Do I really need to tell you how this failed? Counting cards requires months of study and practice and extreme failure.
Time Lost: 2 months
Money Lost: None
Month: July 2017
Philosophy of Making Millions
Making your first million dollars is serious. It’s not a get rich quick scheme and it’s not something you can take lightly. Making a million dollars is work, it is failure, it is disappointment and it is amazing.
Philosophy
Maybe “Mindset” or “Plan” or “Rules to Making a Million” would be a better way for you to think of these philosophies. None of those words captures the true essence of what I consider necessary to make a million. Strength and perseverance is what you need. When I think of philosophy I think of Aristotle or Plato or Socrates – executed for his philosophical teachings. Strength in their beliefs, strength in their mind, strength in their perseverance of achieving greatness. I’m getting a little extreme here, nobody will be executed for following my blog – but you might become a millionaire. Be strong and persevere and follow these philosophies:
Concentrate your efforts
When you focus your mind, you focus your energy and you become a conduit of strength. This is why, developing concentration is vital for anyone aspiring to be a millionaire. Like superman shooting lasers from his eyes, or the little girl at the playground burning paper with a magnifying glass. Concentrate your effort on one endeavour every month and lasers will shoot from your eyes. Probably you’ll just become a millionaire, but lasers would be awesome.
Accept failure
After we had conducted thousands of experiments on a certain project without solving the problem, one of my associates, after we had conducted the crowning experiment and it had proved a failure, expressed discouragement and disgust over our having failed to find out anything. I cheerily assured him that we had learned something. For we had learned for a certainty that the thing couldn’t be done that way, and that we would have to try some other way.
~ Interview with Thomas Edison
You may be lucky and you may never fail. If you are such a lucky person you will never need to accept failure and you are already a billionaire. If, however, you are the same as every other person on the earth, you will fail. When the failure is staring you in the face, smile at it. Smile at your failure, share it with the world (see next philosophy) and move on. Accept that you have failed and move on, put it behind you. If blackjack isn’t something you are good at, maybe you should try your luck at the lottery.
Be accountable
Fail and accept YOUR failure. Succeed and accept YOUR success. Learn and accept YOUR lesson. It’s all about you. You are the one making a million dollars. Now, stop being so self centered, donate some of your money to a great charity – Big Brothers and Big Sisters is my favourite – and share your story with the world. Be accountable to yourself, be accountable to your family, be accountable to your colleagues, be accountable to the world. That’s why I started this blog – I am making myself accountable.
Change
Change is the law of life. And those who look only to the past or present are certain to miss the future.
~ John F. Kennedy
You will fail, now you need to change. Change will make you a million. A million failures and a million dollars.
Celebrate
I am a millionaire – throw a party.
Create a Blog (Failure)
I tried to make a leadership blog because I’m actually a great leader. Technically I just made myself a bad leader by stating I’m a good leader so you can see why my blog failed. This is not how I will make a million dollars. Too much work, too personal and too much like work. Did I mention too much work?
Time Lost: 6 months
Money Lost: $150
Peer-to-Peer Lending
Description: Peer-to-peer lending is the practice of lending money to individuals or businesses through online services that match lenders with borrowers.
I chose Lending Loop because it’s the only Canadian P2P lending platform available.
Start Date: July 2017
Initial Investment: $2000
Monthly commitment: $600
Annual Return: 15.1%
Cash in 3 years: $29,563
Risk Level: HIGH
Timeline to 1 Million Dollars: 240 months (20 years)
Total investment: $144,000
Total income from investment: $864,103
Requirement to make a million:
Diversification – A diverse portfolio is required to reduce risk, suggest maximum 2% of total investment per loan.
Consistency – Invest every month and do not reduce the investment amount
Re-Invest – All interest is re-invested as it becomes available
Buy your losses – If a loan defaults, increase your next months investment by the amount of principal you lost plus 3 months of interest you should have received from the investment.
Exiting the investment:
If you have to get out…. You can’t:
1. Stop your monthly investment
2. Withdraw your funds every time you are eligible
3. Wait for the remainder of the amortization period, this could be as long as 5 years or maybe even 10 depending on your investment portfolio.
I made a million!
I made a million – Sort of… Your money is tied up in loans, this type of account should be used as income:
1. Stop you monthly investments
2. Withdraw your interest
3. Reinvest your principal
4. Enjoy your life as millionaire!
Progress To A Million Dollars
TOTAL DOLLARS TODAY: $3807.23
Below is a summary of my progress to my first million dollars. I share my investments, my feelings and my motivation
Date: January 9, 2018
Investments:
Peer-To-Peer Lending – $3804.23
Percent of my Million – 100%
How I feel about progress: So slow. At this rate I will be 53 when I have a million. I need to speed it up.
Motivation: – Disney World. I know that sounds childish. The place where magic happens, but it is what is motivating me.
Date: September 18, 2017
Investments:
Peer-To-Peer Lending – $2097.80
Percent of my Million – 99.9%
Website Ownership – $2.52
Percent of my Million – 0.01%
How I feel about progress: Getting excited to bounce back.
Motivation: – I prefer writing computer code than constructing buildings. Losing motivation at work is fueling my motivation at home. Or perhaps my motivation at home is overshadowing my work motivation.
Date: August 16, 2017
Investments:
Peer-To-Peer Lending – $1679.94
Percent of my Million – 99.9%
Website Ownership – $1.81
Percent of my Million – 0.01%
How I feel about progress: Standing in an airport thinking about buying a Jet.
Motivation: – Tesla X and Autopilot by January 2018 – I will own one….
Date: August 1, 2017
Investments:
Peer-To-Peer Lending – $1265.32
Percent of my Million – 100%
How I feel about progress: This could work.
Motivation: One Million by the time I’m 40 years old.
Date: July 1, 2017
Investments:
$0
How I feel about progress: Excited about starting my journey
Motivation: One Million by the time I’m 40 years old.