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 đ€) not burning myself out in the process again.
So if youâre wondering why Iâm giving myself so much time, hereâs the answer, lol.
Little about me #
At my core, Iâve been a developer since 2013, and in the last 5 years Iâve 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 đ)
And some other venturesâŠ
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 Iâll start documenting from $0 revenue up to $1m. Weâll 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 donât believe having an audience is a requirement to complete this challenge but itâs not bad to have, of course.
Why $1m? #
This is how much weâd need to be financially free. (we = me + wifey đ)
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 âautopilotâ 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, weâd be good to go.
But it would be nice to have that as passively as possible. And, it wouldnât be such a fun challenge if it would be super easy, amirite? đ
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 â 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 itâs worth doubling down on (if it brings in enough revenue), or itâs 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, Iâll:
- 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 donât 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? đ) #
If letâs say, hypothetically, Iâll launch 100 projects and apps in the next 10 years, and on average each of the apps makes $100 per month, thatâs $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 doesnât work out, during this time Iâm 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 Iâll have stronger dev & marketing skills.
All in all, I think this will turn out well eventually.
At least I hope so, lol. đ
Nonetheless, Iâm going to share my experience here so⊠Stick around to see whatâs going to happen.
Cya! đ«¶