Do you believe $1,000,000 would set you up for life? Never working again? Never answering to a boss or waking up for work? Some people think the answer is yes, or even think $1,000,000 is going to set them up financially to never worry about money again. The truth is, it’s really not that much money. If I gave you $1,000,000 today, you would not be able to retire comfortably. It’s not a whole lot of money, and I’ll show you how easily it’s spent…
Buy a nice Rolls Royce: Why roll around in a Hyundai when you can roll in a Rollie…$380K
Buy a real watch: Let’s face it, having some bling is nice… $70K
Buy mom a house: Ask any NBA player who gets his first big new
contact, you want to reward your loved ones… $450K
Tithe: Give to your church or charity… $100K
Oops—you didn’t even think about taxes and now you’re in the hole with the IRS. See how easy that was? Now you’ll want to sell your Rolls and your watch after you realize your life isn’t going to change much, and that $1,000,000 doesn’t buy what it used to.
This brings me to another point: never get advice from a millionaire. Don’t get advice on what the view is like from someone half way up the tree, because they can only tell you what they think the view is going to be. A millionaire with a single million to their name is not financially secure—they have not financially arrived yet.
A book was written a while ago called The Millionaire Next Door, and I can tell you the only thing I learned from that book was that I didn’t want to be “The Millionaire Next Door”. I don’t want to slowly and gradually save small amounts of money in hopes of dying wealthy.
I don’t want to hope that, one day, by the time my prostate falls off when I’m 80-years old—if the stock market doesn’t go up in flames—I might scavenge just enough money to never enjoy it.
I can skip my $5 Starbucks every day for the next 30 years and save $50,000, but that still won’t make me financially secure. You must learn how to increase your income.
The problem with just having $1,000,000 is time.
Do the math.
$1,000,000 is fine if you only have one year left to live. If you have 30 years left, that gives you just over $33,000 a year. That’s about $91 a day, and anyone who has less than $100 a day to live on is seriously broke. You’ve got rent, insurance, food, transportation—it all adds up quickly.
So if you’ve got $1,000,000 dollars and 30 years left to live, you aren’t retiring comfortably, you’ll be constantly worried about your little pile of money running out so you’ll be living frugally and pinching pennies.
When you have just $1,000,000, you’re scared.
Don’t be The Millionaire Next Door who is conserving that little nest egg. To make your money last longer than your clock, you need much more than $1,000,000. You need more zeros than minutes. That’s the problem with money—it’s time. The bank tells you to put your money in their bank and it will grow, but it won’t—it will just sit there. Your million dollars will not multiply in the bank.
$1,000,000 is simply not enough money to give you financial security and it’s definitely not enough to give you a “millionaire” lifestyle unless you want to blow it all in the first year. You can spend $5,000 for a World Series ticket, go to high end hotels that will set you back a few grand, travel to Vegas and play some blackjack and get a $5,000 hamburger (with a vintage bottle of Chateau Petrus and fries included), get a designer handbag for your girl, go to Paris.
You can spend $1,000,000 easily in this world. But if you live big your million dollars will dry up sooner than you think. For this reason, never take financial advice from a mere millionaire! Their think is too small and they don’t have enough money to really live big.
To make your money last longer than your clock, you need to add zeros to your bank account. Having just a million dollars is selfish anyways. Being a millionaire is about being frugal and having enough for you—billionaires are not selfish. Billionaires have so many zeros they can’t consume it all and have enough to share with others.
If you’re in poverty 30 years from now it won’t be because you’ve bought a latte every day, but because you didn’t produce enough income.
I’m here to help you get your money right. Add zeros to your net worth by building up your network. Build up your skills.
And if you are still looking for that first million, let me help you get there. Get my Wealth Creation Formula today.