Welcome to Day 20. (If you missed Day 19, here’s the link. I suggest you go do Day 19 because it was an important good session. For your reference, this section of the I am a Millionaire programme started on Day 17).
We are continuing the activity started on Day 17. I talk to successful business people all the time and a lot of them imagine being wealthy but are reluctant to put a figure on that.
I have a client that is growing his business. The goal is to get his business up to £7M turnover with £1M profit.
He thinks it will become ready for a trade sale or an attractive merger and acquisition target. He imagines cashing out at £4M. What’s your ‘walk away’ figure?
I have another client that wants to stockpile £400K in his pension pot so he has a comfortable retirement income.
What are your financial goals? Do you have them written down?
But getting that level of clarity from them was like pulling teeth.
Most self employed people think they are running a business but in fact what I see is three things:
- A well paid hobby (sub £83,000)
- A replicated executive wage. (£83,000 – £120,000); and then
- A business (typically and statistically in the UK between £300k-£1.5M)
Very few people say, “I want to be a millionaire.”
So something must be standing in the way in that bold statement. What is it. Its usually a LOT of things, not just one. And they cluster. So this exercise is designed to see what’s lurking in the archives!
So you write the statement: I am not a millionaire because …
You set the time for ten minutes and start brainstorming a list.
Then you read back over the list and highlight any statements that feel particularly heavy. By heavy I mean they trigger a thought or a feeling or an emotion or a sensation or an urge.
For example, Mark wrote, “I am not a millionaire because business is so hard. The government doesn’t give you a break. They tax you for trying and reward no-hopers who sponge off my hard work … etc.”
Now tell me Mark doesn’t have thoughts, feelings, sensations attached to that statement!
(Oh. Some people say they are all done after about two minutes. Trust me you are NOT done. I have worked with a LOT of wealthy people and they can give you a 100 reasons plus!)
Lean into it! What’s going on if you give up so easily?
Get the idea?
NB: Tomorrow we are changing gears so do this activity well because Day 21 requires your lists.