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My Journey on Passive Income that 99% Population Don’t Hear About 14 – Terms and Conditions?
Continuing from last post, I created three models based on the profit-sharing data provided by the lawyer. Simultaneously, I cross-checked the various pieces of information online to confirm the range of the numbers he gave, making conservative adjustments. The results were surprising – even the worst-case scenario indicated that he was making a substantial profit on each case, after deducting interest. I mean, a lot of $$! This also included the costs of his team’s salaries and other expenses I could think of! And this was only for car accident cases, not including the compensation from the medical cases he handled! The sheer volume of cases, nearly 1000, and the accumulated compensation from each case, indicated a steady and highly profitable stream of future income as cases concluded over time! Disclaimer however, this was only my rough analysis based on my own interpretation – anyone interested should run your own analysis based no the info he shared during the videos!
Why didn’t I go to law school back then!
I then organized my thoughts and wrote down a few other key points. Here’s my approach:
Firstly, the loan amount should not be too significant. Whether it’s lent by me or another lender, the total loan amount should be significantly lower than the future income he will generate from processing all his cases. This would (hopefully) essentially prevent him from taking the funds and run and give up his career, his license and everything, as the loan amount wouldn’t be substantial enough for him to jeopardize his future with clearly more significant and steady income streams from all his cases.
Secondly, I need at last double digit annualized return, with a short and sweet 6-month term, and full interest prepayment upfront.
Next, I also need witness signatures on the lending contract as well as the law firm’s corporate seal. Simultaneously, I planned to regularly check his real estate holdings and his license status to see if there were any changes every once a while.
Lastly, I would start small so in case something unforeseen happened, it wouldn’t affect my normal life and my capacity to maintain a positive mindset.
Maintaining a positive mindset is something I’ve learned from countless experiences over the years. Every time I consider trying a new strategy, aside from all conceivable protective measures, the bottom line is that I would only invest an amount that makes me comfortable, something I can afford to lose without affecting my day-to-day life or peace of mind.
So I went back and brought up all these conditions to the lawyer. How did he react? Till next time！