Why your first million is the hardest to attain.
Your first $1 million is such a large amount of money because you start with nothing.
Some say that hitting your first million in net worth is harder than hitting subsequent million-dollar milestones, while subsequent millions build on the previous.Having money makes it easier to make more money by having multiple investment options, ability to take risks, and opportunities that reveal themselves.
The American dream ethos is that we all have and equal opportunity to get rich through hard work, individual drive, our own wits and bootstrapping. Many have set out on this journey, and many have succeeded, with an equal amount failing or giving up along the way.
Consider this simple fact: Mathematically, $1MM is a 100000000% increase over a base of $1, but $2MM in only a 100% increase over $1MM — much easier. With compounding interest, gaining further millions is just a matter of patience!
Furthermore, money makes money, and the money made from money already in the bank is taxed at a much lower rate than money made from work. This is why the rich seem to get richer, while everyone else is trying to crack the ceiling. With a million dollars, you don’t even need to work to make the next million. You just need to invest prudently, take minimal risks, hope the economy doesn’t collapse, and wait patiently. Obviously, the more risk you take, the higher the stakes. Hence, making that first million sounds pretty damn hard.
So why is it damn hard to make that first million? Here are some reasons;
Psychological interference
Look a bully or demon in the eyes and they lose their power over you. Fear is the most dangerous yet ubiquitous blocker most people encounter. Most people have doubts, fears, and an overall lack of belief about earning money at an astronomical scale before they’ve done it. Once you’ve achieved something, it empowers to to achieve even greater. The doubt, fear, and worry disappear without effort.
Subsequent millions are earned far faster than the first million because your confidence level no longer accommodates hesitation in your mind or actions. It’s a direct route to financial success when you eliminate any form of psychological interference.
Stop being afraid! Just do it! Launch already!
Mental toughness — GRIT!
Every win leads to the next win! Mental and emotional strength attains more potency with every successful achievement. Attaining your first million creates a new reality. Think about a musician who sells a million records and knows he or she never has to lift a guitar again to make ends meet. Suddenly they want to get into other forms of business (restaurants, fashion, investing, real estate etc). Feelings of success feed on themselves and grow stronger and stronger with every achievement.
The first million raises your awareness, and elevates your consciousness to a plane of existence that sees possibilities not beyond reach. Money suddenly becomes a weapon to achieving those possibilities. Once you get out of your own way, the possibilities are endless.
Get out of your own way!
Neuro-association
After making your first million, you begin to see your dreams as possibilities, and not just a wistful fantasy. This emotional firepower not only enlightens you, but is will allow you to move faster towards subsequent millions in a decisive manner. The success of the first million emotionally and psychologically separates you from skeptics and critics who may have derailed you prior to your success.
Stop thinking it’s just a pipe dream, get out and make it happen, what have you got to lose?
Conclusively, you have the right to be as rich and successful as the problems that you solve and the value you create. While most people think of being rich as a privilege, once you earn your first million you will know that being rich is not a privilege — it is a right.
Cheers!
