In 2017 I will be a bimillionaire. Not content to be a simple millionaire, I plan to have $2 million in the bank. I have some good reasons for that date – although it’s flexible – and that number – although it, too, is flexible. I am also not particularly gung-ho to be rich, either. I don’t envision that as my ticket to buy a mansion or start rolling with A-Rod, even if he was still a Yankee. No, the reasoning is that with that much money socked away my family’s lifestyle could 100% detach from any concerns over money. The interest off that capital would mean that none of us would have to work at anything unless we chose to, which is the “mission statement” of several of my favorite books and blogs:
My intention, therefore, is to figure out how to get there. I’ve already achieved the goal, mentally, which in my book is about 99% of the battle. You may think that is strange but I’ve seen again and again in my life that this is true. There are certain external events that cannot be controlled. However, that is exactly the point – they cannot be controlled or predicted with any degree of certainty, so I do not bother to do any “what if” planning. I prepare for the unexpected (emergency fund) and protect my family (insurance) but I can’t, for example, make savings plans which include a provision for an invasion of Ukranians or, much more ominously, Urainians. So once I’ve determined that this is the goal, AND mentally decided it’s achievable, the only question will become how I will get there.
I’ll give you a parallel. If I decide I will lose 25 pounds this month, it’s doable. Not in ways that won’t destroy my health, though. I could starve myself, develop a heroin habit or cut off my head. I can pretty quickly eliminate those means. Yet if I decide I will lose 5, I know it is doable. I have done it before. The only question will be whether I decide to do it or not. This is at the heart of visualization. This is not the hocus-pocus dreaming visualization of The Secret. This is the firm determination that you have to pass that test; to lose that weight; to get that job; to run that last mile. You take control of the doubts, fears and inner naysayers and just get on with the task at hand.
So I am close to being partially on the way to being a bimillionaire, give or take a few percent. I’m not counting the value of my home (which I never do – I assume if I sold it today I would get $0 profit, just to be conservative). I have estimated how much I need to save each year and what rate of return I need to get there, and realistically it’s not happening that way unless the market skyrockets for the next decade or I sock away 50% of my income. My thinking, therefore, is on alternative income, and more importantly how I can detach my earnings from my presence.
It’s been beaten to death that you can’t earn money in most jobs without your physical presence, so to speak. If you show up and work and earn money that way, there’s a limit to your earnings. You can’t come in on the day between Saturday and Sunday and put in some overtime. You can’t work 3 shifts. You can’t clone yourself – Michael Keaton tried it and it just got weird. The goal, therefore, has to be getting someone to make money for you, or creating something that earns while you sleep.
I plan to take some current ideas of my own, mix them with other people’s ideas, throw it in my mental oaken cask and pour out some great vintage ideas in a few days or weeks or even months. I have minimal alternative income right now, but I think there are so many possibilities out there that the only obstacle is me. If I don’t have the determination to keep working on my blog to write more interesting or more viral stuff, if I keep thinking my novel ideas are silly or if I don’t believe anyone would buy the gadget I’ve toyed with making, then I’m not going to be a bimillionaire, and it’s my fault. If I try any of those things and they fail, then the only person who will stop me from trying again is – you guessed it – me. There are no ‘No Second Chance’ police.
Don’t assume that this is all about money! It’s about achieving personal goals, one of which is having the time to seize back my life from corporate America. It’s taken its pound of flesh from me. Actually it’s taken its pound of flesh, fried it and served it with scrambled eggs. Right now my house is basically owned by my corporate clients – if they decide to quit making payments, so to speak, I’m cooked. So I want to get out from under their thumb. You can do the same thing, even if you’re starting under a pile of debt. We all can. To quote my favorite self-help author, “What the mind can conceive and believe, the mind can achieve.“