Aspiring Millionaire shares the journey of a culturally and linguistically diverse single mum family working towards financial freedom, using what we have and getting resourceful.
Having gone through a divorce and rebuilt our lives, it is almost as if we are starting over again, only this time, with more knowledge.
Our goal – to create financial freedom and stability for myself, my kids and future generations.
Ideally I will be in a position to retire fully if I want to within 5 years.
I do not come from a wealthy background but do have an incredible amount of wealth through knowledge and family support. I went from homeless single mother after divorcing my abusive husband to multiple international award-winning CEO. But the divorce, custody battle and protection orders took everything I had to keep my daughters and me safe.
About Our Family
We are a culturally and linguistically diverse family of 3, soon to be 4.
Ms Aspiring Millionaire (me) – 35 year old Caucasian Australian woman. I work mainly in marketing but am fairly flexible, taking on projects I enjoy rather than working constantly. Family is everything to me so I structured my life to be flexible around us and what we want. I’m also pregnant with our son.
My kids range from almost born to 13 and have multiple cultures. My eldest two are part Maori, part Tongan. My soon to be born baby is part Ni-Vanuatu. I try to be inclusive of all of them and teach them elements of their heritage as well as travelling to the various countries we now call home when possible. The 11 and 13 year olds plan to be millionaires by 18 and are developing their own businesses.
We live in Noosa, Queensland now.
Why Aspiring Millionaire?
The real goal is total financial freedom. $1,000,000 is easy to track and a goal many people have. That $1,000,000 will be income generating assets mostly, not $1,000,000 cash. Although, if I cash it all out it would be $1,000,000.
I won’t retire when I hit $1,000,000, instead I will continue to grow and invest as ideally, I want to leave a legacy, help more people and ensure my children know the value of building an empire.
I had a website called Aspiring Millionaire years ago, achieved millionaire status then had to use most of it in court against my ex and to get my daughters the help they needed (speech therapy, autism diagnosis, psychology etc).
So I wiped it and revived the name for this new goal.
How Will We Do It?
Did you know that doubling your money 20 times will get you $1,000,000 if you start with $1?
$1 x 2 = $2
$2 x 2 = $4
$4 x 2 = $8
$8 x 2 = $16
$16 x 2 = $32
$32 x 2 = $64
$64 x 2 = $128
$128 x 2 = $256
$256 x 2 = $512
$512 x 2 = $1,024
$1,024 x 2 = $2,048
$2,048 x 2 = $4,096
$4,096 x 2 = $8,192
$8,192 x 2 = $16,384
$16,384 x 2 = $32,768
$32,768 x 2 = $65,536
$65,536 x 2 = $131,072
$131,072 x 2 = $262,144
$262,144 x 2 = $524,288
$524,288 x 2 = $1,048,576
If you start with $100, you only need to double it 14 times to get to $1,638,400. Personally, I will start with $100 but the same principle applies with whatever amount you start with. Obviously, in the beginning it is easier to double your money than it is at the end. That doesn’t mean it is impossible.
Alternatively, create something to sell. With a $1 profit if you sell 1,000,000 there is your $1,000,000. With a $100 profit you only need to sell 10,000. If you have a $1,000 profit per item, you only need to sell 1,000 of them. See how doable it can be with the right product or idea?
Even more if you then invest the money you are making to either generate more business, buy shares or real estate. Always be looking for ways to make your money work for you.
How To Double Your Money
To start with, I’ll be looking at buying items to resell. I’ve done this before with great success and have read a lot more about doing it. It’s been a while since I’ve done it, so it will be interesting to see how it goes.
Later, I plan to flip websites then real estate. At the same time, I am looking at ways to start making money from nothing. For example, writing eBooks, creating courses, drop shipping etc. All those things can be created for nothing and sold with good marketing.
We also have some opportunities elsewhere through family we are looking into.