📓 Cabinet of Ideas

My 1m Plan Florin Pop

My $1m plan | Florin Pop #

Excerpt #

How I plan to become a millionaire in 10 years


Check out the $1,000,000 Visualization Grid

I turned 30 a few months ago and I want to become a millionaire by the time I hit 40.

This gives me 10 years to figure things out, while also (hopefully đŸ€ž) not burning myself out in the process again.

So if you’re wondering why I’m giving myself so much time, here’s the answer, lol.

Little about me #

At my core, I’ve been a developer since 2013, and in the last 5 years I’ve also:

  • wrote articles on my blog (this one)
  • made a YouTube channel ($50k)
  • wrote an eBook ($30k)
  • co-created a coding course ($150k)
  • made a SaaS ($60k)
  • started communities (P.S. Dev++ Community Comming soon 👀)

And some other ventures


As you can see, during these 5 years I made about $300k from various projects and the plan is to continue this to bring my net worth to $1m in the next decade.

For the fun of it, here I’ll start documenting from $0 revenue up to $1m. We’ll just keep it simple without considering the previous amounts (which went on taxes, expenses and some investments).

Just keep in mind that I already have projects that bring in some revenue every month, and I have an audience on X and YouTube.

I don’t believe having an audience is a requirement to complete this challenge but it’s not bad to have, of course.

Why $1m? #

This is how much we’d need to be financially free. (we = me + wifey 💜)

This amount invested would give us $40k per year based on the safe withdrawal rate of 4% which will give us a pretty good lifestyle on “autopilot” financially.

If I really think about it
 the main goal is freedom. Freedom to do what I want, when I want, with whoever I want.

Do we really need $1m invested though for that? No, not really. With a $4-5k monthly income, we’d be good to go.

But it would be nice to have that as passively as possible. And, it wouldn’t be such a fun challenge if it would be super easy, amirite? 😆

So
 $1m it is!

How do I plan to make money? #

I plan to continue launching and monetizing apps and products, while sharing the process online → this will help with the marketing/distribution side of things. Besides this, I also want to learn how to use paid ads.


To begin with, I need to hone down my dev and marketing skills.

I need to learn how to:

  • launch an MVP of an idea fast
  • market it to the right audience
  • see if it’s worth doubling down on (if it brings in enough revenue), or it’s a sign I need to move on to the next idea
  • automate everything where possible

To launch an MVP fast I already know how to build websites (the frontend) but I need to learn better how to do the backend side (how to set up auth, db, payments, etc).

For marketing, I’ll:

  • launch on different channels (Reddit, hacker news, indie hackers, product hunt?)
  • make videos and/or streams about it
  • talk about the product in public
  • learn and try ads (heard these are powerful if done right)

The actionable plan #

Since I don’t necessarily need a big hit fast, I was thinking of launching many small apps to see what skills I lack or need to improve.

I like the idea of launching many small bets. Trying many things and seeing what works. This will force me to act fast, fail fast, and learn fast.

Challenge: Launch 100 projects (Crazy, eh? 😆) #

If let’s say, hypothetically, I’ll launch 100 projects and apps in the next 10 years, and on average each of the apps makes $100 per month, that’s $10k per month in total.

I know this is just the theory and in reality only a few will be successful
 But considering the high amount of apps (100), I believe that this will create a big surface area for luck to fit in at some point.

And even if it doesn’t work out, during this time I’m going to develop strong skills that will help a lot in other areas. For example, I could switch my focus to helping other businesses launch and try their ideas, as I’ll have stronger dev & marketing skills.

All in all, I think this will turn out well eventually.

At least I hope so, lol. 😆

Nonetheless, I’m going to share my experience here so
 Stick around to see what’s going to happen.

Cya! đŸ«¶