Peter Spann's new book title

Can an average joe accumulate a networth of $10million in 10 years?

  • Yes, anyone can do if they put their mind to it

    Votes: 18 26.9%
  • Possible for some, but very few and only if they work like dogs towards it

    Votes: 36 53.7%
  • No, its misleading and dangerous to suggest it can be done.

    Votes: 13 19.4%

  • Total voters
    67
  • Poll closed .
I was curious to see the opinion of people here whether it really is possible, even probable that the average joe can go from broke to having a networth of 10 million in 10 years as per the title of Peter Spann's new book.
 
I dont think I shouldnt have posted the middle option. It seems like the safe option that everyone will choose. The question really is, can it be done by anyone? and if not can it be done by more than a very few minority?.
 
Yup, entirely possible.

Materially, there's not much different between going from a net worth of $100,000 to a net worth of $10M in ten years compared to going from net worth of $0 to $10 million.

Think about it :)

Cheers,

Aceyducey
 
I was curious to see the opinion of people here whether it really is possible, even probable that the average joe can go from broke to having a networth of 10 million in 10 years as per the title of Peter Spann's new book.

Dear qazwsx,

Actually that's not the title.

It's "How You Could Build A $10 Million Property Portfolio In Just 10 Years". A $10 million portfolio can easily mean $8-9 million in loans and $1-2 million in equity.

And yes it is possible to achieve what the mind can conceive. The question is what is a reasonable SANF (Sleep at night factor) at the end of the day?

Cheers,

Sunstone.
 
My vote would be halfway between option 1 and option 2. Either option is a bit extreme from my point of view.
 
I would give a different answer if the question were asked very slightly differently.

"Can an average joe accumulate a networth of $10million in 10 years?"

One particular "average joe", carefully selected, could indeed accumulate a networth of $10m in 10 years given the right strategy and circumstances, and the right mentality.

However...

"Can any average joe accumulate a networth of $10million in 10 years?"

I would say definitely not. I know I'm being pedantic, but I take this to be asking could you take anyone off the street at random and help them to accumulate $10m in 10 years ? I would say that on "average" this is simply not possible - most "average joes" are "average joes" because they are "average" and do not have the right mindset to be able to turn what they have (or haven't got) into a large sum of money, regardless of the opportunities placed in front of them. Yes, you (or more the point, they) might be lucky, but I would suggest that on "average" it is simply not possible.

I would even go as far as to suggest that if you gave any average joe on the street $10m that they would not still have $10m (or more) in 10 years time - the vast majority of them would have far less, and quite a few would be broke (or back at where they started).

Yes I believe if you select the right person, they can do amazing things. But that person wasn't actually average now, were they ?

Semantics, I know, but still an important distinction I feel.
 
Sim said:
I would even go as far as to suggest that if you gave any average joe on the street $10m that they would not still have $10m (or more) in 10 years time - the vast majority of them would have far less, and quite a few would be broke (or back at where they started).
Studies on lottery winners have found this.

On average it only takes them five years to get back to their starting point though :)

Cheers,

Aceyducey
 
Sim said:
.


One particular "average joe", carefully selected, could indeed accumulate a networth of $10m in 10 years given the right strategy and circumstances, and the right mentality.

However...

"Can any average joe accumulate a networth of $10million in 10 years?"

I would say definitely not. I know I'm being pedantic, but I take this to be asking could you take anyone off the street at random and help them to accumulate $10m in 10 years ? I would say that on "average" this is simply not possible - most "average joes" are "average joes" because they are "average" and do not have the right mindset to be able to turn what they have (or haven't got) into a large sum of money, regardless of the opportunities placed in front of them. Yes, you (or more the point, they) might be lucky, but I would suggest that on "average" it is simply not possible.

I would even go as far as to suggest that if you gave any average joe on the street $10m that they would not still have $10m (or more) in 10 years time - the vast majority of them would have far less, and quite a few would be broke (or back at where they started).

Yes I believe if you select the right person, they can do amazing things. But that person wasn't actually average now, were they ?

Semantics, I know, but still an important distinction I feel.

I have to wholeheartedly agree with this. This is why I chose the last option. I believe it is potentionally dangerous to tell any average joe off the street that they can do this. I do, however believe it can be done (many people on the forum come to mind, but then again they are not average).

Cheers
 
Aceyducey said:
Yup, entirely possible.

Materially, there's not much different between going from a net worth of $100,000 to a net worth of $10M in ten years compared to going from net worth of $0 to $10 million.

Think about it :)

Cheers,

Aceyducey
I think they're a world apart.
 
Aceyducey said:
Yup, entirely possible.

Materially, there's not much different between going from a net worth of $100,000 to a net worth of $10M in ten years compared to going from net worth of $0 to $10 million.

Think about it :)

Cheers,

Aceyducey

Interesting thought. Can you expand on that?
 
Sim said:
I would give a different answer if the question were asked very slightly differently.

"Can an average joe accumulate a networth of $10million in 10 years?"

One particular "average joe", carefully selected, could indeed accumulate a networth of $10m in 10 years given the right strategy and circumstances, and the right mentality.

However...

"Can any average joe accumulate a networth of $10million in 10 years?"

I would say definitely not. I know I'm being pedantic, but I take this to be asking could you take anyone off the street at random and help them to accumulate $10m in 10 years ? I would say that on "average" this is simply not possible - most "average joes" are "average joes" because they are "average" and do not have the right mindset to be able to turn what they have (or haven't got) into a large sum of money, regardless of the opportunities placed in front of them. Yes, you (or more the point, they) might be lucky, but I would suggest that on "average" it is simply not possible.

I would even go as far as to suggest that if you gave any average joe on the street $10m that they would not still have $10m (or more) in 10 years time - the vast majority of them would have far less, and quite a few would be broke (or back at where they started).

Yes I believe if you select the right person, they can do amazing things. But that person wasn't actually average now, were they ?

Semantics, I know, but still an important distinction I feel.


Although, it is possible to train one person's minds to adopt a wealth identity? Even an average Joe. Given the right education, knowledge, mentoring, determination, self belief and attitude. I wouldnt knock back the average joe. Doesnt take much brilliance, or years of study to achieve wealth. Remember, wealth is the ultimate leveller, and anyone can do it. :D
 
Porscha said:
Although, it is possible to train one person's minds to adopt a wealth identity?

Some people might say it is, and some might even achieve it (training someone's mind).

However, I'm rather cynical about it, and believe that left to their own devices, people will generally tend back towards old habits and mentalities.

Now, holding their hand all the way through the 10 years is a different matter, with a mentor who was there the whole time, and someone who was willing to actually listen, I'm sure it could be done.

But up front training and then leave them to do it on their own - on average, I say not possible.
 
I'm surprised that nobody has asked about Mr A Joe's salary.

In Wealth Creation 101 I understood that when starting down the road , the only thing you can pledge to your lender is your future income.

Option 1
That income allows one to save for a lifetime, work for a lifetime and retire on modest means. If you were to take an extreme attitude that you would not even buy a PPOR with a mortgage you could even still be renting.

Option 2
You can borrow against your (comfortable?) income to buy appreciating assetts. We all know about that.

Option 3
Borrow againt a marginal income to buy -ve geared (appreciating) assetts. Anyone know how to do that?

Let's not pretend salary is not critical in wealth creation. In the early years you are leveraging your income. Later you can leverage your assetts.

Thommo
 
Hi Sim,

It cant be done simply because they dont have the knowledge and right mindset to do so. Most importantly this is all comes down to the pyschology & knowledge of the person. Example: If you want a wealth identity and want to create wealth, you are going to have to change. There are a few key elements you need to address if you want to implement a lasting change in your life. If you want to introduce wealth into your life, then you need a lasting change. Certainly you have to take the steps, you have to do the work, and you have to make sure that it happens for you, but wealth becomes inevitable. This is the first step to creating wealth. And once you have adopted a wealth identity, the wealth creation process begins, because wealth is 20% skill and 80% attitude. As they say...our identity shapes our behaviour which shapes our lives. I must admit, it took me a year to adopt a solid wealth identity and slowly now im building my wealth through my plan and strategy. It wasnt easy crossing over, but i managed to mentally convert from a poverty mindset to a wealth mindset through time. So I believe it can be done.
:)
 
Porscha said:
Hi Sim,

It cant be done simply because they dont have the knowledge and right mindset to do so. Most importantly this is all comes down to the pyschology & knowledge of the person. Example: If you want a wealth identity and want to create wealth, you are going to have to change. There are a few key elements you need to address if you want to implement a lasting change in your life. If you want to introduce wealth into your life, then you need a lasting change. Certainly you have to take the steps, you have to do the work, and you have to make sure that it happens for you, but wealth becomes inevitable. This is the first step to creating wealth. And once you have adopted a wealth identity, the wealth creation process begins, because wealth is 20% skill and 80% attitude. As they say...our identity shapes our behaviour which shapes our lives. I must admit, it took me a year to adopt a solid wealth identity and slowly now im building my wealth through my plan and strategy. It wasnt easy crossing over, but i managed to mentally convert from a poverty mindset to a wealth mindset through time. So I believe it can be done.
:)

I don't think it's a misleading book title. After all we've got to allow the marketing people some room to spin :D

I'm with Sim on this one - you can lead a horse to water... despite what the neuro-lingistic programming gurus will tell you, it takes more than a few sessions/books/hyped up seminars to change the habits of a lifetime...

I really think it takes an attitude and a hunger to get on the wealth creation trail. Just having the knowledge is not enough - you need the "passion" or at least a deep enough dislike/dissatisfaction with your current circumstances to really forge ahead.

cut price philosophising over... ;)

Cheers
N.
 
Back
Top