millionaire status in 7 years

[ThePlugMichael]

Hello BHW,

Just a question i have for the forum (hope im posting this in the right place)

As someone that’s been doing entrepreneurship since 14 (i’m 20 now so it’ll be 6 years)

I’ve heard that it takes 7 years to become a millionaire & i wanted to know from the millionaires & even guys that aren’t.

What are your opinions on this.

The way things are projected it is looking like i’ll make my first $1,000,000 next year but why is it 7 years that it takes?

Thanks,

Michael

 

[Mark Eternally]

As someone that’s been doing entrepreneurship since 14 (i’m 20 now so it’ll be 6 years)

Good age to start, 14.

I’ve heard that it takes 7 years to become a millionaire & i wanted to know from the millionaires & even guys that aren’t.

Who told you this?

What are your opinions on this.

It is like saying it takes 5 years to be happily married.

The way things are projected it is looking like i’ll make my first $1,000,000 next year but why is it 7 years that it takes?

This is not a rule. There may be some statistic of which I am currently unaware, but by no means a rule.

This is highly dependent on the industry you are in, your skillset(s), your passion, your social network, and luck/fate. I know millionaires who worked for decades before reaching that status, and I know some who worked a few months to achieve the same.

Some food for thought, in Malcolm Gladwell's book, "Outliers: The Story of Success", he introduces a concept of 10,000 hours to mastery. Let's walk through the math. If you spend six (6) hours a day of intense focused training/studying/experience in a topic, and you do this five (5) days a week, that is thirty (30) hours a week. There are fifty-two (52) weeks in a year. If you did this for an entire year, taking two weeks off for holiday, so for fifty (50) weeks, that would be one-thousand five-hundred (1,500) hours a year. So far: (((6*5)*30)*50). If you did this for seven (7) years, at the end of the seventh year you would be at ten-thousand five-hundred (10,500) hours of intense, focused training/studying/experience in a single topic. It would only be at that point that you would be eligible to be entering into the level of master of your craft.

Thanks,

Michael

Welcome you are.

 

[GoldKing]

The younger one starts making cash, the better it is.

You started at 14, which is a very nice advantage that you have got as you have been in this game for years and know all the ins and outs of online business.

"I’ve heard that it takes 7 years to become a millionaire & i wanted to know from the millionaires & even guys that aren’t."


Wrong assumption. No clue as to who might have told you that sort of BS but that is BS

 

[GenesisOne]

Hello BHW,

Just a question i have for the forum (hope im posting this in the right place)

As someone that’s been doing entrepreneurship since 14 (i’m 20 now so it’ll be 6 years)

I’ve heard that it takes 7 years to become a millionaire & i wanted to know from the millionaires & even guys that aren’t.

What are your opinions on this.

The way things are projected it is looking like i’ll make my first $1,000,000 next year but why is it 7 years that it takes?

Thanks,

Michael

If this statement were right, the world would be filled with millionaires - I find your question kind of childish - better grow up and accept reality.

 

[rusomike90]

7 years because 7 is lucky number, if you get 777 blackjack your basically close to being a millionaire so never leave the side bets hanging, if you play blackjack for 7 years side betting and hit 777 , its around couple mills depending on the jackpot. But you have to do it for 7 years straight.

 

[BugByte]

7 years is just kind of a general benchmark people throw around. It really depends on your business model, market, and how fast you can scale. Sounds like you’re on track to hit that goal way sooner, so props to you! Just keep pushing and reinvesting smart.