Today's Goals and Goal Journalling

Leon Lam -

Since I last wrote, I've edited parts of two books and got started on another. Today, asides from the required parts of my work. I would like to:

  1. Get cover designed for my passive income business models permafree book 3:00PM onwards - Rita volunteered (Hehe!)
  2. Set up the same permafree book for kindle upload and draft2digitals upload - 11:30AM-12:30PM - Not done (waiting for final approval)
  3. Write a book description for permafree book - 11:30AM-12:30PM - Done at 3:11PM
  4. Complete my eCommerce book outline - 2:15PM-3:00PM - Done at 2:59PM

Today, I was challenged to journal by setting an outlandish long-term goal and then work backward to get there. My outlandish long-term goal is $10 million dollars in net worth by 2032.

The best way for me to do this is to build businesses and then sell them. I can sell ten businesses each worth a million dollars each. Or I could sell two businesses each worth 5 million dollars each.

A business that nets $200,000 a month is worth $10 million on EmpireFlippers. If each book can generate $200 a month, I need 1,000 books. The books themselves would cost $1,000,000...which I don't have...However, I could exit a business for $1.5 million and have enough ammo to build another business...which I could eventually exit for $10 million

At a 40x multiple, this means I would need about $40,000/month in profit. At $200 a book, I need 200 books which would cost about $200,000 to make...which I also don't have...

How do I get 200 books made without $200,000? I would have to partner with ghostwriters and other KDP business owners and share the pie in order to scale faster.

Would a writer write a book for free if they got $100/month for it over the next...18 months? No. Forever? (assuming it gets that many sales).

I would need 400 books...or 40 writers if they write 10 books a year. Or 20 writers if we want to do over 2 years...10 writers over 4 years. The writer needs to be able to write good books.

How do I get a writer to say yes? I would need:

  1. proof of concept that I can sell books (demand/competition/marketing)
  2. working relationship with the writer ($1000 a month or $1000 a month in a year...not a good deal....sigh.) <—need to restructure the deal to make it irresistable...it would have to be forever...but I also need to protect my own downside risk so it would have to be profit share.

That's it for my thoughts for the day.

First and foremost, I need to figure out how to market and sell books.