Why Keep Going?

Why do people who've made millions keep investing, fighting the good fight, etc?

Does there come a point where you go..."hey! Look at that! I have 5-15 million bucks worth of stuff! If I sell up. I'll have enough to live like a king forever!...."?

I'd like to think I'd do that...but seeing how people historically function...maybe I wouldn't?

What is the reason Multi millionaires keep going? Is it the financial rewards...or something else?

Genuinely interested.

 

For some people it's the challenge and the thrill of it rather than the $ amount. Maybe for some other people it's to give back to their family or be in a position to assist their son or daughter to purchase their own home later on down the track. Being financially stable and having excess funds does allow you to have options in life and be in a position to donate to worthy causes in the community.

 

Money is a measure of success. It is not success.

Success makes you happy.

 

Maybe because it's fun? Don't people who enjoy their "job" stay working longer? Because in my eyes if I had a NET wealth of 5-15 mill I would keep investing for the thrill of the chase. I enjoy putting deals together. Put aside 5 mill as a failsafe. The rest is "play" money.

 

The question is where do you put the money aside when the "goal" is reached? In a bank account that does not even maintain pace with inflation?

No, you keep investing 'cause that is the financially sensible thing to do.

 

I know my partner's former boss owns more than a hundred properties and drives a telsa car but he still works even though he is in a position to retire many times over.

 

Q. What does a dog do if he chases a car down the street and finally catches up with it???
A. Dog finds another car to chase.. because he can, and he likes to.

I think you'll find that most of the multi-millionaire types are systems-oriented thinkers as opposed to goal-setters. They've found a system that makes them money, they refine it, and just keep doing it.. because they can, and they like to.
To look at it another way... what do you do if you're making money faster than you can spend it? Re-invest, which makes even more money, etc etc etc.

 

Not everyone is goal orientated - as in hard goals, anyways. I'm not. I don't do everything thinking "I need to get to "x" in assets so I can retire".

I know it's not very PC-esque but I'm just not that way inclined.

BUT -

I have intrinsic goals that are not a dollar amount. It's much more about testing my capacity, stretching that through continual learning and seeing just how far I can go. I think that's probably why people don't stop, because it would mean no more learning, no more challenges, which would be pretty boring I reckon.

 

Great question! Maybe it's not about the money and it never was? I doubt Warren Buffett has done what he has done simply to chase money. There is more to it than that. Warren Buffett is worth $76.9 Billion but he hasn't quit. Why would he? He is doing what he loves. I doubt he is working now because he feels he "needs" more money!

Personally, I like to take dilapidated properties and convert them into something desirable and useful. Also, I have always wanted to build. I'm doing that now. Not loving it.

Of course I have made money from every project but it is a lot more than about "the money" for me. If I ever got enough money, I would not stop what I am doing. Why? I'm having too much fun.

 

Because it's fun and a personal challenge to keep pushing boundaries. Also seeing others reap the rewards who have come on the journey is priceless.

Money becomes a tool to create experiences for you and the people around you.

 

Hmmm... compared to property, (with so many things to think about, so many things you can do with it), share investing is going to be too... simple?

 

Ha - simple but not easy. The challenge with shares is all in your head. Way more psychological than property.

 

Even though we loved what we were doing in our own business, we didn't keep going when we sold it. We retired from business, from work, from purchasing IPs, ...

We 'accidentally' overshot our target, found out we had to pay less tax then we had calculated, ... so we stopped.

That is now over 6 years ago. We haven't woken up any day yet and said that we made a mistake.

Best decision we ever made. We love our "7 day weekends" .

 

I believe people have fear of losing what they have worked hard for, just one more year........

 

Its about who you become and personal growth.
I stopped caring about accumulating money years ago, but extremely grateful for the skills and confidence I now possess which were learned via the money accumulation phase.

 

Because I've seen people who were rich and successful lose/spend it all.

 

If you actually have what it takes to consistently achieve goals, you are not going to be the type of person to stop when you achieve them

 

Perhaps...
$1M gives you the ability to retire, but you'll have to watch what you spend.
$2M and you can retire, and travel to see family interstate occassionally, enjoy life a bit.
$5M allows you to retire, go on overseas trips, buy a new car every few years, live quite well by most middle class standards.
$10M allows you to go business class on all those trips. Spoil the grandkids rotten.
$20M and you can now fly first class, stay in the best hotels.
$50M and your kids don't need to work either.
$500M and you can fly by leasing a jet.
$1B and you own the private yet and yacht on which you take your holidays.

$5M would make me fairly happy, but I'd really love to fly in a private jet someday. There's always another goal.

 

There does come a point ...but very people get close to that point . They run out of servicing way too soon because they chase low yielding, servicing calculator destroying, growth stock only, instead of also adding cashflow to the mix

Forget the 15 Million net worth ... 5 Million is well beyond all but the cream of investors.

Im there already. Im 43 and could turn off the phone and emails tomorow. I have the odd day, or consecutive days where I dont pop out of bed motivated to work and put deals together, but it only lasts a few days at most and I start getting a little bored.

Perhaps if I enjoyed golf or fishing a little more ...

 

Let's reframe the question... "Why would you stop?"