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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.
Studies on lottery winners have found this.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).
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 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
Didn't hurt a bit, did it!XBenX said:My god, Im inspired to post, I agree w/ Thommo!
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
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.
Porscha said:Although, it is possible to train one person's minds to adopt a wealth identity?
I see it as leveraging your mind.Thommo said:In the early years you are leveraging your income. Later you can leverage your assetts.
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.