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HOT TOPIC What does it feel like?

AndrewG

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Nov 3, 2007
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I have a question for those who have already made 6 figures or millions. What did it feel like when you reached that milestone? Was it a momentous as I think it'll be? I keep thinking that when I reach a huge milestone like that I'll be dancing in the street even if it's 2 degrees and snowing.

-Andrew
 

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SteveO

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What seems momentous to me is looking back. The constant adjustments in plans and expectations seems to have kept a damper on the results as they happened.

When I reached the 1M milestone, it no longer seemed as exciting and I was looking forward to something higher. The 25M range is what seems exciting to me now.

I have celebrated the concepts as I reflect, but looking forward is all about changes and adjustments. The present isn't bad though. :banana:
 

JScott

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The nice thing about continued accomplishment is that you eventually learn to *expect* success and stop learning to expect failure. So, by the time you're making six figures, you've already come to expect it will happen. And by the time you're making seven figures, you've come to expect that.

Not saying it doesn't feel good...but it won't be a one-time surprise as you seem to think it will be...
 
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AndrewG

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Yeah that's what I thought. The only people that would feel this one-time suprise is lottery winners.
 

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Yeah that's what I thought. The only people that would feel this one-time suprise is lottery winners.
They say that money won always feels better than money earned. I haven't won anything substantial so I can't tell ya if this is true. There is probably some truth to it which explains why lottery winners often go broke years later.

For myself, each milestone that I hit, I celebrated. For me the milestones were based on liquidity (cash in short-term investments, mutual funds, bonds, etc.). When I hit $1m, I was happy but it certainly wasn't a party because I realized something: A millionaire today ($1m) is really upper middle class. Millionaires do well but they're not living large like Hollywood likes to portray (private jets, 10,000 sq feet houses etc.). To coin the book, these types of "millionaires" are what the "Millionaire Next Door" looks like -- upper middle class.

At $2mm, I was a bit more celebratory as at that level things can start gaining momentum as your investments start to accelerate as compound interest starts to make more of an impact.

When I hit $5mm, I experienced the "feeling" I think you would expect. Forbes classifies $5mm liquid as "Rich" and I was starting to feel it.

At $10m I didn't do nothing because the milestone was temporary, at least until Uncle Sam comes calling for his cut. But I did celebrate the sale of my business and that was the BEST feeling of all of them!

Now that I am free of my business, the idea of pursuing my dreams of writing books and screenplays is like winning the lottery. The idea of starting another company, nurturing it, and watching it grow is like an addiction. These are the types of "feelings" that motivate and inspire me. If I do these things well, the money will follow and new milestones will fall.

For each milestone you set for yourself, celebrate them in some fashion -- a vacation, a doo-dad, a massage ... doesn't matter! Celebration, or experiencing that feeling of accomplishment is very important.

I recommend setting short, achievable goals. Perhaps the 1st goal is getting out of debt. Perhaps the second is having $1k in net worth. Perhaps the third is your first customer in your new business.

If you have to climb a mountain, looking at the top is not the best idea. Look at the first few climbs. Then the next. Then the next. Be diligent with this, and eventually, you will find yourself at the top of the mountain. :smxB:
 

KyJoe

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Aug 28, 2007
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I had a beer that a friend brought me from Germany. Another friend gave me a real Cuban cigar. I kept both of those on my desk, and was saving them for the 1 million mark. When I did hit the mark, I was in denial (or tough on myself) thinking that fairly I was not a millionaire because if I sold it all I would get hit with the taxes which would reduce the net worth. So when I surpassed the mark, and it was obvious, I opened up that beer. Yuck! Beer is only so good for so long. The cigar was all dried up (shoulda got that humidor). I did save the can though! It's good to reward and recognize yourself when you achieve your goals, small or large.
 

Adam

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Aug 12, 2007
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I remember the year when I first realized that I had made 6 figures. It instantly made me mad, as I was trying to figure out where the money went. Not trying to rain on your parade, but 6 figures really doesn't get you that far. It's a good milestone, but that's about it.:smxF:

Oh well, now that I'm depressed again, I might as well go back to work and try to find some more money...
 

kimberland

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Jul 25, 2007
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The point that made me stop and think
was when I realized if we made another dollar,
our lifestyle wouldn't change.

No we don't have millions
(only a million)
but we aren't into big houses, fancy cars, or even fancy restaurants
(I'm a burger and fries type of gal)
so we're happy on $100,000 a year.
Everything else gets plowed back into investments.

When I'm asked what I would do if we won a million dollars,
I think to myself
"I'd buy more of my ice stock."
 

dnuge3

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I am looking forward to that feeling eventually. I'm just implementing the whole startup phase of the business. That is, the business plan and model, the products, and slowly but quietly building up the client list to accomplish all this. I am beginning operations with a very very low overheard cost and so far nothing bad has happened. Granted, it has not been put out there to the public, yet. I will come back to this forum when I cross that first milestone and then the next. I can certainly say that when I hit those, I will be exuberant. And that first initial feeling of the rush is what I am pursuing and what will keep me going through all the tough times that inevitably lay ahead.
 

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JBrown

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For me, when I hit about 1.35M-1.5M, I'll buy myself a celebratory LP640.... needless to say, I look forward

As for now though, first things first: continue to bust @ss to make it happen
 

John

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Sep 18, 2007
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The really big, exciting celebration for me was when my business was making enough to allow me to quit my day job. This was well before I was anywhere near 1 million in net worth, but it meant that I was free to set my own schedule and pursue my own goals. I still celebrate my "independence day" each year by taking the day off to get drunk and watch Office Space.

Net worth milestones just aren't that exciting to me. I have to agree with everyone else in that once you get to a certain goal it doesn't seem like as big a deal and you're already looking ahead to the next one. I did celebrate when I hit $1 million, but it wasn't as exciting as I thought it would be.

The important milestones for me now are when my businesses hit certain targets for annual profit. Building a system that brings in $x per year is much more exciting to me than saving up $x in a bank account. I now set my yearly goals and associated celebrations based on this.
 

MJ DeMarco

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The really big, exciting celebration for me was when my business was making enough to allow me to quit my day job. This was well before I was anywhere near 1 million in net worth, but it meant that I was free to set my own schedule and pursue my own goals. I still celebrate my "independence day" each year by taking the day off to get drunk and watch Office Space.

Net worth milestones just aren't that exciting to me. I have to agree with everyone else in that once you get to a certain goal it doesn't seem like as big a deal and you're already looking ahead to the next one. I did celebrate when I hit $1 million, but it wasn't as exciting as I thought it would be.

The important milestones for me now are when my businesses hit certain targets for annual profit. Building a system that brings in per year is much more exciting to me than saving up in a bank account. I now set my yearly goals and associated celebrations based on this.
Whatdya doing holdin back on us? :smxB: Where's your success story in the success forum!?! :smxF:
 

John

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Sep 18, 2007
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Whatdya doing holdin back on us? :smxB: Where's your success story in the success forum!?! :smxF:
I've been thinking about writing one for a while... Just dragging my feet while I decide how many details I want to share. I'll post one eventually! :)
 

Jill

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I can only humbly respond to the query about 6 figures, as I've not quite yet crossed the 7-figure milestone. Not sure whether the question was in regards to income or net worth. But in any case, I can't honestly remember anything especially earth-shattering about either one... even when both crossed the mid-6 figure mark. I always expected it (MUCH sooner than it came to fruition) so when I finally noticed that it had happened, my response was more one of "Well it's about damned time!" than it was surprise or excitement.

I've been blessed to make 6 figures since I was 25ish (almost 20 years ago!! Argh!) So, I'm frankly rather disgusted that, upon reflection, I've managed it so poorly. Oh, I've had a good time. But I'm still working a job I hate.

Thanks to RD and this forum and the inspiration and encouragement of the folks on this forum whom I've been so blessed to meet, the next few steps should be significantly faster. But I've never been surprised. I've always expected it.
 

hakrjak

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I didn't even realize I had crossed the 6 figure net worth mark until probably 6 months after it actually happened. I guess I wasn't watching too closely, and was focussed on other things. When I realized it had happened, I was kind of in disbelief because I had planned for this exact scenario to unfold for several years -- but I couldn't believe that things had actually gone according to my plan, more or less. I was expecting another huge setback or failure, because I've had so many in the past every time I thought I was getting close.

I know several guys here who are worth in the $500k+ range, based on a couple of ridiculous real estate deals that appreciated like wildfire during the housing bubble. My puny low 6 figure net worth is all earned the "hard way" though, so it's probably as meaningful to me as $1 million is to some others. If you had told me 7 or 8 years ago when I was $40-50k in the hole that I would be able to not only get out of debt, and but a 6 figure net worth -- I would have probably laughed at you.... JScott is right -- changing your personality to be one with a culture of SUCCESS is probably the hardest thing... When you've been used to failure for so, so, so long -- it feels absolutely bizarre to switch over to getting used to success.

Cheers,

- Hakrjak :fastlane:
 

hakrjak

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I've been blessed to make 6 figures since I was 25ish (almost 20 years ago!! Argh!) So, I'm frankly rather disgusted that, upon reflection, I've managed it so poorly. Oh, I've had a good time. But I'm still working a job I hate.
You are sooooo like the doctor in Cashflow 101... haha They seem to take the longest to exit the rat race.

- Hakrjak
 

MJ DeMarco

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Curious ... why is this thread serving up ads for Brooks Brother's Sweaters? IS that some hoity toity store that sells $20 sweaters for $500?
 

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Jill

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Curious ... why is this thread serving up ads for Brooks Brother's Sweaters? IS that some hoity toity store that sells $20 sweaters for $500?
LOL. Not especially. It is a classic (read, "traditional") clothing store that has been around forever, targeting the businessman/woman. Not trendy, at all. Not terribly expensive (but not cheap either). So perhaps the combination of "business" and I think you had the word "fashion" in your post...?
 

Russ H

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Jill said:
Hakrjak said:
You are sooooo like the doctor in Cashflow 101... haha They seem to take the longest to exit the rat race.
I just know that last time I played Cashflow, it was NOT pretty!!!
It's hilarious you mention this. As I read one of Jill's posts the other day, I was thinking to myself, "Yep, Jill, you're the airline pilot in cashflow . . ."

I was going to post this and ask if you'd ever played this profession-- and noticed HOW LONG it takes to exit the rat race.

Lots of insight from which profession you have-- looking at how the trappings of every day life (what we accept as "necessities" but never really examine) can hold you back for years, even decades.

If any of you have ever wondered why my PLAN thread stopped dead, it's because no one was getting to the point where they were making these "AHAs"--all I did was ask people to inventory what they had/owned, and what they used.

And, sadly, folks didn't.

Quite a few people did the exercises-- which is awesome. But a part of financial freedom is figuring out what you need, and what is just superfluous trim-- things that steal our time (and money).

Perhaps someday we'll get a few people starting to post their feelings about taking inventory/stock of their possessions. That's where the next big jump takes place. :)

-Russ H.

PS To answer the original question: It felt great. The weirdest thing was getting to the 2 million mark (where we told ourselves we'd retire), and deciding to keep going-- on to the 4/5 million level. I think it gets to be too much fun-- you don't want to stop! :banana:
 

kwerner

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If any of you have ever wondered why my PLAN thread stopped dead, it's because no one was getting to the point where they were making these "AHAs"--all I did was ask people to inventory what they had/owned, and what they used.

And, sadly, folks didn't.

Quite a few people did the exercises-- which is awesome. But a part of financial freedom is figuring out what you need, and what is just superfluous trim-- things that steal our time (and money).

Perhaps someday we'll get a few people starting to post their feelings about taking inventory/stock of their possessions. That's where the next big jump takes place. :)

Perhaps if someone that DID complete the exercises PM'd you, would you we willing to share the next step with them?

That is one of my favorite and most anticipated threads in this forum. :thumbsup:
 

Russ H

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Hmm . . .

I'm game-- I'd love to move forward.

But is there a way you could post not a detailed inventory, but the *process* you went through as you sorted through your stuff?

And how it made you feel?

If we could get that in the forums (as opposed to private stuff), then it could help others.

Still, PM me-- I'd love to figure out how to move the PLAN thread to the next level!

-Russ H.
 

fanocks2003

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I have a question for those who have already made 6 figures or millions. What did it feel like when you reached that milestone? Was it a momentous as I think it'll be? I keep thinking that when I reach a huge milestone like that I'll be dancing in the street even if it's 2 degrees and snowing.

-Andrew

Andrew, you don't need millions of dollars to dance in the street when it snows though:). Many things are cheap enough that you seldom need $10,000 in the bank even.

But, being a millionaire on paper or with cash in the bank is not that different. The only difference is that you can live longer without working for money. That's the only difference.

Money, the more you got, makes it possible for you to invest your time better. Now you have a choice to spend your time exactly like you want it.

No matter if you have no money or a lot of money: Time management freedom is ultimately the truest measurement of success.
 

Russ H

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fanocks2003 said:
No matter if you have no money or a lot of money: Time management freedom is ultimately the truest measurement of success.
Agreed. That was the weird part of our decision to keep working/make more money-- we *knew* the incredible value of time, and that we all have a limited amount of time-- and can never get "time spent" back.

But we were thrilled with how easy it was to get to $2M, and we figured, "Hey, this is so easy-- like a party-- let's keep going!".

It's become less of a party, esp w/the recession and credit markets freezing up. Much more like work these days.

But it's still fun-- and a HUGE challenge.

We love challenges.

Having "time" is important.

But what you *do* with your time-- how much you *live*-- that is even more important, in my eyes.

-Russ H.
 

fanocks2003

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If you have to climb a mountain, looking at the top is not the best idea. Look at the first few climbs. Then the next. Then the next. Be diligent with this, and eventually, you will find yourself at the top of the mountain. :smxB:
Above all, make it a game and play it like a game. Have fun.
 

tchandy

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Great post! I am not at the 7 figure mark, but my wife and I were excited when we had made 6 figures a few years ago. Unfortunately part went to a doodad, car down payment, and the other went for a SFH investment. Now that I look back, money goes by VERY fast. If you have the money, make the right decisions with it. As mentioned above, I would plan to set a goal with it. When you reach a milestone, celebrate but don't go overboard.

Tom
 

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