How hard would you be willing to work for a million dollars?
Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votesWhen I was a kid, I would look at the cars as they would drive down the road. All of the cool cars I would either think to myself or ever say aloud to myself, "That's my car." And when I was asked how much money I wanted to have when I grew up I would say, "I want to be a millionaire."
As an adult, my taste in car ownership has changed. Rather than wanting to own expensive, exotic cars, I am really content with owning a 2013 Toyota Prius that I love. But that desire to be a millionaire didn't change.
So this post is for everyone who has ever wanted to be a millionaire when they grew up.
How hard would you be willing to work for a million dollars? Would you be willing to run a financial marathon for 5 years? Would you be willing to wake up at 5 am and work all day until 10 pm for 5 years if it meant at the end of the 5 years you were able to walk away with a million dollars?
What would you be willing to do or how hard would you be willing to work?
Working hard is important, noble, and virtuous. Just be mindful of what you trade off by working singularly to amass what amounts to an investment in your future self at the expense of your current self. What is your family trading off in the process? What are your friends trading off in the process? Are they on board? Have they spoken to you about needing you and you're not around?
Who is in control? Is it the voices in your head wanting to show everyone how awesome or different you are or are you working for a better life later mindful of the tradeoffs such that the processes you set up are sustainable long-term? Too many people in the industry fail to account for their time properly and what should be imputed in their returns and thus tell everyone about some make-believe eye-popping returns that have little bearing in reality.
Building wealth is a long-term greedy endeavor and those who have been around the block will tell you that death, divorce, harsh recessions, random life events and all manner of things can derail your success and you have little or no control over many of these things. It's fine to want to do well and achieve, but make sure you set yourself up to be happy in the present as well while you fall in love with the process instead of ascribing too much value to your attachment to the results.
I'm a newbie real estate investor. I get really motivated by the idea that I can someday afford $20k art or $1million art as an asset class. I want to do things right with real estate first before starting to invest in world-class art. Having no family and almost no friends as an introvert, I can stay very focused on my financial & real estate goals.
@Shiloh Lundahl, I think a lot of folks do just that, but don't see the arbitrary $1 million figure. I worked oil rigs a lot during the summer while going to college, pulling double shifts every chance I got, and working as a water hauler on off shifts. My wife understood, but then the crash came, then kids came, etc. I would have done the 5 year thing when I was younger, but I wouldn't do it now. I might have a million net worth, I honestly don't know. For me the term rich will not have much meaning until I can lock the door permanently on my regular day job and not change my income. I plan to change my lifestyle to do things like take more than 2 vacations in 15 years. I am slowly moving that way now. I bought my first new vehicle this year, a very nice work truck, but still a work truck. I have driven my old truck for 27 years. I won't get a vacation this year either, due to a hailstorm I have 16 houses to roof this summer. Maybe next year.
@Shiloh Lundahl Working hard for 5 years and making consistent progress for 5 years are not one in the same. By Doing the right things a person can increase their net worth one million in 5 years with out working day and night 7 days a week. Getting to the place you know how to work smart to make that happen may take 15 years for many folks. I personally increased my net worth more in the past 5 years than I did the 15 years prior to, but it took 15 years getting in the right positions. It’s not enough to earnestly run in circles acting like you work hard to prove your dedication to achieving greatness.
For me I have wife time, Children time, and Church time that is non negotiable. I have a few friends that have made more and did more deals than me, but have less to show for it in quality of life and net worth. A dog can chase its tail without accomplishing much.
I pointed this out to you many months back on one of your post that if your buying all your properties with a partner then you will not be able to past down any properties to your children. You may wish you would of listened to me on that one one day. I would rather have 30 houses I own with just me and momma ( my wife ) than 90 houses I jointly own with a partner. I know what I’m speaking of on this one as I had a partner my first few years of investing.
Best regards
@Bryan Hancock, @Account Closed
The postings on this thread kind of went down a different path then I was expecting. It has become more of a money isn’t everything thread and a money won’t buy you happiness thread. I believe many have missed the intent. The intent is not to place money above more important things such as God or family.
The original post was basically asking the question, would you be willing to dedicate 5 years of your life to becoming a millionaire? I guess I kind of look at it the same way as someone who is dedicating 5 years of their life going through a rigorous bachelors and masters program to graduate with a degree. When people do that, others often say that they are dedicated and disciplined or have a good work ethic, etc. They probably wouldn’t say that person going through school to become an accountant, lawyer, or doctor is greedy and they should just be content with what they have rather than spending all of that time in pursuit of those degrees.
Most of us who invest in real estate do it as an investment to create wealth. So the question is, if you could create that wealth faster, and reach a goal in 5 years through hard work and hustling, would you be willing to do that even if it meant serious dedication and sacrifice?
The original thrust of this post puzzles me for a few reasons:
From a practical perspective, how did you expect people to answer your question? Did you think anyone would respond and say 'I want a million dollars but don't want to work hard.' Of course not...Its a leading question that allows those who wish to virtue signal that they are 'hard workers', whatever that means. On that note, what is 'hard work'? If I wake up at 5am and go to bed at 10pm but watch youtube all day, have I worked hard? Of course not. It matters much more what goes into the hours than the amount of hours themselves.
On a philosophical point of view, why five years? Whats going to happen on day 1826, I'm going to wake up at 11am instead of 5am and do nothing but scroll through insta all day until its time for bed throwing away all the habits I've built? To me, those are worth far more than the dollars in a bank account.
Finally why $1m+? This assumes that we all need and or want $1m and stops there, which is puzzling to me since I've seen you post about the importance of one's "why" for investing before.
To answer your original question Would I worked 'hard' (15 hrs a day for five years...??..) for a million dollars so I can virtue signal how hard I've worked to a bunch of strangers on a website for fake internet points? Nah, I'll pass. Would I work that same amount if I had a parent, spouse, child ect who needed long term care due to a disability and I for some reason only had five years to fund their care? You bet.
This talk of more wealth faster reeks of Boxer's "I will work harder" mindset from Animal Farm. In reality I'd spend time thinking about how to work smarter and find the minimum amount of work needed to accomplish the goal commensurate to the relative importance I place on it instead of blindly lowering my head and becoming a mindless devote to the "rise and grind mentality" in the church of wealth for wealth's sake.
Honestly not that hard i'm pretty lazy, luckily for me I happen to have a real passion for real estate so I don't feel like i'm working all that hard
What is the reason for a million dollar goal? When I was working (before retirement) all the financial planners said that one should save for retirement and have a million dollars in order to retire ok. There were calculators that would show how much one had to 'save' in their salary to reach that million dollar goal. When I first started working it seemed unrealistic, but I kept putting every raise into that program until I reached the maximum allowed contribution, and, well, it worked. Even with market crashes that million developed.
My kids started ROTH IRAS a year ago. They met with a financial advisor who showed charts that if they save the max for the next ten years, and then do not borrow it or add more to it, that alone will get to a million when they retire. Lots more if they keep saving.
A million really is such an arbitrary number. Depending on how you live, a million may not be enough or, as in my case, way too much. I do not need a lot to be very satisfied with my life.
I want enough to be able to pay my bills, enjoy travel without caring how much that vacation is going to cost, buy things without wondering if I can pay for everything in the cart. And have extra to give to others, buy presents for the families on the angel Christmas tree, etc. But my kids are happy with Old Navy and Target and Walmart. We do not need expensive things to be happy. So we really do not need that million dollars. I do use it though to teach my kids about investing.
I would not give up 5 years of my life, of my children's interactions, of enjoyment of each day for a million dollars. I would much rather earn money slowly and enjoy my life.
In the past few years many of my very close relatives have passed away. I value life and the days I have left much more, knowing that at any moment, it could be the last on this earth.
And the money they left, some went to people who cherished it and it helped improve their lives, paid for their children's college, others it was just a good ol' drug and party fund. I do not want to waste my life earning extra money to allow someone else to inherit and then waste their life. I don't want my children to inherit so much that they have no ambition or need to earn a living and just waste their lives. I want them to have a work ethic, knowledge, skills and desire to earn their own way in life.
I think everyone here saying they don't do it for the money is nuts. Do what makes you happy. Etc etc. What makes me happy requires money. I work for the money to pay for the things that make me happy. And no it's not fancy cars and diamond rings. I can't fly away to hang out on a beach, or hike mountains, or cruise around on a yacht without money. Those things make me happy. And yeah I realize there's a handful of people who made careers doing things like that but it's not practical. Killing myself to build my business and investments for a few years so I can enjoy those things later is well worth it. To the person who asked if your family and friends are on board. If they are not on board, they are not on board. They can get lost. (Spouse and child are a bit different, you can't spring it on a spouse, they should have known already if it was the plan, if you just decided now then it's not your decision to make alone.) Friends and family should support you. If they can't they're not worth your time in my not so humble opinion.
well that's not necessarily true .. if you take title in land trusts you can JV with a partner and pass your percentage interest on to your children ( beneficiaries) much better than partnering up in a llc and fighting over stuff if somebody dies or wants to quit
@Dennis M. I hope it works out for you just like you mentioned. Who is going to run the trust that will be passed on?
@Dennis M. I hope it works out for you just like you mentioned. Who is going to run the trust that will be passed on?
Well those can be changed and it’s not publicly recorded . They are in essence acting on behalf of the beneficiary . Every trust has its operating agreement and each property has its own unique trust . To be fair It’s not a one size fits all strategy but can fix much of your concern with passing your equitable interest on to your family safely and anonymously
@Shiloh Lundahl Working hard for 5 years and making consistent progress for 5 years are not one in the same. By Doing the right things a person can increase their net worth one million in 5 years with out working day and night 7 days a week. Getting to the place you know how to work smart to make that happen may take 15 years for many folks. I personally increased my net worth more in the past 5 years than I did the 15 years prior to, but it took 15 years getting in the right positions. It’s not enough to earnestly run in circles acting like you work hard to prove your dedication to achieving greatness.
For me I have wife time, Children time, and Church time that is non negotiable. I have a few friends that have made more and did more deals than me, but have less to show for it in quality of life and net worth. A dog can chase its tail without accomplishing much.
I pointed this out to you many months back on one of your post that if your buying all your properties with a partner then you will not be able to past down any properties to your children. You may wish you would of listened to me on that one one day. I would rather have 30 houses I own with just me and momma ( my wife ) than 90 houses I jointly own with a partner. I know what I’m speaking of on this one as I had a partner my first few years of investing.
Best regards
well that's not necessarily true .. if you take title in land trusts you can JV with a partner and pass your percentage interest on to your children ( beneficiaries) much better than partnering up in a llc and fighting over stuff if somebody dies or wants to quit
And you really have to hope that your partner likes your children and does not cheat them out of everything. If that land Trust is closed, then the beneficiaries may not even be entitled to an accounting each year, and they will never get a dime. Everything could be consumed in fees your partner charges to the trust. Its all about who is managing the trust.
I would feel safer personally having one of MY beneficiaries becoming a co-Trustee/or with the existing Trustor and not put my bet in the Trustor playing fair after I was gone and he had all the work for the benefit of my beneficiaries.
@Shiloh Lundahl Working hard for 5 years and making consistent progress for 5 years are not one in the same. By Doing the right things a person can increase their net worth one million in 5 years with out working day and night 7 days a week. Getting to the place you know how to work smart to make that happen may take 15 years for many folks. I personally increased my net worth more in the past 5 years than I did the 15 years prior to, but it took 15 years getting in the right positions. It’s not enough to earnestly run in circles acting like you work hard to prove your dedication to achieving greatness.
For me I have wife time, Children time, and Church time that is non negotiable. I have a few friends that have made more and did more deals than me, but have less to show for it in quality of life and net worth. A dog can chase its tail without accomplishing much.
I pointed this out to you many months back on one of your post that if your buying all your properties with a partner then you will not be able to past down any properties to your children. You may wish you would of listened to me on that one one day. I would rather have 30 houses I own with just me and momma ( my wife ) than 90 houses I jointly own with a partner. I know what I’m speaking of on this one as I had a partner my first few years of investing.
Best regards
well that's not necessarily true .. if you take title in land trusts you can JV with a partner and pass your percentage interest on to your children ( beneficiaries) much better than partnering up in a llc and fighting over stuff if somebody dies or wants to quit
And you really have to hope that your partner likes your children and does not cheat them out of everything. If that land Trust is closed, then the beneficiaries may not even be entitled to an accounting each year, and they will never get a dime. Everything could be consumed in fees your partner charges to the trust. Its all about who is managing the trust.
I would feel safer personally having one of MY beneficiaries becoming a co-Trustee/or with the existing Trustor and not put my bet in the Trustor playing fair after I was gone and he had all the work for the benefit of my beneficiaries.
Well Obviously you can’t yoke up with Shysters in a joint venture regardless and much of what you describe can be laid out in the agreement before you even take title and how it’s structured . How many land trusts do you own ? I guess we are getting off topic
How do they retire without money? Everyone is welcome to their opinion, but there might be 1 in a million real estate investors who aren't doing it for the money. You'll have that person who is doing it to rehab the city they love or whatever, but they likely already are incredibly wealthy. If not they still need to make money in order to keep going. It's called real estate investing for a reason. Otherwise it would be real estate hobbying!
@Shiloh Lundahl Working hard for 5 years and making consistent progress for 5 years are not one in the same. By Doing the right things a person can increase their net worth one million in 5 years with out working day and night 7 days a week. Getting to the place you know how to work smart to make that happen may take 15 years for many folks. I personally increased my net worth more in the past 5 years than I did the 15 years prior to, but it took 15 years getting in the right positions. It’s not enough to earnestly run in circles acting like you work hard to prove your dedication to achieving greatness.
For me I have wife time, Children time, and Church time that is non negotiable. I have a few friends that have made more and did more deals than me, but have less to show for it in quality of life and net worth. A dog can chase its tail without accomplishing much.
I pointed this out to you many months back on one of your post that if your buying all your properties with a partner then you will not be able to past down any properties to your children. You may wish you would of listened to me on that one one day. I would rather have 30 houses I own with just me and momma ( my wife ) than 90 houses I jointly own with a partner. I know what I’m speaking of on this one as I had a partner my first few years of investing.
Best regards
well that's not necessarily true .. if you take title in land trusts you can JV with a partner and pass your percentage interest on to your children ( beneficiaries) much better than partnering up in a llc and fighting over stuff if somebody dies or wants to quit
And you really have to hope that your partner likes your children and does not cheat them out of everything. If that land Trust is closed, then the beneficiaries may not even be entitled to an accounting each year, and they will never get a dime. Everything could be consumed in fees your partner charges to the trust. Its all about who is managing the trust.
I would feel safer personally having one of MY beneficiaries becoming a co-Trustee/or with the existing Trustor and not put my bet in the Trustor playing fair after I was gone and he had all the work for the benefit of my beneficiaries.
Well Obviously you can’t yoke up with Shysters in a joint venture regardless and much of what you describe can be laid out in the agreement before you even take title and how it’s structured . How many land trusts do you own ? I guess we are getting off topic
One family Trust and 2 Land Trusts. The land Trusts have multiple properties.
I love Trusts. But I do worry about how to protect minor children and special needs adults from a Trustee/or that milks the Trust. I do know of beneficiaries who were cheated with more of the Trust assets going to the Trustor or to companies that the Trustor has an interest in (accounting and payment, landscaping, maintenance, etc.) than to the beneficiaries, and I do think about how to put honesty in the process, especially when the beneficiaries may not be able to take care of or understand the process. I have a special needs adopted daughter who is 39 year old and could easily be cheated, and two 16 year olds, one being pretty financially savvy but the other is very trusting.
I just have trouble trusting that the initial co-Trustor will not change--drugs, new spouse with 'needs/wants', greed, dislike for my beneficiaries, personal financial needs, whatever.
My Land Trusts require that the beneficiaries get an annual accounting of all assets, financial report, etc. And the non-special needs beneficiaries are co-Trustees at 18 years old, so they have a say in what is done. If you know something better I love to hear it.
@Shane H. some of the folks that posted it’s not all about the money etc can basically retire anytime they get ready. Not sure if you realized that.
Best regards
How do they retire without money? Everyone is welcome to their opinion, but there might be 1 in a million real estate investors who aren't doing it for the money. You'll have that person who is doing it to rehab the city they love or whatever, but they likely already are incredibly wealthy. If not they still need to make money in order to keep going. It's called real estate investing for a reason. Otherwise it would be real estate hobbying!
Some people retire with money and do real estate investing to supplement their money or it is how they manage their retirement money.
But as one gets older, often one does not want 'excess' but folks downsize in their wants and needs, smaller house, less stuff, etc. So one may not want to build an empire. They just want to have enough to live a certain life style that may not be all that financially demanding.
They want more of a life/work/fun/money/time balance.