Monday, March 06, 2006

One Meeelion Dollars

Every time I hear or read of a new way to make a million dollars, my brain automatically drifts to that famous scene in Austin Powers where Dr Evil tries to hold the world ransom for “One Meeelion Dollars,” only to have it politely explained to him, by his minions, that due too inflation “One Meeelion Dollars” was not the magical figure it used to be.
One million dollars in 2006 would have been worth $161,101.62 in 1966 a mere 40 years ago.
As the title of this blog may indicate I’m sick of thinking in such paltry terms as seven figures. I’m aiming for ten figures in my lifetime. And I’m going to do it in the least exciting way possible, by growing my capital by twenty percent each year until I reach my goal. My initial calculations indicate that I will be seventy one years young when I reach this figure.

Sounds absolutely preposterous, doesn’t it. Many of you are no doubt thinking, what a greedy bastard; he doesn’t need all that money! No doubt you are right in thinking so, but let me put this ghastly figure into perspective. One billion dollars does not even come close to equalling the charitable donations of one Mr Bill Gates, in any given year! So really my goal is quite modest all things considered.

My first medium term goal is to generate enough of a passive income that I can stop working. Seems like a strange thing to say, that I need to quit work so I can make money, but it is true. At the moment I spend too much of my time worrying about work and not enough time thinking about how I’m going to make a billion dollars. If I can start generating enough passive income to meet my living costs and to continue building by capital I can retire and start focusing on my goal.

My second goal, which is both short term and long term, is to work out how I’m going to grow my capital by twenty percent in the next year and of course until I reach my final destination. One billion dollars.

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