How to Make $1,000,000

[Tenacity]

Guru,

The 7 figure goal is already my goal . I'm on the right path there.

Your story is motivational because if I had not screwed around in my late teens and early 20's (I didn't get serious about life and my career until literally 24 - 25) I could have gotten into a higher ranked Business School and went into I-Banking. I would have LOVED to do I-Banking, but those days are pretty much over as I'm not going to be able to get into that industry.

But I'm in The Fin-Tech industry right now, which is still Commercial Finance like I-Banking is, matter of fact our platforms are funded by a lot of Hedge Funds and I-Bankers. Been doing this for going on 9 years now. Looking to continue to expand and grow within this industry as I believe it will be this industry that will get me to my 7 figure goal.

 

[amazingswayze]

Well, it won't happen if you doubt yourself. So yes, the belief is absolutely necessary. But some of you guys took it out of context. The belief alone will not get you the million dollars. Guru is just trying to illustrate a point critical to anyone's success. If you want a million dollars, start believing and get to work.

 

[Tenacity]

Believing is "apart" of success, but it's a minuscule part of it in my opinion.

I compare it to taking supplements apart of your workout/fitness routine. YES, supplements contribute to you being in good health and good shape, but they are a very minuscule part of it and the MAIN portions are the eating plan and exercise planning.

Keeping that same analogy, for Success it would go as follows (in my opinion):

- Believing/Good Spirits represent the supplements (5% of the success)

- Networks/Connections/Capital/Market Information/Other Resources are the eating plan (55% of the success)

- Skills/Competency/Talent/Work Ethic is the exercising plan (40% of the success)

 

[bigneil]

Believe that you will.

It ALWAYS begins with the belief. Then you will take conscious and unconscious steps toward achieving that goal.

I don’t care who you are, your past, your upbringing, your color, your location.
Simple enough, isn't it? Nothing in life is difficult unless we believe it is.

Congratulations. You did it not only once but twice or more.

You don't mention what line of work you are in until well into the thread.

While more than most will ever have, a million dollars is not a lot of money these days. It basically means you can own a house outright and afford the taxes for a few years. You can't retire with $1M. The term "millionaire" (synonymous with being rich) was from the days when $20 was an ounce of Gold, so a million in the 1920's was 50,000 ounces of Gold. That would cost close to $60 Million today. Also, you used to make 10% interest on savings, so if you had a million you could live off the interest. Now interest rates are practically negative.

For the record, I was a self made millionaire by age 29, with 40% shares in a video game company started in 1996 officially evaluated in 1999 at $10M. Then the dot com crash happened and even though we weren't a dot com I was lucky to escape with $100,000, which I used to start my current business. In the past 5 years, consulting for my own company I earned $1M working hourly. It's not as much as it sounds, and I'm in the top 1% of earners.

It was indeed the system that got me, and many other innovators (including guru). This is the Federal Reserve manipulating interest rates to cause bubbles and crashes. In the process, the people like guru and myself, who would have brought great products and services to the world (and are still working on it!), get tossed around like merchant ships in a hurricane, or ones hit by a missile. The housing crash was the same thing. First everyone was rich. Then nobody was rich. First unqualified people succeeded. Then qualified people didn't succeed (their end goal). In the old days they would have sent an army to kill us. These days they do it this way.

A realistic goal for most should be to have zero debt and enough provisions to survive at least 1 year with no more income. Then, put away as much cash and gold and silver and beans and bullets and possible.

 

[zekko]

Tenacity, you mentioned going to business school. If you didn't BELIEVE you could pay for and get through business school, you wouldn't have done it, no?

I do agree with you on impractical beliefs though. If it's just a pie in the sky goal with no basis in reality, I don't even see how you could get motivated to start working on it. Because you'd know it was just a pipe dream.

Unless you're thinking "Reach for the stars and maybe you'll hit the moon". But even then you know you'll never reach the stars.

 

[bigneil]

In computer terminology, it's like this:

float fPerson=1.0;

while (working hard)
{
fPerson*=1.01;
}

fPerson = floor(fPerson);

They keep rounding everyone who didn't double their net worth back to where they were (average). Not to mention interest and taxes.

 

[Tenacity]

Tenacity, you mentioned going to business school. If you didn't BELIEVE you could pay for and get through business school, you wouldn't have done it, no?

I do agree with you on impractical beliefs though. If it's just a pie in the sky goal with no basis in reality, I don't even see how you could get motivated to start working on it. Because you'd know it was just a pipe dream.

Unless you're thinking "Reach for the stars and maybe you'll hit the moon". But even then you know you'll never reach the stars.

I actually did complete an MBA but it wasn't at a Ranked school, it was from an Unranked school (still regionally accredited though) but I completed it solely because I had additional grant money left. All of my degrees were paid for through scholarships, grants and tax credits.

But the title of Guru's thread is a little misleading lol, I mean if this was put in an email subject line with the body of Guru's original post, it might be in violation of the Can-Spam Act due to a misleading subject title lol.

Guru doesn't touch on how he PERSONALLY made over 7 figures until later in the thread which bought to the table all of the things I was discussing such as his SPECIAL skills and competencies that MAJORITY of people do not have and will never have......as well as UNIQUE/EXCLUSIVE market opportunities that majority of people do not have and will never have access to.

That's how you make a significant amount of money, you have to have access to something that most people can never get access to in their lifetime, including VC money, I-Banking, special Competencies, special Market Opportunities, etc.

- For all the TALK of Steve Jobs, remember, Steve Jobs needed a VC and the creation of a special market opportunity, and he got both.

- For all the TALK of Mark Z, remember, he needed a VC and the creation of a special market opportunity, and he got both.

- For all the TALK of Bill Gates, remember, he needed a VC and the creation of a special market opportunity, and he got both.

But for some reason, we NEVER mention the details of these guys? Just the fact that they made it, and apparently they "made it" because they "believed"? Ha!

Guru's post is misleading because while our system of the Free Market (what's left of it) is setup to where you can use your skills, talents and competencies to get ahead, the problem is that as Corporate Facists change the Economy for their own good.....THEY will also change the required skills, talents and competencies needed to get ahead.

Guru touched on none of these things in the original post, he also touched on none of the things such as networks, resources, market research, insider information, connections, VC money, etc.

These are 95% of the reason for someone achieving MASSIVE financial success. The late night infomercial/Joel Osteen TV Preacher stuff of "Believe In Yourself" plays so small of a part in your actual financial success that it doesn't even register.

But of course....that's what they want to FEED to the masses, because lo and behold if you ever tell someone how you REALLY got ahead (being apart of a finance scam, or doing high risk corporate restructures) then it wouldn't look so ROSEY/ethical to be a financial success now would it?

 

[guru1000]

Tenacity, seems like you confound motivation with execution.

1. How does one execute without the motivation to execute?

2. How does one execute again after failing without the motivation to execute?

3. How does one become tenacious in action without the motivation to execute?

4. What is this apocryphal "will" people speak of? Where does it originate?

 

[Tenacity]

Tenacity, seems like you confound motivation with execution.

1. How does one execute without the motivation to execute?

You can't answer this question without defining what motivates someone?

Based on every HR related college course I had to take apart of my business studies, what truly MOTIVATED employees was more compensation, perks, benefits and rewards.

Basically the more monetary value they would get out of something, the HARDER they worked at it. So if you want my opinion on what motivates someone (in relation to finances) it's seeing an opportunity to make more money.

2. How does one execute again after failing without the motivation to execute?

You can't answer this question without defining what is failure?

We know that over 50% of small businesses "fail" but a good chunk of those same entrepreneurs learn from prior mistakes to start up a successful enterprise. So did they actually fail in that case, or was the downturn that they experienced just a needed correction in behavior?

While on that same concept, some of the failed small business owners never go and start up a successful enterprise because they simply BURNED through all of their capital and decided to give up and go back to W-2 life and end up making more money (possibly) than their business ever could.

So what is failure?

To me if you aren't dead or disabled to the point of not being able to move forward, then there's always room for CORRECTION, OR WHAT others might identify as failure.

To me failure is needed correction, it might be that your small business idea was/is stupid and that's why it didn't produce revenues/profits needed, and you are much better in a W-2 role. It might be that your W-2 role stresses you out because you are innovative/creative enough to find unique market opportunities to build a successful business on your own.

3. How does one become tenacious in action without the motivation to execute?

See my answer to number one above, I believe that my HR courses were correct which can be summed up as the true way to motivate employees (or people in general) is to offer them more money and perks.

You can take the laziest, fat, piece of crap person in America, and I can go up to them and say that if you WALK up the block 10 miles, I have a brand new paid for $100,000 Luxury Car waiting on you.

The laziest, piece of shyt person would analyze the cost/benefit of this decision (cost is the walking distance, benefit is the $100k car) and get off their a.ss and walk down the block to get the vehicle as long as they don't have any major disabilities.

It's not hard for someone to be passionate, tenacious and "motivated" about something when they can clearly SEE and UNDERSTAND the perks.

People in the inner cities don't really see the value of an education because they don't see themselves as smart, skilled, talented or capable to succeed in such area, so they don't understand the value/benefits of an education as a result while OTHERS who see themselves as smart/competent do see the value.

4. What is this apocryphal "will" people speak of? Where does it originate?

See the answer to number one above.

 

[NSX-R]

Great thread guru , one can get a lot of motivation from this, I know i do get some.
I absolutely agree with this, that believing in it you can achieve it in the end.

One of my idols Aristotelis Onassis was one of the richest businessmen in the world. His father was rich until in one point he lost everything, so we can say he had almost nothing when he started. I'll say a story.
At his way to Argentina ( where he started his business) the ship at that time was , one half for 1st class( rich people) and the 2nd class( poor people). Onasis was at the 2nd and he went at the 1st class until a guard catch him . The guard said :
Guard: this place is not for you, return back (2nd class and poor people) to where you belong.
Onassis : This is the place where I belong .( meaning the 1st class) .

The guard then throw him back at the 2nd . After many years he became one of the most powerful man on the world.
What do we learn from this example? That believing you are made for Greatness, you shall achieve it.

Bruce lee also said, "As you think , you shall become " . Pook also mentioned this quote many times in his posts.

If these examples are not enough then i shall say the story of the NSX-R.

6 years ago he was the No 2 best tennis player ( of his age) in his country until he broke his leg. The rest 2-3 years went to waste , 20 hours per day in front of a computer screen,he used to believe that he is a loser, people were making fun of him . Until one day he said enough is enough.
He stood up , he said "I'm made for greatness and not to be an average person."

He believed that he can do it, he set his goals and went forward with no fear. 2 years later he is a different person that everyone gets surprised to see how he had become. Owner of a big Hotel, restaurants and many other things.
I asked him how were you able to change and he told me , believe in your better self, believe that you can achieve greatness, as you think you shall become. NSX-R is less than halfway to his targets but he is a long away from what he used to be.

I should say by staying in a chair all day long believing that you are the greatest and doing nothing is just an illusion but when you're doing things and trying with limitless energy , that's the way.

 

[guru1000]

Basically the more monetary value they would get out of something, the HARDER they worked at it. So if you want my opinion on what motivates someone (in relation to finances) it's seeing an opportunity to make more money.

Wrong. In the VC as well as stock brokerage industries ALL see the opportunity for extreme compensation, benefits, and rewards. And MOST don't push extreme enough to actualize the gold--AND EITHER NEVER TRY OR GIVE UP IF THEY DO TRY. Ask Don the Legend from this thread.

Try again. I'll repeat the questions:

1. How does one execute without the motivation to execute?

2. How does one execute again after failing without the motivation to execute?

3. How does one become tenacious in action without the motivation to execute?

4. What is this apocryphal "will" people speak of? Where does it originate?

 

[zekko]

For all the TALK of Mark Z, remember, he needed a VC and the creation of a special market opportunity, and he got both.

I remember reading The Millionaire Fastlane by MJ DeMarco. I remember thinking that when he talked about how he made his money, he was really, really, really lucky. Because he was in just the right place at just the right time with the dot com explosion. Of course he just made it sound like he was the smartest guy ever. But if he hadn't been out there trying, he never would have made the money, so kudos to him.

Guru's post is misleading because while our system of the Free Market (what's left of it) is setup to where you can use your skills, talents and competencies to get ahead, the problem is that as Corporate Facists change the Economy for their own good.....THEY will also change the required skills, talents and competencies needed to get ahead.

Well, not every one has Guru's abilities and opportunities, but different people have their own abilities and opportunities, and they have to make the best of those.

As for the corporate fascists changing the economy - even if they don't change it, change will come. Nothing lasts forever. As humans, we have to adapt.

Based on every HR related college course I had to take apart of my business studies, what truly MOTIVATED employees was more compensation, perks, benefits and rewards.

Of course you have to BELIEVE that those rewards are there in order to be motivated by them.

But I still agree that beliefs have to be realistic. Why set the goal at eight figures? Why not just set the goal as a trillion dollars? At some point if the goal is too high it becomes meaningless.

My SMART GOALS by Retirement age (65) is to be able to live off of my passive income/monthly payments forever

I had this goal also, although my goal was to retire early. In fact, I've already reached this goal, I can now live off of my passive income for the rest of my life. Some time in the coming year I am going to quit working, it's just a matter of picking the date. Should be interesting.

 

[guru1000]

But I still agree that beliefs have to be realistic. Why set the goal at eight figures? Why not just set the goal as a trillion dollars? At some point if the goal is too high it becomes meaningless.

Zekko, if Guru made the goal of attaining a trillion-dollar net worth, then I would be the first man on the planet to attain such a milestone. Call me delusional, but I have no doubt in my mind that I would achieve it. Matter of fact, just thinking about it, I would get there by owning myriad public holding companies structured around syndicate deals that I would orchestrate. Reverse-mergers and then solicit the major brokerages to make markets while I pump revenue into the subsidiaries.

The reason why I don't set my goals that high is understanding the time element involved in securing that goal. Every second of my life would be directed toward that goal and I would no longer enjoy the incredible incidentals of life like fvcking beautiful women.

This week I set a new milestone. But I have not set it at a billion either ... Yet. One day ... For a life that is worth living is one where you make the impossible possible.

 

[zekko]

Call me delusional, but I have no doubt in my mind that I would achieve it..

You're delusional
But I'd say your best chance of becoming a trillionaire is superinflation.

if Guru made the goal of attaining a trillion-dollar net worth, then I would be the first man on the planet to attain such a milestone.

Same way I feel about Mystery's "Everybody here is a 10" philosophy. I don't believe anyone is a 10, what are the odds I would be the first person to become one? Being a 10 is a subjective call however.

The only way I buy into the 10 thing at all is that in your own life, you are the 10. Even then I don't buy it though, because that would infer that I have no room for improvement, and I can't see that ever happening.

 

[Tenacity]

Wrong. In the VC as well as stock brokerage industries ALL see the opportunity for extreme compensation, benefits, and rewards. And MOST don't push extreme enough to actualize the gold--AND EITHER NEVER TRY OR GIVE UP IF THEY DO TRY. Ask Don the Legend from this thread.

Guru, I understand that, just like everybody doesn't make it through NFL try-outs, everybody doesn't make it through Accounting courses, everybody doesn't make it through Engineering courses, etc.

You asked me where does motivation originate, and I believe it originates and forms from the person understanding the OPPORTUNITY in front of them to obtain XYZ benefit. But it's the COST of obtaining XYZ benefit that will determine if the motivation remains because the motivation begins with the thought of, "I can have X, Y, and Z." But if reality says that it will cost you X, Y, and Z and you either can't afford X, Y and Z or can't get access to resources to provide X, Y, and Z, then your motivation will diminish.

Just like the example I gave you about if I went to the laziest person on Earth and said I have a $100k paid for luxury car waiting for them up the street. ALL they have to do is walk 10 miles and it's theirs.

- So the opportunity is to get a free $100k car (MOTIVATION is created)

- The cost is to walk 10 miles and the person does an analysis to determine their ability to walk the 10 miles. As long as the person is not disabled, then the cost to obtain the benefit is very low, which makes the opportunity extremely achievable. (MOTIVATION remains and increases)

So what happens next? The person gets up and damn near starts jogging down the street for 10 miles to get the damn car.

No need for a Joel Osteen 30 minute "rah rah" motivational speech, no need for a Zig Ziggler 30 minute DVD on "believing in yourself", and no need for a TD Jakes MegaFest sermon of "Just Name It and Claim It".

 

[Reservoir Dog]

Just like the example I gave you about if I went to the laziest person on Earth and said I have a $100k paid for luxury car waiting for them up the street. ALL they have to do is walk 10 miles and it's theirs.

- So the opportunity is to get a free $100k car (MOTIVATION is created)

- The cost is to walk 10 miles and the person does an analysis to determine their ability to walk the 10 miles. As long as the person is not disabled, then the cost to obtain the benefit is very low, which makes the opportunity extremely achievable. (MOTIVATION remains and increases)

So what happens next? The person gets up and damn near starts jogging down the street for 10 miles to get the damn car.

No need for a Joel Osteen 30 minute "rah rah" motivational speech, no need for a Zig Ziggler 30 minute DVD on "believing in yourself", and no need for a TD Jakes MegaFest sermon of "Just Name It and Claim It".

Now what if the lazy man had been indoctrinated with the belief that nothing worth having ever came for free and that such an offer was probably nothing more than a scam? He'd justify good reason to tell the car person to take his 'free gift' and take a hike before going back to his potato chips and lying on the couch satisfied that he wasn't taken in by such an obvious trick. Meanwhile the car person knocks on someone else's door.

 

[guru1000]

Tenacity, your car example does not exemplify motivation. That's cost/benefit analysis. You obfuscate abstract with concrete.

Motivation is an abstract element.

Risk/reward and game plan are concrete elements.

YOU won't be able to identify motivation because it's abstract, a concept which you have no familiarity. This is what keeps you ensconced in mediocrity--mediocrity thought patterns.

Sorry to burst your bubble my friend, but one or two million at retirement considering inflation is peanuts. You will be barely middle class. You have no point of reference; no facts and empty rebuttals that don't address the subject matter; despite the evidence, my life and my point of reference. But hey, who cares if Guru thinks Tenacity is failing right? Guru, might be a fraud himself. All that matters is what Tenacity thinks.

 

[Tenacity]

$1 million in 2048 (when I'm 65) will not be what it is today in 2015, but it will be significantly MORE than what the majority of retirees have at that time. Guru I'm 32 and have more assets NOW than 50% of current retirees (people double my age).

https://www.americanprogress.org/is.../105394/the-reality-of-the-retirement-crisis/

Like I said, my goal is to have enough in principal to where the fixed income interest payments in combined with Social Security payments will cover all of my personal expenses to where I NEVER have to touch said principal, which means I never run out of money. I'm a Minimalist, I won't be flying to new Islands every weekend during retirement. From the analysis of my current career plan, I can hit this goal as mentioned because of my current level of resources, networks, skills, career positioning, etc.

What are my other option(s)? I understand that you are saying $1 million - $2 million won't be in 2048 what they are in 2015 and I get that, but do you have AN IDEA for me to acquire $10 million instead? $20 million instead? $30 million instead lol?

If so, you damn right I would love to learn about it. If you don't have such idea, but you are telling me I need to develop such idea or else I will starve in retirement, then I fundamentally disagree with you. Plus you have been making it sound like developing such an idea to acquire $10 million is just a DROP in the bucket, like ANYBODY can just do it if they quote, unquote "believe hard enough".

 

[guru1000]

"I have more now than X% of society"

Means nothing if you are not reaching your full potential.

If so, you damn right I would love to learn about it.

No you don't.

 

[Tenacity]

....No you don't.

Sure I do, we can discuss this here or offline, doesn't matter. I'm always networking and seeking to learn about new markets, opportunities, etc. I do WANT to make as much money as possible, but I'm realistic and bring critical thinking to every analysis.