The recent interest in Pentamillionaire have mustered up an on slaught of critics of past financial staples like: "The Million Next Door". The new thought process is that this kind of fugal careful investing will never amass the kind of wealth that frees you from your day job and let's you ball out of control. The new statistic is that one in 12 US households already has at least $1 million dollars. That statistic is really hard to believe but let's say for shizts and giggles that is number is true. (God that’s hard to believe!)
5 million puts you in the top 1 percent of the US and I think that's where we want to be. One million is not enough to retire on, even if you adjust it for inflation. The typical rule of thumb is that putting $1000 per month in your 401 (k) an earning 7 percent will earn you an inflation adjusted 1 million to retire on . This comes with many constraints including sitting in a damn cube, eating frozen dinners for lunch, and feeling like a damn jack ass for a minimum of 9 hrs. per day.
If you want a fortune you have to go and get it. That means starting something and working at it. I still think there are ways to make something happen, you just have to go at it.
People think that luck has a huge part, but the lucky person and the successful Pentamillioniare think alike. They expect both expect success. British psychologist Richard Wiseman found that lucky people, like successful people are relaxed and observant. In one experiment subjects were told to count the photos in a newspaper. In the middle of the paper he inserted a blaring ad that screamed, "Stop Counting. Tell the experimenter you have seen this ad and win $250.". People who considered themselves lucky spotted the article right away and bad luck people cruised right by, too busy counting.
MORE INTRESTING FACTS
Out of 3000 pentamillionaires interviewed during 2 hour sessions, 80% either started their own businesses or worked for a small company. A significant percentage worked in long shot professions such as sports and entertainment.
Getting rich also requires a huge level of commitment, stubbornness and clarity of vision. The success rate of startups that usually have a team of founders who share a common vision is 50 percent vs the solo founded companies who are 1 in 10 that you often here so much about. Personally, I attribute success to those ingredients. I run my small business with people who have stuck with me through thick and thin. People who not only share my vision but have experienced it, rely on it and reinforce it week after week. I have many people who doubt me, what I'm doing, how much I work, and my lifestyle. There are so many that you can't even begin to defend your position.
It becomes useless. There is way more ammunition supporting "The Millionaire Next Door" then “My Little Hustles”. There are many reasons not to work 18 hour days, and little reason currently in my wallet why. As ultimate success comes closer, it's easier to follow your dreams. People start to see that you might actually become the millionaire that you have always known you could be. They began to shut up and watch. Soon they will began to cheer.
Being a pentamillionaire means freedom. Sacrificing your 20's and early 30's so the next 35 years I can do what I want is the ultimate reward....even if you crash a few cars in the process.
-MJL
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