2020-05-06 03:03:53
What changes when you make your first million?
My experience: you start money generation game and stop money worries game.
you set new goals that you couldn’t even imagine before (I mean it even was not in your dreams).
your expenses change in quality.
new investment opportunities that I didn’t even know they existed.
it definitely makes your life easier to make your
next millions.Most people in the world are very happy with a five-digit number per year. So, if they ever get their first million over a sudden, the first impulse would be to spend.
Why is that? People have no clear goals. It’s so easy to implement and at the same time it’s very hard to start.
I can reassure you that it’s not a big deal to make your first million! Starting from a standstill and moving towards your goals can be a very pleasant journey when you know what your goals are and when you
resonate with them.
Why do think people are impressed with results when they take goal related courses or hire personal coaches. Over 90% of people don’t go further than thinking about their goals. Even the first simple step to write down goals in details can take
months or
years for someone.
You can have a million ways how to make your first million.
Long way example:If you invest $400 a month @ 7% annually, you’ll have nearly $1 million in 40 years
Assume you’re 20 years old and you give up coffee, movies, lunches and dinners out for the first years to save $400 each month. At 60 you’ll have a million bucks and be ready to retire and “enjoy” your life.
If we experience same inflation in the next 40 years as we had over the last 40 years, your future million will be worth just $200,000 in today’s dollars (massive drop in spending power).
So you’ll be a millionaire, but it won’t be quite like you imagined. As most people around will be millionaires as well and all of you could afford same things.
Short way examples:
1. Invest in stock market.
Risk only with your gain, not principal. If you check VIX index price (volatility index of S&P companies), you can see how much you can make overnight by investing in blue chip companies and diversifying with risky assets.
2. Create your own online product/service and invest most proceeds (stocks, real estate investment trusts, ETFs, etc.)
3. Sell products on Amazon.
4. Learn skills in demand and find a well-paid job.
Guess what, most people would still say it’s unrealistic But only those, who ever tried to work with their goals and dreams, know that it’s so easy achieve.
Only you can choose what goals to achieve in life and when to start.
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