I once watched a video by Grant Cardone on a topic similar to this.
In the video he says something like — “You’re a millionaire already, you just need to change the way you think”.
It’s a thought provoking video I’d recommend you watch.
I’m going to take this topic in a different direction though. And base a lot of it on statistics to put my point into perspective.
The fact is we all become millionaires in our lifetime.
Probably multiple times over. And here a couple of reasons why that is.
1. The amount we spend on entertainment, holidays, fashion and health
1. A US publication says the amount spent on gaming will increase to $91+ billion in 2015. That’s a whole lot of dough.
3. Forbes says the sports industry will be worth over $70 billion by 2019. And the UK sports industry is worth £23 million pounds.
4. And don’t forget music which is a billion pound, billion dollar industry. Regardless of the state “music” is in right now.
6. Fashion? Average woman spends more than £500K in her lifetime in the UK. And around £1300 per year on average per person.
2. How much we spend on housing, cars, food and marriage
1. People spend £15,000 — £24,000 just on weddings over here in the UK. And the industries worth £10 billion.
2. In the US the average wedding budget is $20,000. And the industry is worth $70+ billion.
3. Average house spend is £500+ (rent) in the UK. And average house cost (to buy) is £188,270 based on 2014 statistics.
4. Oh, and if you think that’s crazy, the average home is estimated to cost £1,000,000 pounds in the UK by 2032.
5. What about food? People in the US spend over $6000+ according to Simple Dollar. Or £83 per week in the UK.
6. As for cars, over £3500+ is spent just on fuel to run your car in the UK.
I say all that to say this
If you put all that into perspective, a lot of us are going to spend more than £1,000,000+ in our lifetimes.
Yet most of us will never see £1,000,000+ in our bank accounts. As messed up as that sounds when you really look at it.
We spend it all too quickly and gratify ourselves too hastily on things that don’t even matter.
Having money isn’t the problem, keeping it and letting your emotions drive your spending decisions is the problem. As I’ve learned personally.
Or as Jim Rohn puts it –
It’s not how much you make, it’s how much you keep.
And don’t forget I missed out a bunch of other statistics, like how much we spend on technology for example.
Or how much we spend at restaurants, takeaways, on kids, beauty products and so on.
So the real question is —
how much of your £1,000,000+ will you end up with and how much of it will you keep?
In the past few years I’ve started taking this concept seriously.
I’ve broken the foolish habit of spending ridiculous amounts of money on things that only serve to put you in debt.
Or cripple your financial future.
We all become millionaires in our lifetime, and I’ll be one of the few who keeps it. That’s my commitment.
What about you though?