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A millionaire describes watching his $1M disappear to taxes, a house down payment, and business reinvestment, then warns that without a plan, friends and family will circle asking for money. A million dollars doesn't go as far as it used to.
A millionaire describes watching his $1M disappear to taxes, a house down payment, and business reinvestment, then warns that without a plan, friends and family will circle asking for money. A million dollars doesn't go as far as it used to.
This definitely may offend some people, but turns out $1 million is just not that much money these days. I'll never forget the first time I made $1 million. I couldn't believe how fast it was gone after paying taxes, a down payment on a house, and reinvesting in my business. I looked up and poof, I was nearly back to zero. And it's incredible how fast it can go as you start to build wealth. If you don't have a plan for your money, someone else will. And all of a sudden it's amazing because people start coming out of the woodwork. If they know that you've recently made a large amount of money, all all kinds of people start showing up, cousins, friends, looking for you to invest in their ideas and help them grow. And I think that can be really important, but it's also a great way to lose money.
