Describe what being a "Millionaire" feels like.

[Yussef]

I am waiting on PatrickP to chime in:hl: and hopefully if we get lucky MJ:hl:

 

[Lights]

You've built fame up to such a high level in your mind, that no level of actualization will ever truly satisfy your expectations.

Btw, chasing fame is a fools errand. If you desire fame, then chase excellence. Excellence in a chosen field will bring lasting fame.

Keep in mind, without the proper psychology, fame will crush you. There is a reason so many famous people kill themselves or destroy themselves with drugs.

Seek excellence, and you will have a safe haven for your ego when the glory of being famous surprises you with it's lack of significance.

Good luck in your journey, my friend.


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Thanks.

I don't want to go further discussing about fame though, since this was just to help the OP find out what if it feels like to be a millionaire for me.

I'm not questioning it for myself, and anymore rambling will stamp me with a "troll".

I don't know, never tried a drug in my life, I think it's a waste of time to be honest.

 

[yahdmon]

Thanks for posting this -- it is a very enlightening and informative read.

I do not have a million dollars right now/yet; in fact far from it but my thoughts are as though I was a millionaire and that makes me feel very rich.

For me a million dollars in the bank just means being able to do my dreams and visions, launch my entities and help people who have demonstrated they are worthy of my time and finances. It will feel like being on vacation, working on my entities, and never having to go back to work. That is what I am striving for -- I want to make the flip.

I am thrilled about where I am now because to give a thousand dollars to someone in need is no big deal today and just a little over a year ago I had nothing, much less to even begin to give one thousand bucks and as it turned out, it was all a plan.

You see, for me to get where I am now I had to trade (lose) all that I had and today (not literally) I will get that back and more.

I used to be impressed and dreamed of riches and fame. Today it is not a motivation.

I know what to do now and as long as I do it and keep doing what got me here I will get my dream -- guranteed!

In fact, I am trying my hardest to avoid the fame that is sure to come but as someone said earlier, if you strive for exellence then wealth will come if you don't quit -- so now I am happy shouting from the bushes because I have no desire to be recognized or be known but I know after a while I will not be able to hide anymore.

To sum it up, as I perceive it, (I may be wrong) one is ALREADY rich, millionaire or otherwise when they finally do see all those zeros behind the first digit.

My heart goes out to those who are not millionaires already in their mind set and spirit when it does come.

If nothing else, I am very thankful that I am rich in heart and spirit now, and as a result I can take this pitch... then I will hit it out of the park instead of being destroyed by it or worse, miss the chance to spank that ball to high heavens.

I will show you... watch and see soon.

 

[Yussef]

Aha. I found an article entitled 10 things millionaires won't tell you, which explains a little why none described what it felt like to become one.

Frugal Tip Monday-10 Things Millionaires Won't Tell You

I just want to be brave and say something about what Millionaire Fastlane brought to light for me.

In chapter 20 when MJ discusses "the best passive income venue in existence" I had to stop reading for a few days to figure out what my number was for retirement. I am pleased to announce that that number is 6 million dollars. If I receive a 5% return that means I have $300,000 annually to live on. $25,000 per month , $5,769.23 per week and $824 per day to take care of my needs, without touching any of my principle.

I realize that 6 million is no walk in the park but I think it's reachable. But of course that's not where I would stop it would just be nice to know I could if I wanted too:smx9:

 

[Hambone]

Aha. I found an article entitled 10 things millionaires won't tell you, which explains a little why none described what it felt like to become one.

Frugal Tip Monday-10 Things Millionaires Won't Tell You

That article is junk.

At least the top 10 list is...the rebuttal at the bottom of the article is decent.

My favorite line is:
"Also, high-income earners pay Social Security tax only on their first $106,800 of income"

Are they kidding? This is now an example of 'the rich' avoiding taxes??? Do they understand that Social Security isn't meant to be a tax, but was created to provide security for you when you're of retirement age?

Social Security is a joke, and now it's being painted as some kind of tax loophole for the rich? Gimme a break!

Ok, sorry for the tangent. Back on topic.

I get the feeling a lot of the examples in that list apply more to the millionaire next door, as opposed to fastlane. Frugality is a next door millionaire type thing...not to be confused with living within ones means.


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[Yussef]

That article is junk.

At least the top 10 list is...the rebuttal at the bottom of the article is decent.

My favorite line is:
"Also, high-income earners pay Social Security tax only on their first $106,800 of income"

Are they kidding? This is now an example of 'the rich' avoiding taxes??? Do they understand that Social Security isn't meant to be a tax, but was created to provide security for you when you're of retirement age?

Social Security is a joke, and now it's being painted as some kind of tax loophole for the rich? Gimme a break!

Ok, sorry for the tangent. Back on topic.

I get the feeling a lot of the examples in that list apply more to the millionaire next door, as opposed to fastlane. Frugality is a next door millionaire type thing...not to be confused with living within ones means.


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I didn't agree with everything in it either but there were some points I did. I just wanted to see which ones were valid to the millionaires here.

 

[Yussef]

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 )

That is all I can think of for now...

Wow. Thanks for your truth Andiv. I dabbled in real estate a little as well had a couple of deals where I walked away with 6 figures but let me tell you it was stressful keeping the deals together even with very strong buyers. My last deal almost fell apart because the buyer's underwriter (recommended by an inexperienced re broker) tried to change the LTV on them at the last minute so I had to pull some strings to call on a favor from a finance manager to close a 960k deal in 2 weeks. I don't like that kind of stress. But MJ asked a question on page 127 in his book about paper valuation and whether you are truly a millionaire if you have a company worth 60m but only have 10k in the bank. The answer was interesting.

 

[Tony71]

Question is how are you going to get the 5%? I been thinking about 3 to 8 million then putting in CD but the CD aren't even giving 3%.

Aha. I found an article entitled 10 things millionaires won't tell you, which explains a little why none described what it felt like to become one.

Frugal Tip Monday-10 Things Millionaires Won't Tell You

I just want to be brave and say something about what Millionaire Fastlane brought to light for me.

In chapter 20 when MJ discusses "the best passive income venue in existence" I had to stop reading for a few days to figure out what my number was for retirement. I am pleased to announce that that number is 6 million dollars. If I receive a 5% return that means I have $300,000 annually to live on. $25,000 per month , $5,769.23 per week and $824 per day to take care of my needs, without touching any of my principle.

I realize that 6 million is no walk in the park but I think it's reachable. But of course that's not where I would stop it would just be nice to know I could if I wanted too:smx9:

 

[Yussef]

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.

That's some powerful feedback Bio. I am hearing the same thing more and more about the 1 million dollar figure so lets up the ante and say whatever million dollar figure represents wealth and made you feel like you had achieved something epic. I agree with the unhappiness theory as well, but also believe the reverse to be true, that if I am happy now I will still be happy with $1m in my account, I just think the two compliment one another very well.

Most of the time the only cure for unhappiness and depression are therapy and medication (I used to own a mental health agency) but I hear so many people equate money with unhappiness, and I know your not doing that, but a large part of society does. They give you examples of stars that have committed suicide, broken marriages, scandals yadda yadda yadda but for every example they can give of the wealthy I can give them 10 examples of the non wealthy going through similar or worse situations. You just don't hear about it because they aren't famous and the news didn't cover it every hour on the hour.

I truly believe that those that truly want to become wealthy must be careful not to sabotage their success. I agree with 100% of what you said if you believe that to be your truth, but you started your post with "I want to start off and say that I'm not a millionaire and I don't really plan on being one" and that concerned me. I had to read further to get a better understanding but I respect and appreciate your input.

One more thing, I agree $1m is just a number but you have to get to 1m before you get to 5m or 10m and so on. $1m is not my ultimate goal but it represents the hard fact to me that when I look at my bank statement; my efforts, thoughts, creativity, spent energy and mistakes have resulted in me accomplishing something that only 5% of other Americans have done. Save 1 million dollars and that means something to me.

Kudos on the Ferrari I went to the dealership 3 weeks ago to look at that yellow spider and I had to leave because I started drooling on it:smx6:

 

[Yussef]

Trying to get a friend to come on and share his story and feelings he has a pretty good story.

 

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[Yussef]

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.

Wow. That's funny P. But does the sense of security make life feel just a tad bit different than say when you had a couple of thousand in the bank?

 

[Yussef]

183k on an 07 holy hell!!!


To answer the ops question... I have a rather large inheritance from my dad that I do not spend. It was larger than I first anticipated in my first ever post here. So it doesnt change anything except my willingness to take a few more risks knowing that if something really bad happened I could get myself out of the hole. I want to be my own man, not someone that lives dads money.

I do not consider myself rich because it wasnt my doing. My goal to be a liquid millionare by 25 is totally independent of his money. I dont feel any different than any other entrepreneur in the midst of startup frenzy trying to attack my business at all angles and make ends meet. Things are looking very promising though.

Just goes to show you what the slowlane can do. Probably the most funloving guy out there gets cancer at 50 and hangs on for 3 years. Made good money but penny pinched his entire life.

He had more potential, but grew up in a world of loyalty to companies and 401k crap. Miss him, its only been 2 years.

Your awesome KAK I am sure dad was a great guy who obviously loved his son and whether you are totally independent of his money or not you are you and that by itself makes you your own man in my book, inheritance or not. Your dad planned ahead to give you a head start and you should wear that badge with pride. I wish my dad would've followed the same game plan instead I had to make a lot of big costly mistakes to finally find the right path late in my thirties. Do your thing.

 

[Yussef]

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.

After reading your post I realized that I should have said "access to a million" un-borrowed or something to emphasize liquidity not money just sitting around idle. Funny thing is I have owned several pieces of property at once and I didn't feel wealthy at all. Not even close that may be due to the fact that I did not follow the 5x gross annual rent rule. I love commercial and multi family property though and someday would love to start a REIT consisting of Class A commercial with a group of other business owners. I used to really love the challenge of finding ways around the bank, it gave me a rush to know I put together a deal without personally having to go to the bank for anything. That is the part that I really enjoy.

 

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[king156]

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.

what money your got a few quid, your hardly wealthy mate, simmer down

 

[king156]

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.

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

 

[andviv]

Wow. These trolls clearly have nothing better to do. Let me look for that Block/Mute botton again...

 

[TonyStark]

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

THIS.

I'm nowhere near a millionaire but I believe you learn to appreciate the value of a dollar more. I agree with @EvanOkanagan that it is almost like a game trying to spend less and less on basic necessities like food, water, shelter, etc.

All in all, I just feel like a have more free time to do the things I want in life and explore the things I want in life. Buying an expensive car or home would only hinder that.

This thread is GOLD.

 

[Niptuck MD]

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.

Ive dealt with way more then what compassion and understanding calls for unfortunately. It has taken the "humanist" side of me during business dealings. The world doesnt work like this. Compassion and understanding only work in certain parts of the civilized world. But if one does business in MANY uncivilized parts of the world then life in primal form takes over and its a jungle environment.

 

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[argelast]

I think that reach the objective of a million it's not like to win the lottery, because you just in the process and don't realise you just hit one million, maybe you are one day thinking about and you think, f.., i did it, i have one million, just like when you graduate, pay you mortgage or make more money at month, don't you think?

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[thinkandgrowrich]

Enjoy.

http://wallstreetplayboys.com/money-changes-your-life/

This article sounds like it was written by somebody who watches too many movies.

Building and creating wealth doesn't have to result in self destructive behavior and the loss of relationships in regards to your family and friends. Many successful people I've encountered and known are rich in money and rich in relationships, they understand money is one part of the equation of wealth.

Besides, what's the point of wealth if you don't have loved ones to share it with? That's just as worse as being broke, if not more.

 

[thinkandgrowrich]

If you asked someone what it's like being "middle class" or "poor" you are going to get 100 different answers. Just look at this thread. The quality of the answers begin with the quality of the question.

Good luck.

That was exactly my point. That article made it seem that all people between specific income brackets all think the same way and have the same problems, as if your net worth determines every single thing about you and every single thing about your life.

 

[Greg R]

That was exactly my point. That article made it seem that all people between specific income brackets all think the same way and have the same problems, as if your net worth determines every single thing about you and every single thing about your life.

I can see your point and how putting some context around this would have been important, especially here.

I should have inserted this first for some contextual basis.

http://wallstreetplayboys.com/start-here/

... Meanwhile, a poor farmer in West Africa claims to be the happiest man alive.

 

[Greg R]

Is he really poor?

I suppose he doesn't have to be.

 

[Niptuck MD]

what i mean is that we are not necessary happy with millions in the bank

let me explain

think about that :

sometimes, like everrybody you might say that your are not that happy or life is useless or whatever negative thinking

we all do that , even for just a few seconds in the day.




--> but imagine that a man, let's say a frenchman from the year 1200 just arrived from a time travel ( in a back to the future movie way )

View attachment 13766



he looks at our current lifestyle.

he is in awe before our technology that seems like magic to him, our health ( people like him died at 30...) , our wealth

and so on , you name it

so after such a sight of wealth , he sees that you are unhappy !!!

what do you think he will say ?


i promise you that he will say something like :

" man are you kidding me ? you have wealth like i never thought could exist and you are unhappy ! are you completely insane ? "

View attachment 13767




so what do i mean here ?

wealth won't make us happy because it can't buy happiness, it buys choice, freedom but it can't guarantee that we are happy


it can't buy our state of mind

very unique take sir. However on the flipside if we fast forwarded 500-1000 years would it not be different? or Indifferent?

 

[GMSI7D]

very unique take sir. However on the flipside if we fast forwarded 500-1000 years would it not be different? or Indifferent?

do you think people in the year 1200 knew what the word happiness means ?

or is happiness something of this day and age because of technology ?


is it possible that some people in total poverty be happy at all ?

are rich people happy for ever ?

is happiness following wealth ?


i don't know the answer for all these questions

i only know the answer for my life

i don't want to be a dancing monkey on TV with a mansion

i want to be free in order to do what i have to do with my time considering the meaning of my life


for some people , having millions means sitting all the day watching this forum, banning people and welcoming others

this is a way indeed

everyone has his unique answer

 

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[GMSI7D]

Fallacy of relative privation.

I agree money can't buy happiness though.

ok so when you ask dying people in hospital if they would prefer to be healthy or wealthy, don't say your " fallacy " things to them when they answer health instead or wealth

because maybe they won't accept your argument and they will become very angry hearing that


i would become very dangerous hearing someone telling that to me while i have nothing to lose anymore on my deathbed

because i will never endorse stupidity over inteligence

never

 

[Niptuck MD]

Chances are that it will be better. People always tend to think that the current time is bad: terror, crisis, wars,... But we have no clue what most people had to deal with in the past. Most middle ages people were poorer than the poorest people today. Not so long ago (100 years), people in Western-Europe attacked each other with freaking bayonets, exterminated people on a industrial scale (70 years ago) or threatened to nuke the entire world (25 years ago).

There was never a better time to live as today, ever in history of mankind. Today technology advances so fast (VR, AI, drones, biotech, ...) that it's only getting better.

agreed

 

[Kak]

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

Yeah right...

 

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[Roli]

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"

Proper rofls for the joke, and MJ's quote :-D

 

[guy marshall]

Yeah right...

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