Want the income of a business but the security of a JOB? What makes your business idea possible?

AdminMarch 28, 2022

3 minutes read

Want the income of a business but the security of a JOB? What makes your business idea possible?

There are so many business ideas, how do you decide which business opportunity to embark on and if it is the right one? Discover the mindsets you need to prepare yourself before embarking on this business journey.

… Discover the only 4 Critical Success Factors you will ever need to choose the right business.

… Get Real Business Tips. Receive regular updates on valuable lessons I have personally had to deal with in this journey

… I will also be sharing various business ideas that you can build on

… For Free

The other day I met a friend. I asked him what he does for a living. He said he is a freelance translator and explained how he manages his work.

He then asked me what I did. I said I have online businesses.

His immediate response was, “Good on you, you know, I cannot do business”

I patiently asked him… “aren’t you already working on your business idea?”

In fact, this is a common response I get from people.

Imagine not having to go to the office to work instead of having a work-from-home job? Would your life change?

Statistics has shown that 80% of people thought about starting a business idea. I remembered I had loads of business ideas running through me, things like

Aha! I could sell this,
Aha! this location needs this,
Aha! people are looking for this

So why aren’t we building on that business ideas?

I guess a lot of us has a phobia about business. What are we afraid of?

Uncertain income
Having to sell
Risks
Commitment
Not knowing what to do
business failures

It was during my holidays in Bali, I was waiting with my good friend, Edmund, for our flight. Over a cup of coffee Edmund asked me, “Denver, you are successful in corporate now, can I ask you a question?”

Do you have a retirement plan?

I returned a ridicule smile and said “what do you mean retirement plan? I am only 27 years old?”

Well, do you know how much you need to retire?

Shrugged innocently.

Edmund gave me a simple way to determine this…

He said what is your current monthly income now? When you retire, do you know that you will need at least that amount if not more? Lets also assume that you retire at 60 years old and lived on for 20 years. How much would that be?

$4000 x 12 X 20 = $960,000

That’s close to a million!! I was astonished! I have never thought of myself as a millionaire. Have you?

Then Edmund hit under the belt… he said, “So, how many percent of this do you have in your savings?”

I was embrassed to reply, as a young man, I spent almost every dollar I had.

“How do you intend to have amount for your retirement?” Edmund asked

I pondered for a long long time….

Then I boldly exclaim…. “The only way is for me to save $1000 every month!”

Edmund said “Thats a good start, lets see if it is a good plan…”

I was 27 years old. So, I would have 33 years old remaining before I retire at 60 years old.

$1000 x 12 x 33 = $396,000

What?? work for the next 33 years yet not having enough to retire??

Not having any other options, I tried that for a 1 year. Do you know how difficult it is to save 25% of your income every month? Extremely!