I’ve been on my 27th millionaire, but that was never my goal.
My goal was to have free internet.I attended at the time in IJmuiden and in the early years 90 of the last century that was the only place in the Netherlands without local internet, which meant that I lost Fl. 10,-per hour to get on the Internet.
That, combined with the passion for technique of me and two friends, resulted in our startup growing by thousands of percent per year.
Three years later, our startup-which was involved with webhosting-was bought by a telco.For rock-hard euros.
It was three years of hard work on a passion, but not with the goal of becoming rich, but with the goal of building something cools.
Follow your own passion, stop your passion in your own business, do what you are good at.But never do it with the goal of becoming rich. Following your passion will mean that all the hard work you put into your business doesn’t feel like hard work. The chance of becoming a millionaire is still small, but winning outside the lottery is the most realistic way to become a millionaire.
One million euros is not so much more.In Other currencies one million is even less. In Venezuela You will just be able to buy a bus ticket.
In the past, during the gold Standard, when a millionaire was still called Millionair , a million guilder was a real power.It was equivalent to 604.8 kilos of gold. (A golden tenner contains 6.048 grams of gold) The current gold price (13 January 2019:36091,98/Kg) is 21,828,430 Euro. More than EUR 20 million. A millionaire in gold pounds Sterling possessed even 12 times as much. Over 250 million!
The gold standard existed in the Netherlands until 1936.Prices were stable at that time in the long term. Structural inflation as we now know was not there. Periods of inflation were followed by deflation.
To come to such high amounts
You will have to have exceptionally good luck and talent or come from a very wealthy family.It is only very few given. Most talented and motivated people with a dose of industry and happiness will reach the euro million at most. And the latter is becoming increasingly easier with the 2% target inflation that the ECB holds.
If we assume that these are euro millionaires (and no yen millionaires for example), then it becomes increasingly easier to become miionair, because the nominal value of 1 million euro is declining due to inflation.
A million is a lot, but again not so much more.Many single homes have a value of around 500 000EUR, which makes some people already half way without realizing it, even though they often have a solid loan that takes down their net worth.
If you start working on your twentieth and you invest 230EUR each month with a monthly compound interest at an annual percentage of 7%, you are still a millionaire for the current retirement age.Of course that requires some discipline and a little interest in investing (an ordinary savings account will not yield 7%), but at the same time it is possible for a lot of people. It does not necessarily require entrepreneurship or very high incomes, although of course it can help.
If you buy a house of, for example, 300 000EUR that has been paid off, you only have to save 700 000EUR to be a millionaire at your retirement age, and then the monthly investment amount drops to 160EUR.Of course you have to pay off your loan for a number of years.
So it’s certainly not easy if you start from 0, but it’s a lot more feasible than many people think.However, it does require a lot of discipline, because in the meantime you are not allowed to arrive at your invested funds.
How difficult that is depends on the person. The higher your intelligence, social skills and your work ethic, the greater your chances of becoming millionair.
For example, I could earn so much money together in my life by working hard (in a sector where a lot of money is involved, such as oil extraction or solar energy) but from my average intelligence I will not get rich quickly.