The first 1 milion is harder than the first 100k.
Hey ya’ll 👋
Been a minute.
Glad to see all the new Blossom users!
As most of you have seen as of late, markets have been doing well, S&P’s back at all-time high. It’s a good time to be fully invested.
I was chatting with a friend and mentioned that my portfolio was up about 12k in one day (those are the days I question why I work a regular job).
She said “wow you should sell and lock in your gains”.
And that made me think. Over the years as I’ve cumulated money, one of the hardest things I had to do to get over $1 million dollars was staying invested & not caving into the temptation to spend it.
As your portfolio grows, the temptation to spend gets harder & harder.
Upgrade your car? But a bigger house? Buy a Rolex? Buy a marzocco linea? Get extra guac on your burrito at chipotle?
All these things will run through your head. And you’ll tell yourself you can afford it but don’t forget the ultimate goal.
The first 100k is great & necessary. But once that 100K turns into 250k, 500k, 750k, 900k, 1 milion… the temptation gets harder & harder.
The ultimate goal, I hope for most of us, is financial independence. It’s to have enough money to your name that your portfolio can eventually spit out enough money to sustain your lifestyle. 4% rule, dividends, covered call ETF’s, whatever you want to call it.
That to me is real f*ck you money. Not the houses, not the cars, not the watches. It’s the ability to not have to earn an income at a job and still be able to sustain your lifestyle.
All this to say, keep investing and stay invested. You can treat yourself once in a while. There’s no issue with that. But the goal should be that your portfolio can generate 50k-100k+ a year and then you can eventually spend that money on whatever the hell you want.
That’s my thoughts of the day.
Enjoy the Canada long weekend & July 4th for our American friends!
And as always, happy investing!
✌️
