What would you do with five million dollars, the instructor said, I could have puked, seriously! Sit back, close your eyes, he said, remove all distractions and visualize your life, what you’d do, how you would use that five million…I’m sure you’ve heard it all before right?
I sat in on a “success coaching” session today that comes as part of a very well intentioned, and good, approach to supporting a product I’m pretty keen on, perhaps just because I had the time and thought I might get a rare dose if insight…wrong!
What’s wrong with this approach is that after all the visualization, list building, affirmations and all that other woo woo was finished the end result was a resounding “spend it all”. Now, call me cynical, but isn’t that the antithesis of success?
Admittedly there were some pretty interesting, fun, attractive, and often benevolent suggestions, but none I could see that took into account the increased financial burden associated with owning those assets, or the fact that once it’s gone it’s gone. All I can see is a quick road back to square one, albeit with a nice house (for a while).
There really is only one answer to the question, and you don’t have sit cross legged, remove all distractions, and go into some kind of visualization trance to conjure it up.
Put it in the bank.
I’m no mathematical genius, and even if we choose a modest 5% interest rate, doesn’t that equate to around $250,000 a year, or $20,800 per month, every month, for doing absolutely didley squat, for as long as that five million dollars stays in the bank?
So, if we really are “success” minded shouldn’t we be asking the question a different way?
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