Just a couple things first...
1. The new Laidlaw Media podcast show.
It's Episode 2 and we got another fire episode on the way before December hits!
2. Diving into hip-hop memorabilia.
Starting my collection and giving away my first pieces for free...
The first is an autographed photo of Common.
I have two different photos...if you win, you get your choice.
DM me your email or just click here to sign up.
You'll be entered into all my free contests.
Let me ask you...
If you had $1 mil, what would you do with it?
It's one of the most common questions I've heard throughout my life.
It's easy to sleep on it, but your goals and desires may be buried deep within your answer.
Most of the time I hear people saying they'd blow it all.
It's easy to spend it on a nice house, luxury car, vacations, and expensive products.
There’s nothing wrong with wanting to spend $ on yourself and have fun.
But...the people who would blow through it all probably aren’t listening to this podcast
There’s no way you’re listening to this if you don’t have long-term goals.
Maybe in the past you answered this question and said you’d blow most of it.
$1 mil isn't actually a lot of $.
You'll likely need more than that to retire...just for 20-30 years of living expenses.
We’ve heard hundreds of stories of athletes making millions and blowing through it all ending up bankrupt.
It's easy to do.
You'll have to pay tax on this income.
You don't really have $1 mil.
Let's keep it simple and not get too bogged down in the taxes...
We'll just say you're starting with $750,000 cash.
Here's what I'd do with mine.
It aligns with my life and career goals
25% of $750k = $187,500
- Pay off debt
- Put one year of living expenses in checking account ($30k)
- The rest in emergency savings
25% of $750k = $187,500
- $187,500 invested in index funds and/or real estate
- Not touching this until retirement
We've used up 50% of the total $750k.
$5k for business travel
One thing I forgot to mention in the audio show was the $5,000 I'd spend for traveling.
In the show, I only accounted for $745k instead of $750k.
Whoops, my bad.
That $5k wouldn't be for a nice luxury vacation.
I'd go to LA, New York, Atlanta, or possibly an international trip...
To meet music industry contacts and make beneficial connections.
I'm not getting a new house or car at this point.
$50,000 to upgrade my home studio recordings
Nothing too crazy.
Just good quality gear, mics and products to improve the acoustics.
The final $320,000...
All for Monikker Music content and promo.
- Content production (could get expensive - outsourcing for videos, photos, social media, other content)
- Merchandise and packaging
- Building funnels and creating new digital/physical offers
- Funding a tour
The rest would go to advertising to promote all of the above.
I should have $100k for the advertising budget.
And that's it...
With enough good content, merch, offers, and a good live show + using my advertising $ intelligently...
The goal would be to turn a profit out of $ spent on the entire second half of the $1 mil:
Business travel, upgrading my studio, and content + offers + promo.
If it takes longer than a year to recoup my investment, I still have over $100k in emergency savings.
This allows me another year or two at least of living expenses.
That's more time to successfully turn enough profit on my asset investments.
What would you do?
How has this post and show made you think differently about it?
Drop a comment below or Tweet me.
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