Your $1,000,000 Debt
Summary
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I like to think about the gap between my current income and my financial goals as the cost of not having the necessary skills. If I want to make a million dollars a year and currently earn $50,000, then I'm missing out on $950,000 annually due to the skills I lack.
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It's helpful to see the difference between my current and desired income as a motivator. Just like the example of moving from $50,000 to a billion dollars a year, identifying this gap helps me understand the value of acquiring new skills and what I'm willing to sacrifice to get there.
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Framing my goals in terms of skill acquisition and the financial difference they can make helps me focus on growth and what's possible when I'm committed to learning and improving.
Video
How To Take Action
I would suggest implementing a mindset shift by viewing the gap between where you are now and where you want to be financially as the "cost" of lacking certain skills. Start by calculating this gap. For example, if you’re earning $50,000 and aim for $1 million, recognize that the missing $950,000 highlights the skills you need to develop.
A good way of doing this is by setting clear, skill-based goals. Identify specific skills that are directly correlated with higher income in your field. Break these down into attainable learning objectives and schedule time each week to develop these skills. This could be through reading books, enrolling in online courses, or finding mentors.
Another tactic is to create a learning habit with low cost and time investments. Dedicate just 30 minutes a day to focused learning about these skills. Consistent, small efforts can compound over time, accelerating your growth and closing the income gap.
I also recommend making a list of sacrifices you’re willing to make to achieve your goals. This could mean cutting down on entertainment spending or reallocating that time to learn or practice new skills. This conscious decision-making reinforces commitment to your growth.
Always measure progress. Set monthly checkpoints to review what you’ve learned and how these new skills are bringing you closer to your financial goals. Adjust your plans based on this reflection to ensure continuous improvement.
