How would you use $1M if a magic wand was waved and it appeared in your bank account today?
In this episode Kate & Owen discuss what it takes to become a millionaire. We’re not going to give you a secret recipe to become an overnight millionaire though, and if anyone promises you otherwise…run!
We cover the three key components of the investing equation: your returns (and asset allocation), how much you can invest each month and your investment timeframe, along with the importance of focusing on what you can control on your investing journey.
What if it doesn’t work and I miss the goalposts?
Not achieving your money goals is a real fear. But just think about this for a second…
Even if you don’t reach your goals, you’re still going to be in a much better position if you start saving and investing today.
You’ll have built your financial confidence, put solid financial foundations in place, learned something, and hopefully have given your investments a solid kickstart.
Would you regret trying, even if you miss the goalposts? Will you be in a better position than you were before?
Project yourself forward into the future, and look back on this decision. Then ask yourself, “will I regret not doing this?” Then make a decision and act accordingly.
🥅 ACTION: Your 1 challenge for today
What’s one long-term financial goal you have?
Take some time to really think about what you’re working towards, rather than settling on an arbitrary number.
Write down the why behind your goals and how you’re planning to achieve them.
Maybe it’s a new house. A comfortable retirement. Supporting your children. Or “I want to be a millionaire!”
Whatever it is. Write it down now.
Your future self will thank you for it.
