This is is part of my live-learning series! I will be updating this post as I continue through my journey. I apologize for any grammatical errors or incoherent thoughts. This is a practice to help me share things that are valuable without falling apart from the pressure of perfection.
In my public goal-setting series, I share that I want to be a millionaire, why, and how I will do it. Hope this helps you on your journey!
It’s important to ask yourself why you want to accomplish a goal.
Many times, I have found misguided reasons for wanting to achieve something.
In the case of wanting to be a millionaire, I believe some of that comes into play.
Being a millionaire was one of the major goals laid out growing up and the glory of it is illustrated in movies galore.
Besides of course, the famous line from the Social Network that stepped that up a notch and made us all feel embarrassed of our original ambitions:
“A million dollars isn’t cool. You know what’s cool? A billion dollars.”
Frankly, I’m fine with millions. Although a million does not take you nearly as far as where it did in the late 1990s and early 2000s (hell even the late 2010s), it is still a serviceable amount of money that if deployed right can lead to a comfortable life with most concerns addressed.
As I type this, I realize how detached I am from the problems the majority of the world is facing on a day-to-day basis. I am privileged. I am lucky. I acknowledge that.
There is ego involved in this goal. But, there are also realistic and important ambitions that enable me to have the life that I want for myself, my partner, our kids.
There are several ways to achieve my goal to be a millionaire. I will lay out the paths that people have successfully taken before and what I am doing myself to get there.
Today, I am working towards that goal by being the co-founder of a startup working on product development and business growth.
To become a millionaire, we need to drive the business to profitability and operational stability where the profits in the end enable me to achieve my goal to be a millionaire.
Alternatively, I could grow the company to a great spot and sell it outright, be acquired and then work for the acquirer, accept investment, or use other funding instruments to accelerate revenue.
Funding instruments like debt are risky because you can have personal liability and if you fail, it can actually set you back on the goal to be a millionaire. So, unless your growth is predictable or you can stomach the consequences, that may not be advisable.
Equity can be in the form of my current company Speak Ai.
If that doesn’t work out, it could also be equity in another company. The quicker option is a fast-growing Series A or Series B startup with high chances of success. You could also buy stocks for publicly traded companies and hold on until you reach the return you want that enables you to be a millionaire.
Currently, I have this goal slotted for January 1st, 2025.
Growing up, I always wanted to be a millionaire by 30 years old.
Unfortunately, 30 years is coming up very quickly and unless something miraculous happens I will not be able to achieve it.
Thanks so much for checking this out. I’ll be back to improve this content for you.
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