Welcome to Day 2.
Technically, I became a millionaire in 2007. Well, on paper anyway. I owned two properties valued at over £600k each so I had over a million in property. Were they my assets? I had two big mortgages, so technically, the bank owned most of those assets.
I later sold those properties and after I paid down the mortgages I had £345k in cash.
I then bought a small house outright for £278k sold that in 2012 for £325 and bought a bigger house.
If I sold that house, surrendered the pension and rolled all of that into cash and moved to Australia I would be a millionaire. If I went to New Zealand or Tasmania I’d be a millionaire and live comfortably. If I went to Asia I’d be a millionaire and very comfortable. A cut lunch and a water bottle from anywhere, but still very comfortable.
But for our purposes I mean a millionaire in liquid cash, in addition to property and assets. Or better yet, millions. Do you need more than a million?
So for the record I am not currently a millionaire but I’ve been one on paper and I’m planning on being a millionaire again. And I’ve made millionaires.
So before we go any further what does the financial landscape look like for you? Where do you sit in terms of property, pensions, ISAs, cash and shares? If you want to be a millionaire you need to have answers to these questions.
Ball park is OK. But find out. Honestly though, don’t read any further until you know.
Peak Performance Software for your head
I want to give you some high-end, peak performance theory to get your head into the right place for this 40-day course.
If you want to get results don’t cut corners. And don’t cheat.
Eight time Olympic and two time gold medalist swimmer Suzie O’Niell once told a story of how she was in training for the olympics and the coach told the squad to do a warm up 100 lap swim. Obviously you have to learn how to count at this level of competition because you do not want to touch the wall with two laps left to go!
I’m paraphrasing but Suzie says she sets off with her squad and it’s a relaxed swim – very fast for you and me – but for someone at her level an easy swim. At lap 96, the person to her left stops swimming. Suzie knows because she no longer senses or hears her team mate in the next lane.
Suzie finishes the warm up, gets out of the pool and heads over to the coach.
“Ok did you all do 100 laps?”
It’s an honour system. No one is watching and no one is counting.
Everyone says yes. Now Suzie knows that’s not true. One of her team mates only swam 96 laps.
What does it matter? Four laps. So what?
I think I can credit her as saying, “They are planning to fail. Most people want the medal but they don’t want to swim the laps. If you want the result do the work.”
I had to learn this lesson the hard way.
I cruised through high school and my first uni degree and barely scraped through. I secretly admired those students that studied and were awarded special merits. I remember a student that was incredibly conscientious and was awarded straight As and was named Dux of the School. A real nerdy kid.
But when she was awarded the highest accolades I felt proud and envious. I didn’t study. I winged it enough to get by.
Some years after graduating I did a twelve month bridging degree to upgrade my qualifications. This time I could see the value and I studied and applied what I had learned. And I passed with Honours. The feeling was so much better.
Some years after that I went back and did an organisational and industrial psychology degree, never missed a lecture and I loved every subject. I read a lot more than needed, I immersed in the study and genuinely applied myself.
The university were very clear that they would not award a psych degree to someone who sort of passed. If there was doubt, you didn’t graduate. They were not about to inflict half arsed practitioners on the clinical public.
But I worked hard and really earned my qualification and graduated. I am proud of my efforts. I have since put my degree to good use and helped a lot of people change their lives significantly.
I know students that cut corners, crammed, blagged it and who thought I was a conscientious nerdy guy. But I loved my Honours and Distinctions.
The moral: Normalise hard work and do the work.
So on this course I’m your millionaire coach. If I ask you to swim 100 warm up laps, swim 100 laps. I’m not checking. I’m going to ask you do some warm up exercises and some mental heavy lifting. But it’s an honour system. So do the work. If you genuinely want to be a millionaire, take on some accountability.
For your benefit, this programme builds sequentially. Don’t expect to skip ahead 15 days to the good stuff because you will miss important context. If that’s where your head is, then don’t expect a good result.
Seriously, if you cheat in this activity and keep reading you may as well stop reading because you will never become a millionaire if you cheat on trifling tasks.
There’s a good book I once read that said if you can’t be trusted with a little you won’t be trusted with a lot.
And if you make a liar of me and become a million I will still predict with certainty you won’t keep it.
The secret to becoming a millionaire is actually in doing trifling tasks. And in your mindset.
Get a ballpark set of figures on assets – cash, property, shares, income, insurances etc. A snapshot is ok but in the ballpark. I don’t care what the figure is, but get the numbers.
Disclaimer: It goes without saying that this is for information only and does not constitute clinical, legal, business or financial advice. The author is not responsible for any losses or damages that occur as a result of reading this material.