Who Wants To Be A Millionaire? - Pt. 3

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.

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RELATED:
Who Wants To Be A Millionaire? - Pt. 1
Who Wants To Be A Millionaire? - Pt. 2

Who Wants To Be A Millionaire? - Pt. 2

In my last post, I asked three questions, to which there are no wrong answers:

1. Do you want to become a millionaire?
2. What is your most compelling reason for wanting to become a millionaire?
3. How might you make it happen?

I promised to share my own answers, so here goes:

1) I don't want to become a millionaire; that is, I don't have that as a goal. My goal remains to establish a passive income of $50,000 a year. But I expect to become a millionaire.

Why? Because I have begun doing what 190+ other LegalShield associates have done to become millionaires, so I expect a similar result (barring death or total disability).

In recent months, two things have happened that have made that possibility more real for me.

• I have met, and dined with, a couple of men who have earned millions with LegalShield. In so doing, I have experienced enough of their humanity to de-iconify them, to realize...they're men. They're guys. They put their pants on the same way I do. I can do what they did. I've begun doing what they did.
• The second thing is something that I don't feel free to tell. Consider this line a placeholder for the fact that there is a second thing.

Now, my stated goal is so far from $1,000,000 that you might think that I'm afraid of becoming a millionaire. In the past, that has sometimes been true. I was afraid of having more money than I would know what to do with. But now that I expect to become a millionaire, I find the fear of wealth melting away. I now expect that as my income continues to grow, so will my knowledge of what to do with it. No sudden wealth syndrome for me, thank you.

2) To reward my wife, the lovely Janet. She deserves so much more than I've ever given her that I can never give her too much.

3) By marketing LegalShield and helping others to do so. Which leads to this:

LegalShield wants to create 1,000 millionaires by 2020, and I already had the goal of helping 50 people to establish annual incomes of $100,000 by Dec. 31, 2020. I figure that by the time I get to the 50th person, at least a couple of the first 49 will have earned $1,000,000. Ergo, I'll just tweak my goal to help the company out:

I want to help 50 people (anywhere in the U.S. or the Canadian provinces of Alberta, British Columbia, Manitoba or Ontario) to establish annual incomes of $100,000, with as many of them as choose to earning $1,000,000.

If you have burning desire, are coachable, and are willing to work, and want to be considered to become one of the 50, check out the opportunity, then drop a line to elwin15208 at gmail dot com, and let's talk!

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RELATED:
Who Wants To Be A Millionaire? - Pt. 1
Who Wants To Be A Millionaire? - Pt. 3