I’m in the middle of listening/reading two books: The 10x Rule by Grant Cardone and Everyday Millionaires, by Chris Hogan, a protege of Dave Ramsey (if you haven’t yet, read Dave’s Total Money Makeover. His “Debt Snowball” approach is the original catalyst behind my One Year Challenge). Both are great for various reasons, but here are the two main takeaways I’ve identified, as they apply to today’s writing:
- In 10x, Cardone espouses the importance of setting goals higher and larger than seem reasonably attainable. Why? Because if you shoot for the moon and miss, you still hit the stars. Notice he doesn’t support the old adage of setting reasonable/attainable goals. In fact, in the book Cardone even goes so far as to say that setting reasonable goals can actually work AGAINST you. Crazy right?
- Hogan’s Everyday Millionaires explores the stories and ways 11k self-made millionaires achieved their wealth, typically through longevity in a single job or career, going to college, but not taking out student loans, utilizing and maximizing company retirement plans (like 401ks) and saving, saving, saving from early in adulthood. Oh yeah, and the vast majority are also married. Yea, none of this formula applies to me. However, I still believe in the underlying messaging they regular people, like myself, can become millionaires.
Hogan preaches the low and slow approach, Cardone, the exact opposite. Regardless, portions of each book have gotten me to my current goal: ONE MILLION IN ONE YEAR. And yes, this supports, and is in addition to, my original One Year Challenge.
Goals that can not be measured, can not be achieved right? So let’s start where Hogan advises his readers to begin: Calculating your net worth. In the spirit of this blog, and what I am hoping to be the end result of this blog (more on that later), I’m calculating and documenting my current net worth here. And what is someone’s net worth? Simplified, the amount one owns and its value, less the amount one owes. For a quick and easy way to calculate your own net worth, use Hogan’s Net Worth Calculator. Using this tool, my net worth is:
Net Worth: – $99,220
To clarify, my goal is not to have a $1,000,000 in the bank in one year (I think that’s a little nuts, even by Cardone’s standards) rather, its to have a $1,000,000 shift in my finances and life. So, with my current net worth being -$99,220 (yes, negative almost 100k) today, in order to achieve my goal, my net worth needs to be $900,780 by 2/18/2022 (hence a year-ish… my birthday is the 18th, which is why I have that as my end date. Happy Damn Birthday to Me!).
Simple right? LMAO… I guess its time to stop typing and start working. I’ll update my progress on this every quarter. And don’t forget to check back in at the end of the month for the next progress report on my One Year Challenge.