Do you believe $1,000,000 would set you up for life? Have the idea that if you had a million you wouldn't have to work again? You think a million allows you to do what you want when you want? Some people think the answer is yes, or even think $1,000,000 is going to set them up financially to never worry about money again.
The truth is, one million dollars is not enough money. If I give you $1,000,000 today, you would not be able to retire comfortably. Hell, you won't even sleep better at night once you read this article. One million is not a lot of money, once you do the math and I'll show you how easily it's spent...
You can:
- Buy a Rolls Royce, Bentley or Ferrari and stop rolling around in a Hyundai when you can roll in a Rollie, or fire up a Ferrari - $380K. But lets be realistic. Most people don't buy a Rolls. They end up with a couple of BMW or Mercedes. That will set you back 200k.
- Buy a real nice watch like Hublot, Patek or Audemar: Let’s face it, having some bling is nice… $50 - $70K or more.
- A couple of Chanel bags for the wife over her life, a fancy belt or two and some designer shoes for the two of you. I won't even total these because it won't matter in the end. (keep reading.)
- Buy your mom a house like an NBA player who gets his first big new contract, you want to reward your loved ones. For a decent house $450K but because if you are cheap you will probably settle at the median price of $228,000.
- Tithe because if you are like me you believe in giving back. Just 10% tithe will set you back $100K.
- College for two kids - $200k.
- Cancer bout in your household $300,000 to $400,000.
Oops—you didn’t even think about taxes and now you’re in the hole with the IRS. This is why Nick Cage and Wesley Snipes ended up broke. And oh, by the way, those boys were getting ten and twenty million a movie.
See how easy that was to blow through one million? Now you’ll have to sell the Rolls and bring your watches to the Pawn Brokers after you face the brutal realization that your million dollars is blown. And by the way it's not because you blew it, it's because you never had enough. Your million dollar experience will leave you believing money won't make you happy.
Now I am certain you wouldn't be so stupid to go out and blow through all your money while forgetting to pay taxes and this brings me to the point I want to share with you. A million dollars is NOT that much money and most people, unfortunately, think it is. You have been getting your advice from people that never really get to a level to understand what it takes to have financial freedom. Why are so many people using the same information and all coming up with bad results? You have money problems because you have the WRONG information.
Here are some tips to help you:
1. Don’t Get Advice From Quitters
And don't get advice from someone half-way there. The millionaire does not have the right position to give advice. A person with a couple of million to their name is not financially secure—they have not financially arrived yet, they only think they have.
2. Simply Saving Doesn't Work.
You can't save your way to financial prosperity. A book was written a while ago called The Millionaire Next Door, where the author suggest that millionaires simply save their money and avoid buying German cars and expensive watches and if you don't avoid Starbucks over thirty years, one day, long into the future, you will have money. This is ridiculous advice. You can't not save your way to freedom.
3. Do Millionaire Math.
$1,000,000 is fine if you only have one year left to live. If you have 30 years left, that gives you just over $33,000 a year. That’s about $91 a day, and anyone who has less than $100 a day to live on is seriously broke. You’ve got rent, insurance, food, transportation—it all adds up quickly.
So if you’ve got $1,000,000 dollars and 30 years left to live, you aren’t retiring comfortably, you’ll be constantly worried about your little pile of depreciating paper running out so you are forced to live frugally, pinching pennies.
"A $1,000,000 is just enough to be worried. Think I am kidding? Check back with me when you get your first million." - GC
Don’t be The Millionaire Next Door who is conserving their little nest egg living life like a miser. To make your money last longer than your clock, you need much more than $1,000,000. You need more zeros, than minutes. That’s the problem with money - time. The bank tells you to put your money in their bank and it will grow, but it won’t—it will just sit there. A million dollars can not multiply at a bank because they don't pay you enough to keep it there.
$1,000,000 is simply not enough money to give you financial security to explore the world and live a "millionaire” lifestyle unless you are willing to blow it all in the first year. A couple of World Series tickets will set you back $5k or more. Really nice hotel will set you back few grand, a weekend of shows, dinners and gambling could set you back another $5000 and we aren't doing anything stupid like a $5,000 hamburger (with a vintage bottle of Chateau Petrus and fries included), a Chanel purse for your wife $10,000 or a first class trip to Paris for a week that will cost you more like $30,000.
If you think a million is a lot of money it is only because you haven't really done the math. The think is too small, it's built on scarcity and shortages and let's face it the millionaire once you do the math and face reality hasn't accumulated enough real wealth to give financial advice.
To make your money last longer than your life, you need to add zeros to your bank account. Lot's of them. Having just a million dollars is selfish anyways when you can do so much more. Stopping when you get to one million is only because you are thinking about yourself not about all the other people you could help. Billionaires are not selfish they keep creating to a point where they can really make a difference. Billionaires have so many zeros they can’t consume it all and have enough to share with others in ways that make massive differences.
"If you’re in poverty thirty years from now it won’t be because you’ve bought a latte every day, but because you didn’t think big enough and didn't produce enough everyday." - GC
I’m here to help you get your money right. Add zeros to your income so you can add zero's to your net worth. Will you let me help you? The first thing to you must do is make a decision, the next thing to do is start studying those who have done it. First assignment if you are that person, get started on my Wealth Creation Formula today.
you should put in at least 1 million in Steem Power Buddy, show us you truly believe in this place.
Yep, a $1 Million in Steem Power should give you enough "interest" when curating, that you can live quite ok. And everything else what you earn from other endeavours is increasing the comfort level.
Can you elaborate on that please? You can leverage your steem coins to gain more influence here? Sorry, a lot to take it.
The SteemPower (which your STEEM transferred to your “Steem Saving Account” or “Power Up”) makes your upvotes more valuable. E.g., if I, with my meager 650 SteemPower, upvote someone’s post, it increases that post’s earning by 1 or 2 cents. If someone with much more SteemPower than I upvotes that same post, they can increase its value by a few bucks. Get it? Buy yourself some STEEM and then Power it Up. Your upvotes will be so much more valuable then and people will follow and upvote you, hoping that you will reciprocate. Easy, uh?
Sounds like a good amount.
How does one do that, out of curiosity? I'm new around here! :)
I assume it is in US$, so US$ 1,000,000is of course way from enough.
I live in Hong Kong and US$ 1,000,000 cannot get you a decend house for your family! Right now this amount of money csn get you a 30sq. M apartment, which is just enough for a single man or woman to stay.
Don't even think about get married.
If you use this money to buy an apartment, then you have to work extremely hard to maintain your living.
US$1,000,000 is far from enough for any HKer.
For All Those Sales Guys Wanting To Learn Grant Sale technique you can use I have down a video break down for you
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
Follow Me and I will Follow You
We love what you do!
Welcome to steemit.
@votu
If I bought $1 million worth of real estate, I could maintain my current lifestyle indefinitely living off the rent.
That's what I would do.
Hi I have critique your sales page
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
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Listening to it right now.)
Word. Can't live off a million? Pffft
Hand one of yours over Grant and I'll test the theory? 🤑
Lol as long as you don't get crazy about it, it's doable. Especially if you decide to become an expat and live in another country. Jesus, $1 million in Thailand and you could live like a king for two lifetimes.
Dude I'm with you all the way! If you can't invest a portion of that to give you 20/30k a year and spend some on bricks, in my opinion, you've done it wrong to say the least!
depends on what type of lifestyle you want to live. Not everyone wants to go a 3rd world country where cost of living is ridiculously low. Some people do want the more expensive things in life. Like a really nice car, a house with a view of the sea or lake and the ability to go on vacations around the world. Even the most optimistic bond paying 6 to 7% will only yield 70k a year and that is not counting taxes.
In my opinion better to strive to make 1 million a year than settle down and be comfortable with 1 million in the bank.
Can definitely live for a million in Colombia, Ecuador, Mexico, Belize
Or in any western country, because with the money invested you easily have 3 grand a month in dividends, interest etc. alone.
@grantcardone I have a lot of thoughts about this. I agree with a lot of stuff that you say but certain things are of no interest to me.
Expensive suits, expensive watches......etc. I don't care about that stuff.
I do like aircraft and fast cars though!
Success proceeds itself. Now that you have obtained a certain status and have nice things people follow in droves lusting after the lure of the life of luxury.
The Tai Lopez scenario is interesting to me. I appears he was able to manufacture himself into being rich in a relatively short amount of time by leasing things and acting rich. Well played.
I'm not sure how you obtained this lifestyle but I'm interested to find out.
Hi there if you are interested check out my video Grant Sale technique you can use I have down a video break down for you
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
Follow Me and I will Follow You
What if everyone living in this earth thinks that they need 1 million dollar? Basically accumulating more wealth is like steeling others property.
Interesting thoughts - I've given you an upvote because I like some of what you say. For some a million would be more than enough though. It's all a matter of perspective and taste. I live in a very affluent part of town but I wouldn't for example waste money on $350,000 cars and watches just to keep up with the Jones'. For many a million will buy freedom to start working on their passions instead of paying the bills. That has to be the secret. Once you start working on your passions, that's when you start making money instead of earning it. Nice plane by the way ;)
Completely agree with you. Most people would get crazy when, all of a sudden, they get a summ of money that big. Investing it right; like using it for starting up a business or other real opportunity, (cheap) real estate abroad etc. Briefly said: making the money work for you.
It's like Jim Rohn said; it's not the money that makes you a millionaire. It's the person you'll have to become, being worth a million dollar.
I've read your post, with all the materialism that surrounds you ...are you genuinely happy? I am just curious..please advise.
please tell me your "the grant cardone". i've been folloing you on FB. You are ace
Hi there if you are interested i have broken down for you the sale techique on Grant website site you can use to sale your products
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
Follow Me and I will Follow You
don't worry i'm a old pro at sales, I was just hope hoping this was grant himself. he is a god send at just giving out the odd reminders of what needs to be done.
I think if you are a bit humble and not spend all this money on expansive cars, watches, houses etc. you can live quite an easy life. Make some good investments, pretend that you don't have this backup and don't be wasteful and in my eyes your well off with a million surplus.
Check out my critque of Grant website
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
Couldn't agree more @grantcardone! A million seems like a dream come true for many but it honestly isn't that much when you break it down.
Multiplying that or having a constant stream of income seems like the logical next step. A huge fan of your work by the way, loved the 10x rule!
-O.T.
Hi there if you are interested i have broken down for you the sale technique of Grants
website site you can use to sale your products
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
Follow Me and I will Follow You
I like this man thanks a lot! Steemit posts like this make the internet feel more like a family. Helping each other up towards better things in life. I'm after real wealth.
Hi there if you are interested i have broken down for you the sale techique on Grant cardone website site you can use to sale your products
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
Follow Me and I will Follow You
Wow..Impressive..well written..upvote
Million dollars is like the middle class these days, thats what you told me and I totally believe it lol
Uncle G! 1 mil might seem like enough until you have 1m then its 10, then its 100, then its a bil! Thats life, the hustle. But make sure your dreams and goals are yours not someone else's. Love you are on STEEM GC!
If there's ever anyone to get money advice from, it's this man @grantcardone right here!
Depends on how much you need. One million dollars at a 4% SWR (Safe Withdrawal Rate - https://en.wikipedia.org/wiki/Trinity_study) = 40,000 USD a year. A lot of families are living on less.
I think $1,000,000 is still enough to retire on. Live with in your means and invest wisely. Even just investing in a no risk bank CD, you would make around 5% interest per year, maybe more. That's $50,000 per year. I could live on that.
I disagree. Investing in a CD is not investing wisely. I think the last thing anyone with a million dollars that isn't a miser would do, is invest in a CD. $50,000 a year is poverty, all your time spent will be penny pinching. It couldn't cover housing in Miami, LA, New York, or any other cities worth mentioning. #thinkbig
10x Wisdom from wise GC, love it. I listen on my long driving trips on your audio books, real life changer. I had to put the 10x in my profile to remind me all the time to give out the best. Keep spreading the wisdom GC
Millionaire is the new middle class, a very wise man once said...
...until the housing market collapses and stock market falls!? Maybe? Maybe it will go up forever ;)
Nice extrapolation, it's just completely irrelevant. You don't know GCs story.
Great post out of the Gate for you Brother... But I must disagree on just the basic premise.
The Damed Dirty Blood Supply that you're basing your illusion on has been going away for several years now. The Blood Soaked Rags Of Debt, that the Fiat system of economics you're talking about are on their way to being replaced. The world is ALREADY filled with Millionaires but the DEBT based system of MAKE BELIEVE Fiat expressly prohibits the Healthy distribution of the basic abundance of the world...
So in Short, "Why One Million Dollars is NOT Enough" ...
Is because NO AMOUNT WILL EVER BE ENOUGH. It's all based on Lies and Debt.
YOU personally will probably become a multi Billionaire, telling the same story.
In your word, according to this article, there will NEVER be enough.
At least that's the way I read it. ; )
Welcome aboard the Steem Train.
Thank you and SteemON!
How much do you have in the bank right now?
Hi I have critique your sales page let me know my mistakes
https://steemit.com/grant/@newmarket65/ever-wondered-grant-cardone-sales-technique
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very true article....
Great post, excellent points.
I don't think $1M is a lot of money, but I feel confident that I could invest it properly to sustain my current lifestyle for the remainder of my days.
A diversified portfolio in cryptocurrency wouldn't hurt, with some some of the funds.
With 1million I would buy real estate funds to generate an income and would donate 10% of the income to the charity, living with 90%.
Keep up the great work!
Upvoted & followed!
Kind regards,
I could spend a mill in a matter of days! in fact I have but that was many moons ago.
Now living a more simplified life.. too many toys and money can be very stressful. With great wealth comes many many frustrations and creepy people who want your money.
actually, I think 1 million dollar is more than enough as long as you reinvest it . Like you can take the 1 million dollars and invest in precious metals , cryptos and whatever else you want...real estate maybe?
thanks for the post..upvoted and followed!
Inflation, both official under the CPI, and hidden, via hedonic adjustments, would also seem to be a good point to include here.
Thanks GC another great post - You gotta be a multi-millionaire nowadays to have freedom!
Great post @grantcardone!
It's true a million dollars is not enough, but nowadays making a million dollars isn't that hard either. Million dollars is just the start or the beginning towards financial freedom if you invest it right! Check out my recent post I made on one of the ways you can begin your life towards financial freedom in today's world :)
https://steemit.com/life/@kryptoknightk/help-one-million-people-and-you-will-be-a-millionaire
I don't think $1 MIL is a lot, but that's something most people in the western world won't see (have all at once ) in their lifetime, not to even go into the large percentage of the really poor population on Earth (since just because many of us might live in paved-infrastructure cities doesn't make us a majority : ).
On the subject, I won't turn back $1 mil, actually have a very descriptive and detailed plan of using it. Not into expensive cars, watches, Chanel purses, but investing into comfortable humble abode that serves my needs, not the ego. Some of the bullet-points are investing, lots of investing into education (number 1) and some traveling (widen my horizons) :)
How about £1million in the bank plus 75k without getting out of bed? On top of your income?
If you can resist spending the million, there's a lot of money to be made from it. If you can get a measly 7.5% return on investment every year you'll get 75k for nothing. (An extra million every 13.3 years.)
That's passive income my friends.
I dont think human beings are ever satisfied..
I'm sick and tired.
Hi Grant, good for you for having wealth and freedom. That's great! Can anyone be this wealthy by signing up and pay for your program or would it be more lucrative for someone to start their own program and charge everyone to join it?
Fully agreed on that. Upvoted and resteemed :-)
Interesting. I want to travel to Jupiter in a pimped out 1946 Oldsmobile. And I want to do it now. How much money would I need to accomplish this?
Nobody can do what they want, when they want. They can only do what they've been programmed to want, when they want, as long as they have enough money or power of persuasion, and no scheduling conflicts.
Doing what you want is not always the wisest thing to do.
Hi @grantcardone, I suppose it depends whether you look at the money as a windfall or an opportunity. If you took the 1 million and invested it you could probably sustain yourself off the profits.
That would make any future job income additional savings. But yeah, if you head out with a flaming wallet buying new cars and expensive watches, I'm sure you could burn through it quite quickly.
What the HECK?! 1 million dollars gives you in INTEREST ONLY over double the median US income. $1,000,000 is definitely enough for me...I wouldn't buy a single thing on your list and I don't know a single sane person who would...
Thanks for the great talk grantcardone! It's important to have goals and a plan. I'm using crypto to finance an aquaponics greenhouse business. I look forward to getting into the clean food business here in Asia where chemical use in agriculture is a massive problem.
Very interesting article, nice work.
I know $1000000 isn't enough to retire on, but I think it would be a life changer for someone like me who is about 5 years into his career and trying to save for a house.
Being able to buy a house and not having to repay a mortgage would be a huge help. I don't want to live a lavish lifestyle.
I'd say most people take home $50000 or less per year after tax. $1000000 in the bank is the equivalent of 20 years working that job (even without considering interest).
But bro in the Philippines its enough... haha :) cause $1,000,000 is P49,000,000 million pesos here :) its enough here i guess.
I am glad to have discovered you on here. I've heard nothing but good about you, and was surprised to see my friends following you on FB. I am not a money driven person, but need it to achieve what I want to do. The intensity of my desire to be altruistic is not common. I'm not putting myself on a pedestal or anything, it's actually very difficult and frowned upon by more people than you would think. But it is who I am and it is the fire that drives me. I would very much appreciate your views on my short blog addressing this.
https://steemit.com/steemit/@diginaut/steemit-you-can-be-virtuous-and-still-create-monetary-wealth
Finaly, someone on Steemit who's talking in numbers👍🏻 Better than the obnoxiously nice conforming sheep. Also as if Grant Cardone is on here! This is how you know Steemit's good! Really informative post, Resteemed!
My formula for wealth creation has been spoiled in the tags: investing.
Follow the mooney.. $$$$$$$$$$$
I actually had just had a conversation about this not too long ago, great post!