When will I be a millionaire? - 98/101 Entrepreneur Questions and Answers
This is an except from my book: 101 Entrepreneur Questions and Answers.Greatness happens behind the scenes and an overnight success is 20 years in the making. All of my goals that I mentioned in the previous point will take months to accomplish, but when these things are done, people will discover me over time and just assume that I one day turned up with all this content and all of the knowledge.Mathematically, we'll be a millionaire by age 120, based on the average rate at which people earn money from their work and on the average amount that they save their income. But this is too long and too slow- and when you provide more service for people, you can become a millionaire sooner.Some people will be millionaires overnight, others over years, but is it the journey and the progression towards a goal that is of more importance. You only need to become rich once, after that you need to secure and protect it. How else do you think Bill Gates has been the richest man alive for the past 18 years? Remember this: the bigger your business, or the bigger the problem that you solve, the quicker you'll become rich. The bigger the problem that you solve for more people, the more you are rewarded.The standard is to be decamillionaire, which is £2-10+ millions, because why be anything less in this world? Years ago being a millionaire was good, now because of inflation we need to have more money in order to maintain the same standard of living, but what is also important is the income streams which creates your wealth.Remember that we, as humans, are designed to seek out problems and to solve them. Over time you and I will realize that money is just an object, especially when you learn how to create money from thin air and as you realize that money can come and go, it can be remade, earnt again and it can reappear in your bank account. Life, health, happiness and people are more important than money, it is just that money enables us to do more and become more.Remember that the magic number is $75k income a year, which is around £61k, because with that kind of income all your basics needs are met comfortably and the further away from such an income: the unhappier you'll be. The amount of happiness derived from money once you get over this benchmark starts to cap off and there is a law of diminishing returns where the money means less to you as you have more of it than you need. It is even better if this income is passive, and comes to you even as you sleep.This is how, from a statistics, point of view money can make you happy and it takes the sting out of being poor, up until a certain income bracket. As I mentioned in the introduction, a professional FOREX trader once told me that he gets "another £19,000" and it does not mean much to him. Nor will money mean much to you when you have more of it than you need.Question of the day: How are you striving to become a millionaire?
Published on November 28, 2017 07:37
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