When do you plan on having your first million in cash?

[abd]

I often ask this to a lot of my friends in business and they all have different answers. I terms of having a million in cash somewhere available to you, when do you plan on making it?

If you have already reached this point, then what tips can you provide us?

[Brendan]

It's not really that hard to get access to $1mill in cash if you have a few good assets already.. as they say, a mill isn't what it used to be.

If we take assets and equity out of the equation.. and making $1mill in cold hard cash.. then its a different story.

With the power of the Internet - I know that it can be done in a relatively short period of time.. I even know of some guys that have done it within a week.. not bad huh?

My goal is, what is the quickest time with the least amount of effort that I can make a $1mill.. my personal goal is to make $1mill CASH in my spare time.. in less than a year.

[firstmillion]

We have just put a personal plan in place and looks like we should have a million in equity, cash and other assets. :) 2010 is a very special year for us.

[kimono]

I got asked this question from time to time. But instead of answering, i asked them back: "What will you do with that money?". Quite many paused for a while and only start having real thoughts about it. Some answered vaguely with something like "...to feel good when looking at the balance in the bank account...", or "..to spend on some luxury things...".

For me, planning for $1mil in cash may sound nice but it doesn't actually give enough desire to go for it. Because once you've got it, what's next? $2 mil? $10 mil? Is that all this is all about? I'm sure it's not. To this stage, i'm only half way in having $1mil in cash but it's not in my plan to get one anyway.

[seopiper]

If I were to ask, hope i can be lucky enough to hit a jackpot to get $1M in an instant... lol...

[RyanChadwick]

For me it would be freedom to explore ideas. I have many ideas for things I would like to do. I can achieve them now (and indeed several of them I am working towards at the moment) but it requires a bit more in the way of planning and time. It will be awesome to have the idea, drop the cash and dive straight in. By the time I get there however I will have the experience as well to make the most of it.

[nickiedavedolores]

if i had 1m cash...most of it...i will save it..put in the bank....and the rest is i'll buy important things... needs.....not wants

[The Profit Frog]

Hah - 12 years ago...

That was my dream - (note "dream" - not plan)... I wanted to be a millionaire all that time ago.

I had no guidance, no idea, just a dream.

I committed to writing a novel and it took me longer than my dream... I still wrote it!
It needs to be professionally edited and published and turned in to a script and rolled out as a movie!!! Hah.

Still, I'm not sure I hold wealth in the same perspective.
I would like to shape my life around a lifetime of income rather than a huge windfall now.
On that note I know what kind of income I would like to live on per week... $5000-$6000 a month initially... then per week once I get my actual plan in more definite shape!

Not really answering the question, but dreaming anyway...

Terri
The Profit Frog
www.theprofitfrog.com

[one]

I don't ever plan on having $1m in cash. Inflation will eat away at it, and the buying power of your million bucks will diminish. Even if you're getting 5-6% interest, once you pay tax on that interest you'll be lucky to keep up with inflation in the long term. You need to put that million bucks to work!

Having $1m in liquid assets is a different story though... I don't have a timeline in place, but hopefully in time for my mid-life crisis! ;)

[HWT]

Probably never.

But this time next year we'll have $600k worth of property, which will be nice. I'll be abe to expand that and do a small development but only if I sell one of the earlier ones.

[Dan]

I hope to have 1 mil in the bank before I am 40.

[p.daye]

hoping and having are two very different things! besides, having a million no longer makes you a millionaire, probably just increases the tax you pay, esp. if its cash

[leisadent]

Never, I don't work 1002 hours per day and I don't buy lotto tickets. I feel rich because my kids are healthy, and I make enough money for the essentials and a few treats. I wouldn't mind enough cash for an o/s trip each year, though.

[Think!]

December 1st 2011

[davidg]

Never, I don't work 1002 hours per day and I don't buy lotto tickets. I feel rich because my kids are healthy, and I make enough money for the essentials and a few treats. I wouldn't mind enough cash for an o/s trip each year, though.
I'm with you Leisa ! A million in cash won't give you your health or lasting memories.
Being able to earn a million in cash is very different though, as it would change most peoples lives significantly, allowing them to do what they want in life.

[gpoau]

Very interesting article I will bookmark you and return on a regular basis.

[nmsptyltd]

Depends on how business goes, if it goes smoothly then I would say within 5-14 years. If not then longer.

[PaulClark]

I plan to have my first million in about 10 years from now :)
I think that's a good place to start
im 19 now :)

[pink_briefcase]

in 5 years time..I should be able to have a house with a pool and the beach as my backyard,1 convertible car, 1 four doors audi and a van...and of course alot of money..lol...


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