I am consistently asked "Damon, how do I become a millionaire?" I used to answer with "Get a high-paying job and save wisely". And let's be honest, these elements are vital to the financial freedom of millions. But as I thought more about the question, and learned more about financial markets, I then came to the conclusion that wise investments brought wealth (See: Google's stock price). But now, on the brink of opening our first financial-planning office, and after speaking with audiences around the country, I now firmly believe that the answer to the question is simply...Passion.
Okay. Now let's be real. Passion alone will not necessarily attain one's dreams of wealth and financial independence. Many people are passionate about many things (i.e. Designer shoes, Paris Hilton's love life, and the 1972 Miami Dolphins) but this doesn't necessarily spell success.
Opportunities for personal growth exist for most Americans, but they will not all succeed. Other key traits that we constantly observe with our wealthier clients include determination, insight, and a strong belief in oneself. SmartMoney.com recently wrote about an interesting group of people it calls The $5 Million Club, and the key traits listed above can be found in every profile.
So, try this. For a moment, forget about money. Just think about what makes your desires burn? What would you love to spend the rest of your days doing if you weren’t pre-occupied with a pay check? Would you want to:
Imagine the personal happiness and success you will achieve when you actually love what you do.
So now, when people ask me, "Damon, how do I become a millionaire?", I respond with one word: Passion. Passion is how you let go of the fear and greed, and ultimately, how you become “wealthy”. The funny thing is, that with passion, you will gain so much joy from the people, places, and events along the way, that you feel wealthy whether you have a million bucks or not. And that’s a beautiful thing.
Okay. Now let's be real. Passion alone will not necessarily attain one's dreams of wealth and financial independence. Many people are passionate about many things (i.e. Designer shoes, Paris Hilton's love life, and the 1972 Miami Dolphins) but this doesn't necessarily spell success.
Opportunities for personal growth exist for most Americans, but they will not all succeed. Other key traits that we constantly observe with our wealthier clients include determination, insight, and a strong belief in oneself. SmartMoney.com recently wrote about an interesting group of people it calls The $5 Million Club, and the key traits listed above can be found in every profile.
So, try this. For a moment, forget about money. Just think about what makes your desires burn? What would you love to spend the rest of your days doing if you weren’t pre-occupied with a pay check? Would you want to:
- Play the concert piano?
- Sail the open seas?
- Volunteer at the local community center?
- Teach our nation's youth?
Imagine the personal happiness and success you will achieve when you actually love what you do.
So now, when people ask me, "Damon, how do I become a millionaire?", I respond with one word: Passion. Passion is how you let go of the fear and greed, and ultimately, how you become “wealthy”. The funny thing is, that with passion, you will gain so much joy from the people, places, and events along the way, that you feel wealthy whether you have a million bucks or not. And that’s a beautiful thing.
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