Well, It's time to update this blog again, even though there are very few readers. There is one (and you know who you are) who mentioned that she reads it, so I guess it's my obligation to continue.
Sunday, December 16, marked a turning point in my life. I had already decided to make some changes, but I was struggling with finding a goal.
I don't know exactly what it was - oh, yeah, my father saying how a relative had put $17,000 down on a new house and that he and I were struggling along.
That kept bugging me. Why are me and my father struggling. Well, I know why my father struggles. Beyond not being all that great an investor, his kids - particularly me and my brother - have been a financial burden most of his life.
So, I thought, it's time to make my Dad's life a little easier, a little richer, a little fuller, so he could actually retire and not have to worry about money. And the best way I could think of doing that would be for me to become rich.
Don't laugh. I should have been rich. A series of unfortunate events led what was a thriving publishing business to end up filing for bankruptcy protection back in 1989. I've probably never fully recovered from that experience, though it is mostly behind me now.
Back to getting rich. First, no more gambling, especially on horses. That $100 I had as of the last post? Gone, and more with it. I haven't been to the OTB parlor since the day after that post, whatever it was. I think it must have been two weeks ago, but it already seems like a long time.
Funny thing, though. Since I stopped focusing my efforts on picking winners - and don't get me wrong, I'm a very good handicapper. I just don't know when to quit and I bet too many races - and devoted myself to my real work on the web, I've actually had more money. Life is a little simpler.
What pushed me over the edge, though was the very real understanding that people (generally my extended family) treated me much better when I had my own business and was doing well. Since I failed, they treat me like crap. Seriously. And it's disgusting. So I hatched a plan that would solve all of this. I decided I should have enough money to buy all of their homes, or buy them all new homes, better than the ones they lived in.
OK, so how much money will I need? I've always followed the advice from the book "Think and Grow Rich" that you need to determine an amount of money or a goal you wish to achieve, write it down and then set about going at it.
So here goes. Within five years I will have a net worth of Twenty Million Dollars ($20,000,000).
My plan, so far, calls for achieving a net worth of $200,000 by the end of 2008. Then:
$2 million by the end of 2009.
$5 million by the end of 2010.
$10 million by the end of 2011.
$20 million by the end of 2012.
I have a couple of ideas cooking, so, you're welcome to tag along for the ride. I'll be updating shortly with my current net worth and a few of my preliminary plans.