The term “Eventual Millionaire” is simple. It states that eventually, I will have a million dollar net worth because I’m doing the things it takes to become a millionaire.
When I was 21 my strategy had been to put about $300 per month in our retirement account and it would be worth over $1.7 million when I am 62. In this example, I’m disregarding inflation, since I would still be called a millionaire even if the money isn’t worth as much as today. Here is a calculator that does the calculations for you too.
That seemed to be a good plan. Having $1.7 million meant that I would achieve my goal to be a millionaire and, based on my calculations, my husband and I would be able to live on $3,000 per month until I was 91.
But is that it? I would hit my goal of becoming a millionaire and have enough money to live out my general life expectancy. Not amazingly great but not eating cat food at 90 years old.
But is that it? Since we do only have one life, why not shoot for the best? If we don’t shoot for it, we’ll never get it.
The Fastlane vs the Slowlane
The back of the book says that MJ Demarco is the “Get Rich Slow” anti-guru. Usually, I’m skeptical of any get rich quick advice, but I love this book.
He differentiates between “Get Rich Quick” and “Get Rich Easy.” I tend to equate “Get Rich Quick” with scammers who sell to people that just want to make an easy buck. However, in reality, there are companies that grow very fast. It might not be easy, but it’s quick.
MJ put my new theory into reality with his story. My previous plan was what he calls the Slowlane. You are frugal. You save and save and save and eventually you can become a millionaire. Even people without huge incomes can become a millionaire.
Then there is the Fastlane, where you become a producer and create a business that brings value to millions. You create the business with the intention of growth and the sale of the business.
My backup plan is the Slowlane. I’m staying frugal and putting money away. Not as much as I would if the Slowlane was my number one priority, but enough to achieve the goal.
Instead, I am making the Fastlane my first priority and putting the extra money into my business.
Who knows if I can ride the Fastlane and only work 20-30 hours per week? I’m not sure yet, but I’m going to give it my best.
Thanks for riding with me! (Can you tell I love his analogy?)
What is your plan? How big are your goals, and what stops you from making them bigger?