Full disclosure, at the time of writing this, I’m not some ultra-rich multi-millionaire. I’m not Tai Lopez. I’m not Gary Vee. I’m not Grant Cardone. I’m not like any of those guys. So none of my suggestions involve making millions.
To a degree, one of the reasons I don’t promote being a millionaire (besides not being one myself) is because I don’t think it’s necessary to be a millionaire in the modern era.
Many influencers use the “millionaire” tagline because it’s sexy, appealing, and easily comprehensive. Perhaps a better goal for you might be to make $143,276. That number could be a bit more reasonable and realistic to reach.
But that number is ugly just from the looks of it, right? You’re probably already turned off by it. However, the number 1,000,000 just seems far more complete even though it’s a much bigger and more unobtainable number. My definition of Wealth is simply having an abundance. But abundance is subjective. If you live a lifestyle that allows you to live extremely comfortably and happily but you make $30k a year, I’d consider you wealthy. If you make $525k a year but are constantly stressed and unhappy, I don’t believe you’re wealthy. It’s that simple.
Personally, I think to truly conquer this pillar, it’s important to have a grasp on how money works and how to creatively utilize your money. Beyond that, you’ll need to consider the life setup you desire and how much money you’ll require for that life setup. Believe it or not, I genuinely think a little can go a long way if you’re creative and cognizant of the application of money.
For example, you might have a goal to live in a penthouse by the beach. And you might also desire to work remotely, Perhaps, in your mind, the only way to get to that objective is to earn a high 6-figure salary, work in a remote job that pays lucratively, and live in a luxurious area near Miami or California. But what if I told you that you could work a standard remote job or have a decent-paying side hustle and move to Thailand or Bali? And perhaps live the exact lifestyle you desire at a fraction of the cost.
In this video, a vlogger explores luxury condos in Thailand that are around 20,000 baht which is around $600 in US currency. This video is just an example of what’s out there and gives you an example of how accessible some of these things might be. I don’t think you need to know each and everything about everything that's financially related. But you do need to understand that money is a tool to eliminate and reduce stress. Your money should act as small soldiers.
You send them to war and they bring back hostages in the form of dollars. If you can keep those principles in mind, and consistently make more than you spend, I think you’ll be in good shape. When it comes to making money as a whole, I believe it’s important to move away from the common models of wealth creation. Going to school, getting a degree, saving up, and retiring at 65 no longer exists. The world is moving too quickly and the old strategies of wealth-building no longer apply.
At the time of writing this, people are making an insane amount of money and wealth from the Metaverse, NFTs, Cryptocurrencies, Digital Products, Turo, Airbnb, and the list goes on. If you don’t know what any or most of those terms I just mentioned are, go read about them. While you should also mimic people with money, I think there’s nuance to mimicry in this pillar. As I mentioned, having money vs having wealth is different. And I also think how you spend your money is immensely important. Arguably, how you spend your money is more important than how much you even have. There are some wealthy people I know that don’t spend their money on anything. Their goals are to simply increase their wealth and that's it. That’s absolutely fine. But that doesn’t align with my goals. And I know others whose sole purpose is to make money to live a luxurious lifestyle. They don’t save or invest. They simply rely on consistent, high cash flow. This is fine too. Similar to mastering the Health Pillar, you need to figure out what works best for you and model people who are living a lifestyle that you desire. Several years ago, I’d get tons of advice from everyone saying it’s best to invest as early as possible.
They’d suggest investing in a Roth IRA and setting aside at least 10%. Do I think this is great advice? Yes! Do I think it’s great advice for me? No. Personally, I think it’s better to spend money quickly for returns and experience and only begin investing once you reach around 6 figures. In my free Finance Course, I mention that making $70k should be the baseline amount you should make before investing. I only mention 6-figures above because I think for my long-term goals, that number makes the most sense. However, if your goal is to work and live a more conventional lifestyle, I think $70K is a great place to begin investing. I believe in this model because it keeps your foot on the gas, prevents comfort from taking control, and will allow me to invest far more aggressively if my cash flow is consistently high and predictable. In the past, when my cash flow wasn’t high or predictable, I’d set aside 10% or more only to be forced to use it months later (because I was only making $10k or $20k/year). Again, you need to experiment. My strategies might be too risky and might require a certain level of discomfort that you’re not willing to deal with. For others, it could be the perfect remedy. By the way, if you haven’t already, I highly encourage you to check out my No Fluff Finance Course on my page. It’s a straightforward guide to understanding finances and some interesting ways to invest, budget, and more. The best part of the course is that it’s absolutely FREE. Go check it out.
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