If there’s one sure thing I am, it’s a dreamer. And while I haven’t always achieved my dreamy goals, reaching for them has pushed me further than I ever thought possible. So I’d like to bring you down dream lane with me into one of my major goals: “10 in 10,” or what I like to call my $10 million vision.
10 in 10 is my goal to reach a net worth of $10 million in ten years, or by the end of 2024 (I’m not too concerned about the month… if I can reach $10 million, April or December will both do just as fine).
But lest you think I’m all about money, I’m not. In fact, I could really care less about money. I just like “making” money. The amount of money you make is, to a large degree, a reflection of how much value you can offer to others (although this is certainly skewed by my one true foe: the government). I love being valuable to others. I love solving problems, designing solutions, and achieving objectives. It’s all about the journey… but I suspect we’ll enjoy that beautiful destination as a bonus.
So then why $10 million? It’s somewhat arbitrary, but for starters, I think $1 million is too easy. I mean, if we really set our mind to steadily increasing our income, staying out of debt, and putting money away, $1 million isn’t that hard. I’m not saying it’s a walk in the park, but for the bold and determined few (that’s us), $1 million is just getting started.
$1 million in ten years is pushing everything to maximum (and then some) to “easily” get to $1 million, but multiplying that by ten pushes that goal far beyond anything my calculator, with all the optimistic tweaking, can compute. With all of my hopes and dreams amplified to the extreme, on their best day, my spreadsheets can’t even come close. In other words, with all my current projections, I can’t see any possible way to get there.
There are a lot of things I can do to push us to the $1 million goal, but there is only one answer to getting to $10 million. Even if we could put half of our current income away and double it every year with spectacular investments, we wouldn’t even get half way there. To reach that seemingly unreachable goal, we need to dramatically increase our income. And that is what we have been spending a great deal of time thinking about.
Here are a few ideas we’re currently brainstorming to take the first major steps toward our $10 million vision:
- Starting a natural beauty products company. Olga recently quit her job to shake off the black hole energy of a rapidly declining company and has started making her own beauty products. Cutting that dead-end income stream could turn out to be one of the best, life-changing decisions ever (well, second to our marriage). We are working through the logistics of turning a home made passion into a profitable business.
- Writing a book. I have been searching diligently for my voice in this blog and eventually plan to write a book. A book is a great source of income because once it’s written, it becomes a passive source that makes money while you sleep (with some occasional love and care to keep it fresh, of course).
- Developing online training courses. Since I was a teenager, I’ve loved to teach. I tutored math and science in high school, and I hit my first business home run at 17 years old when I rented a room at a music store and started teaching guitar. Now, in my “old age” of 31, I’ve learned a great deal about life and money and am working on the best way to help other people benefit from those lessons.
I believe strongly in building a solid foundation, without which progress is very difficult (if not impossible). That means getting financially smart: spending less than you earn, getting and staying out of debt, and saving and investing for the future. But as I work to master those fundamental tenets, it has become ever clearer that to step to the next level, we need to make more money.
How would making enough to retire change your life?