027 – Path to Your First Million Dollars
In this episode we talk about the two different paths people take to help accumulate their first one million dollars.
Work for the employer path
There are two traits required for those that wish to accumulate wealth by working for an employer. First, decide right now that you are going to be brave and live differently than most families. The more you save, the quicker you will accumulate your first million dollars. You will find examples in today’s episode. If you have the discipline to save at a high rate you are well on your way. Second, decide that you will educate yourself the way real investing works. Real investors have an investment philosophy that allows discipline at times when speculators are trying to outguess the market. Discipline will help you achieve your first million dollars.
Start your own business path
For some, they want to achieve wealth by starting their own business. Jamie Tardy, author of “the eventual millionaire”, developed an 18 question quiz that she says will help predict if you will be an eventual millionaire. If you answer “yes” to half of the 18 questions below you just may be an eventual millionaire:
- Do you consistently think of ideas to earn more money?
- Do you usually care about value and spend less than you earn?
- Do you already feel successful in many things, but aren’t sure you can do something on your own?
- Do you know you are destined for great things, but feel like things aren’t moving fast enough?
- Have you always wanted to be in control of your own time and experiences, but right now feel like you are just trying to get by?
- Have you tried business ideas that didn’t work out before, but still have the passion to try new ones?
- Does the idea of working for someone else the rest of your life scare you?
- Does having a boss feel constricting, and you don’t want someone telling you what to do?
- Do you have the idea of waiting until retirement to enjoy your life and the world?
- Do you believe that success and wealth are in your power, but you don’t want to rely on others?
- Do you want to travel more but don’t have enough vacation days?
- Are you able to daydream about what you want to be when you grow up, no matter how old you are?
- Do you only sleep four to five hours per night because you are too excited about your new ideas or business?
- Do you read success stories and think, “What made them so successful? How come I haven’t made it yet?”
- Do you want to do work that matters, not just something that pays well?
- Do you want to become a better person through personal growth?
- Do you want to leave a legacy?
- Do you want to give more, but feel unable right now?
Of course, this is only one piece of the puzzle for entrepreneurs to earn their first million dollars.
About the author, Scott Wellens
Scott Wellens, CFP® is an investment advisor and founder of Fortress Planning Group. After earning his Bachelor of Science degree from the University of Wisconsin-Oshkosh, Scott quickly ascended to become a Vice President of North American Sales at a major regional provider of telecommunications infrastructure. While financially successful in this role, Scott searched for ways to pursue his passion related to financial literacy and providing financial freedom for both his own family and others. During his search, Scott became curious about the significant gap he found in the financial services sector: he was unable to find a comprehensive financial planner that maintained a family stewardship lens without being attached to financial products. Scott decided to fill that gap by creating his own planning firm that maintains a strong passion for comprehensive, unbiased wealth planning that is genuinely client-centered.
Scott resides in Menomonee Falls, WI with his family. He is the father of three active and independent daughters who keep him on his toes. Scott is an active community member, serving on the Hamilton Education Foundation Board, serves as a Dave Ramsey Financial Peace facilitator and leads the All Pro Dad’s group at their local elementary school. Scott enjoys spending his free time visiting state parks with his family, reading, and watching the Milwaukee Bucks and the Green Bay Packers win ball games.