aces up our sleeve that still work but it is much more expensive, much more time consuming.

I know people who have made millions in property. I know people who have made million on the internet, I know people who have made million in pharma etc etc. I think the main point being that they understand that by working for a wage limits how much you can earn. You need to scale business if you want to make big money and have something tangible.

I do not want to go into what we do besides the internet marketing above which is a sideline, but the way we started was small. It worked, we expanded, we expanded again, then we closed some operations, more competition came in the market and pushed down prices. Now it is hard to expand because the market is mature and everyone and his dog is doing something similar but we still make decent cash because of our company size turning over a lot more units to make less money than before.

I guess the point being here is that if you are ahead of the curve and get in at the start of that product business cycle, you should realize it and push it before it is too late. You might get 5 years plus out of it and millions.

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StevenUK

11 years ago

Originally Posted by jabba

There are many ways to make a million! In google it used to be really easy with spam. We made 600k euro once in 6 months once when google was dumb

You mean you made such money by spamming and annoying the hell out of people?

I would rather have not made a penny than have become a parasite in society.

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jabba

11 years ago

Originally Posted by StevenUK

You mean you made such money by spamming and annoying the hell out of people?

I would rather have not made a penny than have become a parasite in society.

Our affiliate links we first in Google and people bought the service, cannot see how that annoys people as they got what they wanted and made us 100k a month in the process. The people were happy, booking.com was happy because they could have been using Expedia etc instead. As I said that was a sideline, but was saying that was probably the easiest money we ever made with no real investment.

Our main business has huge investment tied up in bricks and mortar and people continue to buy but we need to pay a lot of commissions to intermediates now.

The businesses I really envy are the ones that sit on a server and have huge residual income from memberships monthly for providing a service. Of course even those take a huge amount of human capital, programmers designers etc.

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StevenUK

11 years ago

Originally Posted by jabba

Our affiliate links we first in Google and people bought the service, cannot see how that annoys people as they got what they wanted and made us 100k a month in the process. The people were happy, booking.com was happy because they could have been using Expedia etc instead. As I said that was a sideline, but was saying that was probably the easiest money we ever made with no real investment.

Our main business has huge investment tied up in bricks and mortar and people continue to buy but we need to pay a lot of commissions to intermediates now.

The businesses I really envy are the ones that sit on a server and have huge residual income from memberships monthly for providing a service. Of course even those take a huge amount of human capital, programmers designers etc.

Thanks for explaining. The last paragraph on your post above is pretty much how I made my money over the years.

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paulvalcin

11 years ago

There are multiple ways to explore how to make a million dollars. I've tested many of them. Being millionaire is kind of different from what other people may think. If i can't make $1 million in a year, i will never count myself as a millionaire. I am not there yet but I am working as hard as you are to get there.

Now, the thing about making money is to go where people make money. Sound obvious? right. Making money is like fishing. You must go where you fish. If the fish isn't there, no trick will ever help. Stop buying stupid programs or software that promise easy money with no work. It won't work.

Now, for example, If you set up 3000 websites and each of them is making $10/day on average, that's $30,000/day. I have built multiple websites such as weddingthemeshop.com, Ehotels1.com, NYCSEOpro.com and some of them are very lucrative. On average, i meant one site may make $1, another $19. yet another might make $300 etc... But at the end of the day, it's about $10 on average

Another strategy is to set up squeeze pages and advertise them on facebook. I set up creativemillionaires.com and autocrusing.com and many others. The goal is to sell with integrity and honesty. People can sense if you're fooling them. But integrity and honesty is the open door to greatness.

Another way is to sell domain names. I own many domain names as well. Yes, it's not as easy to sell domain names but it only takes you 5 good domains every month to make a good income.

Find out what sells on amazon and pick one item or two that are very light to sell. If you choose multiple items, the shipping can be a nightmare as i found out the wrong way. Amazon will tell you to send this box here, there etc..Of course, you can ship it to one distribution center for extra cost. But you will pay much more. there's wisdom in what i said but i don't have time to explain everything now.

Please forgive me if you see a mispelling. I didn't do a spell check. I wrote everything from the top of my head.

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bizgrower

11 years ago

Compound interest: the eighth wonder of the world - Telegraph

"As Albert Einstein pointed out: “Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn’t... pays it.”

He also referred to compound interest as “the most powerful force in the universe”. "

http://einvestingforbeginners.com/20...ding-interest/

>>>>>>

Colorado has tons of people who drive an hour or more to stock up on supplies to last
weeks, or a month or so, and buy things not available locally - like, um, maybe vacuums
and parts.

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savidge4 11 years ago

Originally Posted by bizgrower

"As Albert Einstein pointed out: "Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it."

That Einstein guy.. a genius I tell you! LOL
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- bizgrower 11 years ago
  
  Originally Posted by savidge4
  
  That Einstein guy.. a genius I tell you! LOL
  
  Yep, even though he was a Princeton guy, could not remember his own phone number,
  and probably was not a red neck. LOL
  
  >>>>>
  
  Learning to invest and save is crucial to learn and teach your children to do.
  
  That will provide your kids the freedom to leave a job if needed. The freedom
  to pursue what they want to do - such as a career not known for paying well.
  
  I know a couple - both teachers - who had a couple of million in fairly liquid
  investments by the time they were in their forties. Done primarily via drip
  funds, dollar cost averaging, mutual funds, and savings accounts
  
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LtSurge

11 years ago

Originally Posted by bizgrower

Compound interest: the eighth wonder of the world - Telegraph

"As Albert Einstein pointed out: “Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn’t... pays it.”

He also referred to compound interest as “the most powerful force in the universe”.

poopy link

>>>>>>

Colorado has tons of people who drive an hour or more to stock up on supplies to last
weeks, or a month or so, and buy things not available locally - like, um, maybe vacuums
and parts.

Also, first post

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Lance K

11 years ago

Originally Posted by LtSurge

Also, first post

Tell that to the guy who's borrowing your money (as well as many others') at 2% and lending it back out at 5% or more.

If you're going to try to make a point, at least use numbers that out pace inflation. Earning 2% interest isn't investing, it's a negative holding pattern.

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iAmNameLess

11 years ago

Originally Posted by TheBigBee

True indeed... I am curious. In your line of work do you find it easier to close a sale of a guy who is doing 5-10 million or the guy doing $500k - $1M?

I think it's about the same overall, but I have noticed that newer companies that have a little bit of money, are eager to spend that money. A new business that hasn't hit 100k in profit yet, seems to convert higher than others.

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Claude Whitacre

11 years ago

Originally Posted by iAmNameLess

I think it's about the same overall, but I have noticed that newer companies that have a little bit of money, are eager to spend that money. A new business that hasn't hit 100k in profit yet, seems to convert higher than others.

My experience as well. The newer the business, the easier to sell.

My theory is, when they are new, everything presented to them sounds amazing, and they tend to switch fast.

But, as an example, We've switched our credit card processors about four times in 15 years. Every time, it's been a hassle, and problems resulted. Now? We don't even want to listen to a processor rep. No argument, no incentive will make me change.

If you are the first online marketing rep that has sold them, they are all excited. But after 5 attempts with a different company, and mediocre results...it's hard to generate a spark of interest.

However, I've noticed that, if they hear you speak to a group of businesspeople, it's a new experience for them, and that cycle starts over anew.

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savidge4

11 years ago

Originally Posted by iAmNameLess

I think it's about the same overall, but I have noticed that newer companies that have a little bit of money, are eager to spend that money. A new business that hasn't hit 100k in profit yet, seems to convert higher than others.

I find its the "Motivation factor" are they looking to cross a hurdle. Reach that $100,000 profit mark, of hit that sell 300 items in a month. or increase daily sales averages to X.

These are indicators I specifically look for when profiling a potential prospect lead. Be it the about us page or off on some forum or in their social presents somewhere. I spend the time looking for this insight. Goals and dreams are huge motivations in the purchase of products and services. And the ability today to go out and try and find these things... its silly.

When you know the guy wants to hit $100,000 in profit in a year, and in the pitch you say.. have you hit $100,000 in profit yet? it lights them up like a Whistling Pete on the 4th of July.

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Success is an ACT not an idea

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animal44

11 years ago

Originally Posted by DWolfe

V
The funny thing is the OP asked who is a millionaire and wondering why they spend time on this forum. He thinks everybody would be on a boring beach drinking booze.

Which post did I mention a beach or attempt to tell anyone how they should spend their time...?

In this post I explained why I asked the question...
http://www.warriorforum.com/offline-...l#post10026481

I said:

Originally Posted by animal44

There's lots of sage wordsmiths giving business advice on here. I was wondering how many have actually walked the talk...
If you want advice on anything, you want to find out the advisor's credentials first.

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joe golfer

11 years ago

Thank you. I couldn't figure out where these chumps came from until somebody said the thread was featured outside the forum.

They don't know the history of the forum. They don't know the players. They don't know they are dealing with real business owners. They don't know some people here have been building their business for 20 years or more. They don't know diddly-do.

These morons come in, full of adrenaline and derring-do, do a drive-by and then go back under their rock.

Kudos, sir. I applaud you. Take the rest of the day off and go fishing.

Until these wannabe mommas-boy thugs come back. Then we will need your services again. I'd blast these pretenders myself for their negative attitudes like the old days, but at 97 I can barely remember where my computer is.

They got nothin'. They've never cold-called one thousand businesses in a few days. They've never made a pitch to the toughest buyers in NYC from memory after the projector gave up and died. They've never sold vacuums in the Ohio heat and humidity in August. In a street-fight sales contest, they'd run home crying and sobbing to momma: "I didn't get a trophy for participation!"

What gall! What presumption!

Who are these fools?

We have members who were knocking down sales records when these pretenders were dating cheerleaders. Have a little respect.

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Marketing is not a battle of products. It is a battle of perceptions.
- Jack Trout

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Claude Whitacre 11 years ago

Yeah, so there!
- Thanks
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Ron Lafuddy

11 years ago

Originally Posted by joe golfer

Thank you. I couldn't figure out where these chumps came from until somebody said the thread was featured outside the forum.

They don't know the history of the forum. They don't know the players. They don't know they are dealing with real business owners. They don't know some people here have been building their business for 20 years or more. They don't know diddly-do.

These morons come in, full of adrenaline and derring-do, do a drive-by and then go back under their rock.

Kudos, sir. I applaud you. Take the rest of the day off and go fishing.

Until these wannabe mommas-boy thugs come back. Then we will need your services again. I'd blast these pretenders myself for their negative attitudes like the old days, but at 97 I can barely remember where my computer is.

They got nothin'. They've never cold-called one thousand businesses in a few days. They've never made a pitch to the toughest buyers in NYC from memory after the projector gave up and died. They've never sold vacuums in the Ohio heat and humidity in August. In a street-fight sales contest, they'd run home crying and sobbing to momma: "I didn't get a trophy for participation!

What gall! What presumption!

Who are these fools?

We have members who were knocking down sales records when these pretenders were dating cheerleaders. Have a little respect.

Whew!

Take it easy, Joe.

Those "fools" don't know who they're messin' with.

Time to show 'em whatcha got, Joe.

I brought the music.

Are ya ready, Joe?

And a one, and a two and a....

Charleston lernen mit Danny Morgenstern in der...

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joe golfer

11 years ago

Originally Posted by Ron Lafuddy

Whew!

Take it easy, Joe.

Those "fools" don't know who they're messin' with.

Time to show 'em whatcha got, Joe.

I brought the music.

Are ya ready, Joe?

And a one, and a two and a....

Charleston lernen mit Danny Morgenstern in der Tanzschule Hoffmann - YouTube

hahaaaaaaa. Love it. Yeah, my rant was supposed to be funnier than it came off, but I still had fun.

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Marketing is not a battle of products. It is a battle of perceptions.
- Jack Trout

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Ron Lafuddy 11 years ago

Loved the rant, Joe.

The thought of a 97 year old, with that
much piss & vinegar, taking a run at the
sideshow clowns who show up here, is
too funny.

Pictured you as more of a Charleston than
Lindy Hop kind of guy. But what the heck do
I know.
- Thanks
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misterme

11 years ago

I cannot stand idly by and see my colleague disparaged. So for the record, I'll have you know Mr. Whitacre is in a very, very nice strip center next to one of the better comic book stores.

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Claude Whitacre

11 years ago

Originally Posted by misterme

I cannot stand idly by and see my colleague disparaged. So for the record, I'll have you know Mr. Whitacre is in a very, very nice strip center next to one of the better comic book stores.

I wish.

The fact is, I'm in a slightly run down strip center with a video gaming room, a tax place, and a driving school.

None of which add or subtract anything from my store....or my foot traffic.

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workhomeplanet

11 years ago

This is a very interesting thread... :-) Thank you guys for sharing your experiences :-)

Thanks

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Daylynne

11 years ago

HI
Well who's made a million? I have! Just a little lady -- and not only that!
I actually had a $2,500,000. Net Worth . That means everything you have less what you owe. So it would be profit only with taxes already paid.
How? I bought and sold houses; then got enough to buy and sell apartment complexes.
My best year, I received an award from my state for being the top woman contractor, having the most money in construction. I grossed $24,000,000 that year. hehehe but profit is a different story.
Took me 2 years to make my first million.

Whats it like being a millionaire? Well -- put away all those ideas of lounging on a beach and idling your days away.
I never worked longer or tougher hours in my life. I worked 15 to 18 hour days.
Life was stress and pressure and tough. And as I owned about 25 single family homes also... you think you have it tough with ONE mortgage?

Was it fun? YES! Every damned minute of it! Being at the top of ANY profession while being hard and tough -- is worth it in the end! But not for the money alone. for the fact that you succeeded!
So if you are having fun, enjoying every minute of doing whatever you are doing.. and are at the top of your game -- rejoice! Thats life at its best.

But if your slaving away and hating it all, just to make a pile of money -- Forget it!
Do something that provides an decent living that you LOVE doing -- and you will never work a day in your life.
I love marketing -- and I love you people in here who also love it --
Can you actually make a million doing this? Sure! But who cares?

Am I doing this now.. yes online with you guys... am I making big money?
Well I know Im repeating myself, but I dont know how much I make now...
BUT WHO CARES? Love Life and Live it to the fullest.

Your Marketing Pal,
Daylynne Starr

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Daylynne Starr
Award Winning Author; Marketer; Launch JV; Affiliate, Mentor Coach, and Ecommerce sites. Just Google my name :-) Skype: Daylynnes -- tell me you are a Warrior.
Contact: Daylynnes@Gmail.com
http://DaylynnesBlog.com ~ For news and Freebies

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bizgrower

11 years ago

Daylynne,
Your name reminded of a Daryl Lynn. She's the only Realtor I actually like as a person
and agent.

Dan

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"If you think you're the smartest person in the room, then you're probably in the wrong room."

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mgfilm

11 years ago

This year I will!

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MyGolden

11 years ago

nice...good motivation for me...thanks for you sharing..

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proudmoney

11 years ago

Wow a lot of these folks really rain down on their own parade. Obviously those of you who made a million dollars and seem resentful don't know anything about money management. You don't need a million dollars to live like a millionaire. Take me for example, I created my own business from the ground up and now I earn around 10k monthly from this. This is more than enough for me and my family. We pretty much travel anywhere we want to go, eat whatever we want and buy things we want to have. My daughter is 8 yrs old and takes private tennis and golf classes every other day.

I am a happy camper and so is my family. I work only @ 3 hours a day average. So yes I consider myself a millionaire in my own way. I guess the most important thing when starting a business is trying to figure out how to complete your daily tasks without it taking up all your time. If you have a million dollars in the bank but your business requires you to be present at all times then you sir are a millionaire by paper and not by lifestyle.

My secret to be a millionaire?

Well it's simple, find something that makes profit and scale it up from there. Scale! Scale! Scale! That's the secret to easy success. Take me for example, 2 years ago I started making money online and was generating @ $1000 monthly. I realized the USA is huge so all I had to do was scale. My income has been going up consistently every month because of my smart/hard work. Of course just because I'm comfortable does not mean I don't want more. I will def keep going until I have more and more. Mostly to help others in need, but also to ensure my family's financial future.

Thanks
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Ron Lafuddy

11 years ago

Originally Posted by proudmoney

Wow a lot of these folks really rain down on their own parade. Obviously those of you who made a million dollars and seem resentful don't know anything about money management. You don't need a million dollars to live like a millionaire. Take me for example, I created my own business from the ground up and now I earn around 10k monthly from this. This is more than enough for me and my family. We pretty much travel anywhere we want to go, eat whatever we want and buy things we want to have. My daughter is 8 yrs old and takes private tennis and golf classes every other day.

I am a happy camper and so is my family. I work only @ 3 hours a day average. So yes I consider myself a millionaire in my own way. I guess the most important thing when starting a business is trying to figure out how to complete your daily tasks without it taking up all your time. If you have a million dollars in the bank but your business requires you to be present at all times then you sir are a millionaire by paper and not by lifestyle.

My secret to be a millionaire?

Well it's simple, find something that makes profit and scale it up from there. Scale! Scale! Scale! That's the secret to easy success. Take me for example, 2 years ago I started making money online and was generating @ $1000 monthly. I realized the USA is huge so all I had to do was scale. My income has been going up consistently every month because of my smart/hard work. Of course just because I'm comfortable does not mean I don't want more. I will def keep going until I have more and more. Mostly to help others in need, but also to ensure my family's financial future.

Simple and easy, eh? Hope you plan on being around a while. You've got a long ways to go to catch the million dollar club

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Gorst

11 years ago

Profit does not equal freedom or even happiness for that matter.
IMO, the purpose of a business is to do something you enjoy in order to make a profit, then you will feel the real freedom.

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So who is a millionaire on here?

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