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Theoretically, it should take you the same amount of time/effort to grow your money from $1 million to $2 million that it did to grow from $100,000 to $200,000.
I've heard this saying "The 1st million is the hardest and it gets easier after that". Why do you think that is?
It is because you get rich by having your money work for you. First, you have to accumulate enough money to have it go to work. Then the more dollars you have working, even if each dollar earns the same, there are a lot more of them.
If you can make 10% and have one dollar, it earns you 10 cents. If you have a million dollars, each one of the them earning 10%, it adds up to $100,000.
Now, you aren't going to find much to invest that 10 cents into, but with 100,000, you can find a place to put it where it is earning money for you.
Plus, many of the really good money making deals cost a high buy-in. The really good investment opportunities can't be bothered with the guy who has $100. But the guy who can invest half a million or more can get in on it. More money opens up more and better opportunities.
I've heard this saying "The 1st million is the hardest and it gets easier after that". Why do you think that is?
I've heard this a lot. I think it has to do with....
-The fact that you're starting from a standing position. I.e. you grew up, went to school. Had expenses. Maybe tried different things (businesses).
You may have been "part of the crowd" for the first 15-20-25 years of your life. Then you broke away from that, and became rich. There's a lot of inertia you have to overcome to make your first million. Friends, family may not believe you. You have to change your own thinking.
-Why it would get easier after that. I think you have more experience. You know what you're doing. It takes relatively less effort from them.
For example, Warren Buffetts story. The first million, he needed the right investing philosophy, cash to work with, investors who would trust him. Now, he can make a million (billions) in his sleep.
Plus, many of the really good money making deals cost a high buy-in. The really good investment opportunities can't be bothered with the guy who has $100. But the guy who can invest half a million or more can get in on it. More money opens up more and better opportunities.
I think I read somewhere that you are required to have a portfolio of at least a $1 million to invest in certain kinds of highly lucrative stocks.
a million still sounds like ALOT and it is so hard to get there but when you live in a expensive place like I do, Cape Cod, it doesn't go far when it comes to housing. Do you want a small shack on the water so you can fall out your front door and land on the beach this Summer? A million might get you there but it depends on the town. We have had folks come to town with big eyes and bigger wallets then leave town after seeing what their money will get them.
I don't think a million dollars is what it once was especially when our GOV. has surpassed the "B" and now talks in terms of Trillions!
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