In earlier posts, I wrote about how LegalShield wants to create 1,000 millionaires by 2020, and how I expect to be one of them.
The company's goal of creating 1,000 millionaire fascinates me, for a couple of reasons. The first reason is that I know what a millionaire is.
Many people think that a millionaire is someone who has $1,000,000. That's a total misconception, for at least two reasons.
1) A millionaire is someone who has a net worth of $1,000,000. That means that if you add up the value of what they own, then subtract the value of what they owe, the result is at least $1,000,000.
If you have $1,000,000 cash, and owe $2,000,000, you are not a millionaire; you are a person with a serious debt problem.
2) You can be a millionaire without having any cash at all. If the only thing you own is a building worth $1,200,000 and the only thing you owe is a $200,000 mortgage on that building, you are, for that moment, a cashless millionaire.
That leads to a corollary:
2a) Not only do you not have to have $1,000,000 to be a millionaire; you don't have to have $1,000,000 to become one.
For instance, with that building worth $1,200,000, the fact that it is worth that much does not mean you would need $1,200,000 in cash to buy it. You might be able to buy it for $1,000,000. You might be able to buy it for $800,000. Life is unpredictable, and you never know what someone might be willing to sell something for. Heck, if you could buy that building for $150,000, and you got a mortgage for $115.000, you would only need $35,000 in cash to become a millionaire.
Here's another extreme example: You buy $100,000 worth of shares in the XYZ Corporation, and the company then takes off so dramatically that your shares become worth $1,000,000. Assuming you are net positive otherwise, you are now a millionaire.
Then there's the matter of creating assets. Writing a book, for instance, may take a lot of time, but it requires almost no money. If that book becomes a bestseller, it could make you a millionaire. And if you're J.K. Rowling, it could become a series of books that make you a billionaire.
So, while one can become a millionaire by direct earnings, the process can be accelerated by acquiring or creating assets that increase one's net worth.
Back to LegalShield: the second reason that LegalShield's goal to create 1,000 millionaires fascinates me is that, as far as I know, LegalShield gives associates one thing in compensation for our work: cash. Not real estate, not equities. Just cash. So when CEO Jeff Bell talks about creating 1,000 millionaires, he's talking about paying 1,000 individuals $1,000,000 in cash. Each.
I consider that remarkable.
I expect Legalshield to pay me $1,000,000 over time. But on the way towards that mark, I intend to use my growing excess cash both to acquire assets at a discount (there's always a deal somewhere for cash), and to create and market new assets, so that I become a millionaire before I've earned $1,000,000.
That will be fun. But this would be even more fun: helping someone else, or several someone elses, to get there.
I need to get serious about recruiting. For the fun of it.
********************
RELATED:
Who Wants To Be A Millionaire? - Pt. 1
Who Wants To Be A Millionaire? - Pt. 2
The company's goal of creating 1,000 millionaire fascinates me, for a couple of reasons. The first reason is that I know what a millionaire is.
Many people think that a millionaire is someone who has $1,000,000. That's a total misconception, for at least two reasons.
1) A millionaire is someone who has a net worth of $1,000,000. That means that if you add up the value of what they own, then subtract the value of what they owe, the result is at least $1,000,000.
If you have $1,000,000 cash, and owe $2,000,000, you are not a millionaire; you are a person with a serious debt problem.
2) You can be a millionaire without having any cash at all. If the only thing you own is a building worth $1,200,000 and the only thing you owe is a $200,000 mortgage on that building, you are, for that moment, a cashless millionaire.
That leads to a corollary:
2a) Not only do you not have to have $1,000,000 to be a millionaire; you don't have to have $1,000,000 to become one.
For instance, with that building worth $1,200,000, the fact that it is worth that much does not mean you would need $1,200,000 in cash to buy it. You might be able to buy it for $1,000,000. You might be able to buy it for $800,000. Life is unpredictable, and you never know what someone might be willing to sell something for. Heck, if you could buy that building for $150,000, and you got a mortgage for $115.000, you would only need $35,000 in cash to become a millionaire.
Here's another extreme example: You buy $100,000 worth of shares in the XYZ Corporation, and the company then takes off so dramatically that your shares become worth $1,000,000. Assuming you are net positive otherwise, you are now a millionaire.
Then there's the matter of creating assets. Writing a book, for instance, may take a lot of time, but it requires almost no money. If that book becomes a bestseller, it could make you a millionaire. And if you're J.K. Rowling, it could become a series of books that make you a billionaire.
So, while one can become a millionaire by direct earnings, the process can be accelerated by acquiring or creating assets that increase one's net worth.
Back to LegalShield: the second reason that LegalShield's goal to create 1,000 millionaires fascinates me is that, as far as I know, LegalShield gives associates one thing in compensation for our work: cash. Not real estate, not equities. Just cash. So when CEO Jeff Bell talks about creating 1,000 millionaires, he's talking about paying 1,000 individuals $1,000,000 in cash. Each.
I consider that remarkable.
I expect Legalshield to pay me $1,000,000 over time. But on the way towards that mark, I intend to use my growing excess cash both to acquire assets at a discount (there's always a deal somewhere for cash), and to create and market new assets, so that I become a millionaire before I've earned $1,000,000.
That will be fun. But this would be even more fun: helping someone else, or several someone elses, to get there.
I need to get serious about recruiting. For the fun of it.
********************
RELATED:
Who Wants To Be A Millionaire? - Pt. 1
Who Wants To Be A Millionaire? - Pt. 2
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