The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success
  • SPONSORED: GiganticWebsites.com: We Build Sites with THOUSANDS of Unique and Genuinely Useful Articles

    30% to 50% Fastlane-exclusive discounts on WordPress-powered websites with everything included: WordPress setup, design, keyword research, article creation and article publishing. Click HERE to claim.

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Describe what being a "Millionaire" feels like.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
446%
Jul 23, 2007
38,211
170,515
Utah
but for those that don't mind please tell us what becoming a millionaire felt like the first day you woke and realized "Shit... I am a millionaire." Before you say well a million dollars doesn't make you rich, allow me to retort by saying, to those that aren't anywhere close to making a million, it is symbolic of a milestone reached.

So begin here. What did it feel like the first day you woke up and knew that you weren't dreaming? You could look into your account and see a solid 7 figures and every penny was yours.

You're probably gonna be disappointed with my answer.

First, I celebrated the milestone with dinner. I vividly remember the day. I was elated and proud.

However, please note the source of that feeling. It wasn't the liquid million that created this feeling, it was the achievement. The accomplishment. The process of hitting a goal set years ago.

All of you out there who think "being a millionaire" is some type of elusive status that immediately endows some type of immediate "feeling" I'm here to tell you that the difference between that day, and a few weeks earlier (when I wasn't a millionaire) wasn't much different.

To give you a little perspective, I just finished the TMF audiobook which was produced in house and is currently at the production facility getting duplicated ... when I finished that project, that feeling was similar, almost identical to the feeling of reaching millionaire status. Why? Because I made it through the process. I learned. I accomplished. I achieved. I hit a goal. Money (if people buy the TMF audiobook) just adds to that feeling.

As I write in my book "a millionaire" is just upper middle class.

Once that status was reached, I didn't suddenly feel uber-rich, like I could go out and do, or buy anything ... its just a different elevation of security to know that if you want to go out to dinner at a nice restaurant, you can. The mortgage and electric bill will be paid. I can travel wherever, and whenever.

Again, I started to feel true freedom when I became wholly self-employed and self-reliant (and then I was broke.) The millionaire status makes this feeling stronger.

Now at $5M liquid, the feeling is a little different and you start to feel "rich" where money becomes less and less as an obstacle. However, even at this level you still have to be mindful as to what you buy. Again, expenditures don't care about titles (multimillionaire, millionaire etc.) because if you spend more than you earn, you will go broke.

When I see a $400K Aventador I think "gee, I can buy that now, pay cash for it, and not be burdened to it." That's a great feeling. However, just because "I can" doesn't mean I will, or should as it decreases my margin of error. This type of thinking, done too many times, leads to the Sidewalk.

I imagine at $25M the feeling of freedom and security would be even more pronounced and the margin of error gets larger.

Do your friends treat you differently?

Not really. However, some of my other friends who only know me through my book tend to treat you as if you are atypical ... like, drinking cheap beer or staying at a dive hotel is "out of the question". It isn't. Other than my house (and my Lambo which I just sold), I blend in like everyone else. I still shop at Target and Walmart. I still shop at Safeway.

I drive a car that is nearly 7 years old with 70,000 miles ... my "non Fastlane" friends all drive newer cars.

Do you buy more elaborate gifts now?

No.

Are class reunions better than ever now?

Not even sure any one in HS knows anything about me. My penname and real name are different. Some of my old college buddies have bought my book and enjoyed it, but I haven't seen them in years.

Buying the dream house or car, the places you travel now and how your life has changed in general.

When I wake up the morning sometimes I have to pinch myself. The view in my house is gorgeous.

Cam-Phone 104.jpg

Again, when I bought my first Lambo, (a Diablo) it was a great feeling of accomplishment because it was a goal achieved. Freedom is fantastic. The feeling that I can write for days and weeks, and not have to worry about money is great. The feeling that I don't know "what's next" is scary, and exhilarating all at once.

However, life is not all unicorns and rainbows. I stress about things too. (For example, for years I've struggled to get health insurance and still do -- my health insurance premiums now cost more than most peoples mortgage ... this is an uncontrollable variable and can dictate future security)
 

MidwestLandlord

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
759%
Dec 6, 2016
1,479
11,229
A fastlane friend of mine has spent north of $200,000 on cosmetic surgeries. After all was said and done, I asked him "so do you like the new you?"

He looked at me blankly for a bit (wasn't sure if he was thinking, or if his face didn't work anymore lol)

Eventually he said, "I dunno, I'm still me I guess. Not much has changed"

His happiness reverted back to the mean. Whatever it was he was searching for he didn't find at the surgeon's office.

I found much the same thing when I hit 1 million. Yes, proud of myself for doing so, but really for me it's about the journey and not the destination. It took me a REALLY long time to realize that ultimately it's about mindset more than money.

Besides, once I hit a million I was working so hard that stopping seemed laughable, so I just sort of waved at the million mark as I drove by.

But on the flipside of that, it is pretty freakin' awesome.

I eat steak twice a week. I bought that expensive lamb skin leather jacket I always wanted. When I get sick of the cold here in the north, I fly me and the wife out to Miami or LA (4 times in 2016) I'm a bodybuilder, and I converted half of my garage into a gym.

I bought my disabled mother a house. (being able to do that was a happier moment than hitting 1 million)

That million dollars pales in comparison to the self improvement I've done in the last 5 years though. It's all about mindset.

(and for the record, I'm an equity millionaire, and still trade my time for money at a job. So that's the next goal. I only hold about $100k in cash)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
474%
Jul 25, 2007
9,136
43,347
Scottsdale, AZ
This is rubbish thinking. we must not put ourselves in an inferior persons environment even if it is in our mind. WE MUST ALWAYS STRIVE TO BE IN BETTER ENVIRONMENTS surrounded by the best and ONLY THE BEST. I am here for only a finite time on earth I DESERVE THE BEST And I will own the best.

I don't agree with this. First of all, these people are not inferior. If that's how you think about them, then being successful will not make you happy. Compassion and understanding of their situation will help you be grateful for what you have. If you aren't grateful or appreciative of where you are, then you will still be the same person even if you had a million dollars.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

jon.a

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
329%
Sep 29, 2012
4,306
14,176
Near San Diego
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The "Mexican Fisherman" said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The "Mexican Fisherman" asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”
 

MidwestLandlord

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
759%
Dec 6, 2016
1,479
11,229
Can you elaborate more about the mindset that you now have? What in your mindset has changed in the last 5 years?

Alright, the short and sweet answer.

For me it was getting away from a mindset of validation seeking. I had a rough childhood (we moved 21 times in 17 years for example), so I spent from ages 17 to 25 seeking validation of my worth through women, money, status, etc.

I WAS that cold-hearted guy that only cared about whether I impressed people at the HS reunion, on the street with my nice car, or in the club when I took a hot girl home.

It's hard to describe, but at some point I realized I was on the wrong path. Who was I trying to impress?

So I took a very simple step, and that was to start learning. About people, myself, money, health, whatever.

As cliche as it sounds, I now realize that there is a whole big world out there, and money/status is only one part of it. My mindset now is that money is really just a tool to get the other things in life that are much more important to me.

Stable life for my kids, seeing new places, helping my disabled mother, getting my wife naked on the beach in Florida without getting caught (haha), and the pride of working hard and building something I can be proud of.

Buying a Mercedes SL450 rag-top was awesome. Not super expensive, but it was my "dream car", at the end of the day though...it's just a car.

Putting the top down and driving through the hills where I live, on a warm summer day, with my wife in the seat next to me laughing at my stupid jokes?

Now THAT'S living.

(I since sold the car to buy another rental property)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
446%
Jul 23, 2007
38,211
170,515
Utah
what money your got a few quid, your hardly wealthy mate, simmer down

You've now insulted two of our oldest members -- both millionaires (one owns a freaking golf course) so tell you what "kid", "mate" or whatever label you deem "cool", stop posting crap and start reading.

You've posted 78 comments and none of them have any redeeming value.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
446%
Jul 23, 2007
38,211
170,515
Utah

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
446%
Jul 23, 2007
38,211
170,515
Utah
Thus far 3 pages of comments can be summed up this way: It isn't the dream that makes the dream, it's reaching for the dream... journeys continue and have milestones, destinations end.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
446%
Jul 23, 2007
38,211
170,515
Utah
lolollololo but a 2 or 3 million isn't much in todays world is it! lololol you judge me on my rep loooooooooooool be in the real world guys cmon peace out peasants

Amazing when you warn someone that they're about to walk over a cliff and instead of taking a few steps back, they leap off.

The peasants around here have long educated themselves on how to spot trolls who act like kings of the world when in fact, their only kingship comes from their mum's basement.
 

GMSI7D

Gold Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jan 27, 2016
992
2,041
47
Lyon, France
i was watching a video about life in poor countries .


you know, these poor soul who live in dust , who have not even a roof over their head and who eat whatever they can find on the floor

i thought that compared to them, i am already a milionaire with my average french lifestyle.

in fact , they will never even dream of my lifestyle. it is too big for them.

the gap is too big


then i looked at my small appartement and said to me than even kings 500 years ago didn't have the tools of power that i have in the room : electricity, a computer with fantastic calculus power, hot water and so on

i am already richer than kings and the richest people in the world of the year 1500 or 1800 in terms of technology

compared to history and 95 % of the actual world, i am already rich like a milionaire


so what do i mean ? a global point of view helps us to understand reality
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
494%
Jan 23, 2011
9,718
47,974
34
Texas
Among other things... I have raised money at an 8 figure valuation... I own a majority of that company which makes me a "paper multi-millionaire".

I drive a cash Chevy. My wife drives a cash Chevy. We live in a nice home that most people with a reasonable job can afford. We vacation on points. We eat at Mexican restaurants for $25. I shop around for insurance and other monthly crap. I debate about buying a boat or if it’s not worth the money. I play golf at Clubcorp facilities which are middle of the road. I’m looking at a used Lexus hybrid to save money on gas. I wear $450 suits. I wear a $450 watch. I’m comfortable. I don't have to worry about money. I’m excited by what I do. I’m excited about the future.

In contrast, I know a guy with a good job. A brand new everything. A 6000 square foot home. Owns nothing that pays him. Has money problems. He looks like a millionaire. He isn’t. Every time I talk to him the F*cking sky is falling.

The word millionaire means NOTHING.
 
Last edited:

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
474%
Jul 25, 2007
9,136
43,347
Scottsdale, AZ
Lol makes sense. I had a buddy who said he was a millionaire because he did 100k in consulting a year and claimed a 10x multiplier. Obviously overstated for him - but always wondered for myself what my business asset was worth considering our profits.

I'd use 2.5X to be conservative. But if you sell, you give up 10% to broker commissions and 20% to taxes, so if you sold a biz for $1m, you'd get $700k. Not even close to being a millionaire.

But it really doesn't matter does it. Your buddy making $100k is far far away from being a millionaire, which is why he cares about the number.

If you are making $250k a year, you will become a millionaire in 4-5 years easily assuming your business grows a little each year and you don't spend all of your money. At that point your goals are to be worth $5M, not $1M so you don't even really calculate it.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

EvanOkanagan

Gold Contributor
FASTLANE INSIDER
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
377%
Aug 2, 2013
585
2,205
I'm 3/4 of the way there in net worth, so I can't say I've achieved this milestone yet, but can relate somewhat...

I've developed a new circle of friends over the years as a lot of my old friends lifestyles just don't match where I'm going. Those that I've continued being friends with though treat me relatively the same (most likely don't know what I'm worth, since I don't buy anything flashy).

My spending habits haven't changed much since being $50,000 in debt a few years ago to now. In fact, I definitely spend LESS on monthly necessities than I did then... it's almost a game to see how much less I can take my living expenses. What I spend money on now is mainly experiences (travel, events, etc). Though I could have a beautiful brand new Mercedes, expensive watches etc, I could use that money towards investments that are fueling my financial independence.

I used to be affected a considerate amount by eating out, going on roadtrips/travelling, and even buying a couple expensive coffees at the coffee shop. Now, there's very rarely a concern with any of these.

I believe I'll be a millionaire many times over before I look in the bank to see $1,000,000. I had about 200k sitting in an account for a few months earlier this year and it pained me--knowing that money was earning very small interest when I could be putting it towards an asset that could be earning me 5-10x that amount
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
369%
May 20, 2014
18,707
69,116
Ireland

SteveO

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
456%
Jul 24, 2007
4,228
19,297
Issues and challenges don't go away. I have been up, down, and up again. Still feels like the same life.

As another poster stated, the money didn't change me, it was the learnings along the way.
 

SteveO

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
456%
Jul 24, 2007
4,228
19,297
Did you pretend to you were going to tie your shoe when you got down on one knee?
No. I am happy to tell the entire story. It unfolded less than a mile from your house.

We met at a running group that was put on by the running shoe store. At the end of the workouts, the store had a raffle for items out of the store. I asked the store owner to put the ring in with the raffle items and call her name to retrieve the prize.

The owners wife emailed, called, and let people know what I was up to. 40 people showed up to run and watch me propose to her. You know how much attention she likes. :)

We ended up with cake, champagne, and a large group of observers. Was not my intent. Glad she said yes...
 

MidwestLandlord

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
759%
Dec 6, 2016
1,479
11,229
lol you guys, be honest were all here to make COLD HARD CASH, nothing else nothing more, don't make it about anything else stupid kid

Short of winning the lottery, you get COLD HARD CASH by providing value.

It's easier to provide value (see a need and fill it) when you have genuine empathy for people.

The cliche "cold-hearted, ultra pragmatic, only cares about money CEO" are really just successful slowlaners. That's why they are all in their 60's or older.

That's not how I want to live, but to each his own.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
474%
Jul 25, 2007
9,136
43,347
Scottsdale, AZ
I want to start off and say that I'm not a millionaire and I don't really plan on being one. But sometimes things don't go as planned. That number was never important to me.

However, I did have an oh shit moment. When I was driving my 360 back from LA, I did say to myself, Shit I own a Ferrari. Maybe that's the same feeling others get at $1M. Sometimes that still happens to me when I look at the center of my steering wheel while I drive it.

$1M is just a number. You hear this all the time but I'm going to say it again. If you are unhappy without $1M, you will still be unhappy with $1M. I was happy without the Ferrari and still happy with it. You take it away from me tomorrow and I'll be the same.

I think that if you just get to $1M, nothing in your life changes. I know that if you handed me a check for $1M today, I'd deposit it and nothing about my life would change, except that I may pay down some of my mortgages. It's not (as MJ says) a life changing amount. If you think it may drastically alter your life, then you may be on the path like the broke lottery winners you always hear about.

However, if you handed me a check for $10M, that's a different story. I would probably purchase an additional property and another car. My daily life would probably change in some way.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
369%
May 20, 2014
18,707
69,116
Ireland
Alright, the short and sweet answer.

For me it was getting away from a mindset of validation seeking. I had a rough childhood (we moved 21 times in 17 years for example), so I spent from ages 17 to 25 seeking validation of my worth through women, money, status, etc.

I WAS that cold-hearted guy that only cared about whether I impressed people at the HS reunion, on the street with my nice car, or in the club when I took a hot girl home.

It's hard to describe, but at some point I realized I was on the wrong path. Who was I trying to impress?

So I took a very simple step, and that was to start learning. About people, myself, money, health, whatever.

As cliche as it sounds, I now realize that there is a whole big world out there, and money/status is only one part of it. My mindset now is that money is really just a tool to get the other things in life that are much more important to me.

Stable life for my kids, seeing new places, helping my disabled mother, getting my wife naked on the beach in Florida without getting caught (haha), and the pride of working hard and building something I can be proud of.

Buying a Mercedes SL450 rag-top was awesome. Not super expensive, but it was my "dream car", at the end of the day though...it's just a car.

Putting the top down and driving through the hills where I live, on a warm summer day, with my wife in the seat next to me laughing at my stupid jokes?

Now THAT'S living.

(I since sold the car to buy another rental property)
I believed every word of it till you said your wife laughed at your stupid jokes. That just doesn't sound plausible.



Great story. Thanks for sharing @MidwestLandlord.

Something for the young guns to think about.
 

MidwestLandlord

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
759%
Dec 6, 2016
1,479
11,229
It's refreshing to see a new member on this forum who is walking the walk, and not full of action-faking baloney.

Congrats on your success so far. Can you elaborate more about the mindset that you now have? What in your mindset has changed in the last 5 years?


Welcome to the forum. I hope you stick around!

Thanks. I'll stick around for a bit. I'm hoping that interacting with y'all will spark the idea for my next step to freedom.

I'll respond to your mindset question in a bit, gotta think about it.
 

guy marshall

Contributor
User Power
Value/Post Ratio
164%
Sep 2, 2017
22
36
52
yorkshire England
Hi all, i first became a millionaire around 6 ish years ago.....now I'm currently in the over 2 million category if you like..im in the uk so maybe 3.5 million dollars, anyway i know what zero feels like and internally as a person i feel no different.
The realisation happens when you know you have choices in everything you do....plus the desires you used to have totally wear off, when you go shopping you rarely buy anything because you can afford to buy it so the want disappears... i hope this makes sense ive owned two Audi R8s and eventually even that feels like driving a regular car after a while..
the funny thing is ive been going to the same gym for years and i was never asked what i did for a job until i turned up in the car one day....funny.
As i write this i know I'm not working tomorrow and having an easy day but i still do work within my business but its on my terms...i hope this sheds a bit of light.

Good luck
 

Attachments

  • 006 (2).JPG
    006 (2).JPG
    239.4 KB · Views: 51

andviv

Gold Contributor
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
40%
Jul 27, 2007
5,361
2,143
Washington DC
I have never had $1MM cash.

I was worth a little bit more than $1MM for some time, before my RE deals crashed big time.

Just like in the Cashflow board game, one deal put me there, although temporarily.

For a few years I was doing OK with RE deals. Basically, SFH that I would buy and sell, just like a few thousand of others during the RE boom.

At some point I realized I was not providing value and went for a different type of deal.

At that time, I worked out a deal that was very interesting.

It was a house sitting on a huge piece of land (well, huge for the area it was... 7.5 acres).

At the time builders were desperate for land.

And I got my hands on such property.

Secured the deal (cost me like $50K to get it under control).

Worked the paperwork to legally split it in 7 1-acre lots, or 14 .5-acre lots.

And then, at the same time, found a buyer.

The property was worth around $350K (it was an ugly house).

I negotiated a deal with the buyers, this building company that had a plan for a small residential community. They agreed to buy all lots for $1.4MM.

Contract was signed.

Financing was being arraigned.

The next morning, after signing the deal, it just hit me.

I had just made $1MM in one deal.

Wow.

I was shocked.

I smiled all day long. And it was the same for the next couple of weeks.

Suddenly, stress settled in. I was worried cause things were taking longer than expected.

However, in my mind, I felt a lot of excitement. And pride. I had reached a great goal.

The world was mine to have.

For 3 or 4 weeks, I was a paper millionaire.

The dream ended when the financing institution came down crashing. The lending market tightened and then simply disappeared, in a matter of what seemed like two days.

And there I was, with those $50K lost. No buyers in sight. And then all started to go wrong. Renters stopped paying rent and some damaged the properties.

Cash disappeared very quickly.

Lines of credits were closing very fast.

Before I knew it, I was insolvent.

The dream became a nightmare. I had put all my eggs in this basket, and thought I had it under control. Leverage, the same thing that had made me a paper millionaire, took me down very fast.

But how I felt then is another story and not the topic of this thread.

So yeah, it was cool, exciting and scary to think you are worth $1MM.

There were a lot of lessons learned, but I can tell you that:

I simply stop caring about prices for any restaurant

I started thinking a lot about how to replicate this 'success' to keep growing the business (I admit it, I was having a blast doing what I was doing)

I started to think how to help others, especially close family

I was scared... what if I lose everything? who will I be if I am poor? Will people still like me? (and you will find out, most won't :D)

That is all I can think of for now...
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

amp0193

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
442%
May 27, 2013
3,726
16,473
United States
That million dollars pales in comparison to the self improvement I've done in the last 5 years though. It's all about mindset.


It's refreshing to see a new member on this forum who is walking the walk, and not full of action-faking baloney.

Congrats on your success so far. Can you elaborate more about the mindset that you now have? What in your mindset has changed in the last 5 years?


Welcome to the forum. I hope you stick around!
 

SteveO

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
456%
Jul 24, 2007
4,228
19,297
When I go to buy new shoes for myself.... $100?????? WTF???? Where are the $10 shoes?
What is the matter with you? Your feet need comfort... I am happy to pay $150 for shoes and do so regularly. Have purchased shoes from the same store for 15 years.

I proposed to my wife there. That's not weird is it???
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Get Right

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
477%
Jul 16, 2013
1,317
6,288
Sunny Florida
lolollololo but a 2 or 3 million isn't much in todays world is it! lololol you judge me on my rep loooooooooooool be in the real world guys cmon peace out peasants
Somebody's asking for a time out...
 

PatrickP

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
76%
Mar 16, 2012
1,843
1,405
I realized I was a millionaire one day while driving in the car with my wife. I told her and her reply was something like oh that's nice.

Really to me there wasn't a difference between being a 500K or 800K or millionaire. Now being a multimillionaire was 'cool' to think of for a few minutes but that was about all.

I used to get all my clothes at Walmart and now get some at Target. I now tip 20 - 25% minimum. I buy $25 gift cert for the guys who do the lawn maintenance, I give a few thousand a month in products to USA troops in Iraq and Afghanistan. I offer to pay for my nephews, nieces, sisters etc to come and visit. I splurged and got the injectors cleaned on my 2007 Honday Fit with 183,000 miles on it.

Besides those changes I don't think I have done much different.
 

hatterasguy

Bronze Contributor
User Power
Value/Post Ratio
9%
Jul 29, 2008
2,044
191
38
I'm not at that level, but my company probably has a value of quite a bit over $1m. More so if I land a deal I'm working on which is worth about $3.2 built out and sold.

Its just a number, I enjoy what I do. Heck, let me see I have $110kish cash on hand right now in the company check book.

IMHO having a mill in the bank is a waste of good money, you could be out doing deals with that money! I'd view it as a big problem, it would mean I'm not finding enough good deals.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
474%
Jul 25, 2007
9,136
43,347
Scottsdale, AZ
What is the matter with you? Your feet need comfort... I am happy to pay $150 for shoes and do so regularly. Have purchased shoes from the same store for 15 years.

I proposed to my wife there. That's not weird is it???

Did you pretend to you were going to tie your shoe when you got down on one knee?
 

luniac

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
158%
Dec 7, 2012
1,781
2,811
33
brooklyn
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The "Mexican Fisherman" said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The "Mexican Fisherman" asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

lol but to be fair, MJ debunked this story by saying something like:

"and then the government passed new fishing regulations severely crippling the "Mexican Fisherman"'s way of life. He now couldn't afford to support his family and is forced to work at the mexican equivalent of 7-11"
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top