$10 million = My Freedom

[LauraMorenoCa]

$10,000,000 sitting in a bank account at 5% (yes, it's possible) = $10,000 p/wk for the rest of your life. With $10,000 a week as a fixed income I think I could easily do "whatever I want" unless I want to start owning islands, countries or planets. Even after tax (if you put zero effort into tax minimisation) that's still $5,000 a week forever - no matter what. That would place you well into the top 1% of the top 1% of wage earners on earth and well above most traditional business owners. It would allow me to travel the world in first class forever. I could easily live in many 5 star resorts around the world. Of course I'd be living like royalty in every country and probably in every city as well.You could spend $20,000 a month on rent and still have $30,000 a month to blow on fun and luxuries. And if you ever lost or spent all your money on hand you'd only have to starve until Friday to get another $10,000 top up for the next week - to see you through your difficult time.

There's very little you could not do on this earth with $10,000 a week flooding into your life. Of course you'd have it placed into a trust so that when you die it continues producing $10,000 a week for your children and their children. $10,000,000 would make you the financial hero of your family and for generations to come. There'll be portraits of you hanging on walls and people will point to you and utter contrafibularities in hushed tones for eons to come.

Perspective, clarity, appreciation and a calculator can go a long long way.

Loved it!! Yes, I 100% agree!!!!

 

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[LauraMorenoCa]

@V8Bill

I understand your point fully and I still disagree.

Yes, I get it! $10 million may not seem like a lot for some people ... but all depends on what you are planning to do with the money. I am not planning on buying a massive property but to have a really great lifestyle without having to worry about having to work to support it, and that $50k a month would let me and my immediate family (husband and son) to do that.

 

[LauraMorenoCa]

We all (both) want a fantastic life, I've just calculated how much mine will cost and it turns out to be a lot less than I thought. I've lived in multi million dollar homes, had 40 foot Riviera yachts with skippers on call, Lamborghinis in the garage and unused jet skis bobbing up and down on my own private jetty. I just rented them and I'm glad I did because I got sick of them pretty quick. Give me a stable of old hot rods to drive and tweak and my own modest country property though and I'm happy as any trillionaire on this or any other similar sized plant.

Loved that! hahahahah, 100% agree!

 

[JasonR]

After reading the Millionaire Fastlane I've set myself the goal to make $10 million in max. 10 years to be able to travel the World or do whatever the heck I want!

My plan is to start an online company (lead generation business or similar) for the Real Estate industry. I have experience in the field and I now work full-time as a product manager for a tech company.

You don't need anywhere in $10m to travel the world. You live in New York, the ninth most expensive city to live in the WORLD (New York ranks as ninth most expensive place in the world | Daily Mail Online).

Almost wherever you go in the world will be cheaper than where you live now, by far. In fact, you can live cheaper abroad and have more money to put into your business if you left tomorrow.

Furthermore, no potential customer cares about your experience. They care about what YOU CAN DO for them. You WILL need to learn new skills. Don't limit your choices just because you have experience in Real Estate. There's a million things you can do to start a business, and all of the knowledge to do any of them is out there if you want it bad enough.

$10m is a good goal, and definitely achievable, however your focus is in the wrong place.

 

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[MJ DeMarco]

I've edited the post title to say "$10M equals MY freedom" since some of us have elected to argue that $10M is not enough, or $10M is too much.

It is not our duty to judge other people's goals or vision for themselves, as a forum, we should help provide insight into making it possible.

 

[V8Bill]

Yeah, I got that feeling too. My aim was to illustrate how the OPs goals may be much closer than she thought, not to rain on her parade. In my interviews nearly everyone starts off with a massive number like 10 or 20 million thinking "that ought to do it" without really putting much thought into why they think they need that much. By the time we've finished discussing it they realise they need far less than they originally thought to be free from financial stress AND live the life they want. I get a strong clue when the massive amount needed is a big fat round number. I just like to squirrel down to what's actually needed for that lifestyle.

It was an exercise I was asked to do when I had the same massive uncalculated numbers as my own goal (mine was FIFTY million!). When I was asked to break it down and think about what I really wanted out of wealth it ended up costing much less and the immediate benefit of that was that I could see my ultimate lifestyle was much closer than I thought so I actually putting in much more effort because I could see it actually happening. When people try to build massive mountains of money it's a goal too far and they quit. I've seen it happen many times and that's why I butted in and shared my thoughts.

@LauraMorenoCa I truly wish you get everything you want and then billions more so you can go out and help others. I hope you get everything you want as soon as possible. My intention was to just bring it a little closer by adding some of my own perspective. Remove any thoughts of me (or anyone) wanting to bring you down. That wasn't my intention at all. I think of it like this...If someone was to say to me "I want to make $20,000,000 so I can finally afford to buy a Lambroghini" I'd have to say "Let me share some good news...Lamborghinis can cost as little as $200,000". The fact it costs much less than they thought would make them work harder because the goal is now more attainable. I do the same with wealth estimates and calculations. If people thought you needed $20,000,000 to be wealthy they'd probably quit before they start because it's just too massive a goal.

My intended message was "freedom costs far less than that". I hope that came through. Most people I've interviewed would feel free enough if they could just replace their wage so for them "freedom" was only $1,000 a week away. I do sometimes get a little over excited about this message though so my sincerest apologies if it came across at all negative.

 

[LauraMorenoCa]

I've edited the post title to say "$10M equals MY freedom" since some of us have elected to argue that $10M is not enough, or $10M is too much.

It is not our duty to judge other people's goals or vision for themselves, as a forum, we should help provide insight into making it possible.

Thanks so much, MJ! Awesome!

 

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[LauraMorenoCa]

Yeah, I got that feeling too. My aim was to illustrate how the OPs goals may be much closer than she thought, not to rain on her parade. In my interviews nearly everyone starts off with a massive number like 10 or 20 million thinking "that ought to do it" without really putting much thought into why they think they need that much. By the time we've finished discussing it they realise they need far less than they originally thought to be free from financial stress AND live the life they want. I get a strong clue when the massive amount needed is a big fat round number. I just like to squirrel down to what's actually needed for that lifestyle.

It was an exercise I was asked to do when I had the same massive uncalculated numbers as my own goal (mine was FIFTY million!). When I was asked to break it down and think about what I really wanted out of wealth it ended up costing much less and the immediate benefit of that was that I could see my ultimate lifestyle was much closer than I thought so I actually putting in much more effort because I could see it actually happening. When people try to build massive mountains of money it's a goal too far and they quit. I've seen it happen many times and that's why I butted in and shared my thoughts.

@LauraMorenoCa I truly wish you get everything you want and then billions more so you can go out and help others. I hope you get everything you want as soon as possible. My intention was to just bring it a little closer by adding some of my own perspective. Remove any thoughts of me (or anyone) wanting to bring you down. That wasn't my intention at all. I think of it like this...If someone was to say to me "I want to make $20,000,000 so I can finally afford to buy a Lambroghini" I'd have to say "Let me share some good news...Lamborghinis can cost as little as $200,000". The fact it costs much less than they thought would make them work harder because the goal is now more attainable. I do the same with wealth estimates and calculations. If people thought you needed $20,000,000 to be wealthy they'd probably quit before they start because it's just too massive a goal.

My intended message was "freedom costs far less than that". I hope that came through. Most people I've interviewed would feel free enough if they could just replace their wage so for them "freedom" was only $1,000 a week away. I do sometimes get a little over excited about this message though so my sincerest apologies if it came across at all negative.

Thanks so much Bill for your great message! I really made me smile when I read it! Thanks again and have a wonderful day! Laura