Ive found whilst starting in the world of business and investing it can be very off putting when you just think of the end goal, lets say its a net worth of £10 million but you currently only make £30000 per year this is daunting. I like to have an end goal but split this up into smaller ones lets use the £10 million net worth goal and lets say ignoring your personal home equity your net worth is £20,000 your first goal may be to get to £50000 and then from £50000 to £100000 and so on I often like to double my goals each time I achieve one as i’ve already done it so I know what I need to do its a matter of replicating that again and using your assets to boost this process.
The further you get in your journey the more work your assets will do for you your first million may take you 7+ years to achieve but going from 9-10 million may only take just over 1 year even with a modest 10% a year return with a 20% return this would be just over 6 months this is why I try not to get too discouraged by the shear magnitude of the end goal as the more time passes ill have more assets and knowledge behind me to push these numbers and that’s the same for everyone. Don’t let a huge goal scare you from being who you could be.
My goal used to be to have a £1million net worth however the more I think about this the more I feel like i’m selling myself short my long term goal is to have a net worth greater than £50 million to get to this stage there’s many smaller milestones ill have to reach but one day ill be there and you should aim for something similar.