What Changes at $10k, $100k, $1m, $10m Net Worth?

When you think of living a Rich Life, what do you see?

Is it in the here and now or do you think “someday when…..”?

What do you think changes about your money views when you reach different levels of net worth? What does it mean to you? How will it be?

And....have you actually thought about it?

In this episode I talk about these beliefs and practices around our net worth, touch on the toxic side of the FIRE movement, and explore some aligned views from one of my favourite authors, Ramit Sethi.

I also give you a bunch of prompts for you to explore your mindset around reaching different levels of wealth.

There are just so many factors which is why it is so important for everyone to think about it right now, because it's different for every single person...

At every different level of net worth ($10, $100k, $1m, $10m)….. What are your goals? What are your desires? What income do you have? What do you want to keep investing? What do you want to save now to keep investing?

Do you have a specific number that you see as a turning point in how you feel about and act with money?

Things like “when I hit a million dollars, then I will be able to retire”, “if I hit a million dollars, then I will be able to go on a holiday”, or “if I hit a million dollars, then I will feel secure and independent”.

The reality is that it's just not true and this is why it's so important to build the habit now, that consistency now, and create the balance of desires of spending and also saving money and investing.

Most people will never allow themselves to think about what will change in their life as their net worth changes and increases, nor think about what their goals may be, but this is what I really want for you!

Use the above questions as prompts for you to think about and journal on.​

Is this helpful? Let me know.

xo Simone

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My name is Simone Mercer-Huggins. I am an investor and trader, and so far I felt over seven figures from the ground up. And now this community is doing the same. The Ms wealthy movement is here to share tools, resources, strategies, and support, and all things, financial freedom tune in for everything, money investing, mindset trading and everything in between. If you want to be a powerful player in the wealth creation game, you're in the right place. So welcome to the kiss, my money. Okay.

Hi, welcome back to the kiss, my money podcast. I am your host, Simone Mercer-Huggins. I've had a couple of weeks off being away on holidays, but hopefully you listened to the last episode where I spoke to my 17 year old sister about investing and we have started investing for her. She started with $500 and she's contributing $20 a week to it. And I have set up a gifting system, so to speak with her that if she keeps it up and she continues to invest $20 a week, then I will match it until she turns 18, which is an a in about six months. And then at that point, we'll review it. And, uh, I got a lot of messages actually about that, that episode about, you know, opening your eyes, actually realizing that you can start really small. And so my intention is to get my sister Mia, to a point where she has enough capital in her account to know without a doubt that she will become a millionaire by the time she needs to retire.

Now, obviously that's a really long time away and it's absolutely something that will happen because she's a, she started really young B she's continued consistently continuing to invest and has a plan to, and she has me to support her, help her, encourage her and be that kind of guide. So thank you for all the messages. I'm really glad that it started to open up a few eyes for you. And I loved seeing how many of you were sharing it. So I want to talk today about something that was actually inspired by Ramit Sethi. Now he has his own book, which is fantastic and definitely encouraged writing and his book and his brand essentially is around what is called. I will teach you to be rich and it's a great book. It's a great methodology, a great concept. If you're, if you've been the listener in this podcast and it's going to, if you choose to read it, you'll notice that there are some extreme similarities.

What I love about remit is he teaches essentially what he calls a rich life. And that is about the balance of spending now and also saving to invest sheets. Obviously also a really huge advocate of investing. We have a lot of aligned beliefs around, particularly around real estate as well. When most people don't actually do the numbers on real estate, investing, buying a home, him, seeing it as a liability, not as an actual asset, which it isn't because it well as an income asset because it's, doesn't actually pay you money. It costs you money to run a whole other things. I'm not going to get into it now, but he has a lot of different theories, beliefs, uh, and he explains a lot of them too, and it's not all about, and it's what I really love. It's not all about the toxic version that I've spoken about before of the fire movement or the intense version of the fire movement.

If you haven't heard of fire, it's a financial independence retire early. And obviously that's the goal for everyone, like as a concept, that's amazing and great, but the toxic version that I talk about, I definitely don't encourage and completely avoid is this. You have to save 50 or 60% of your income now, you know, live in your parents' basement, um, get coupons and like buy the cheapest things that grocery stores that you, you know, don't spend on anything now, so that you can build up everything in terms of net assets and then retire as early as you can. But the focus on the extreme version of the fire movement is that you don't actually live your life now. And it doesn't encourage also long-term consistent behaviour around understanding how you want to spend money, spending money in alignment with your goals and values and your desires, and actually teaching you to spend and save at the same time.

So what happens is what I really see. I dove into it like quite deeply and intensely. Um, when I was first kind of understanding the movement, it's definitely picked up in, I guess, popularity, or at least the phrase has over the last couple of years, but essentially what happens is a lot of people get to this point where they've built up, you know, this net asset, this pool, this portfolio of investments that they can live off either through dividends or whatever it is, and so that they can retire from their job. And then they have no idea how to actually spend money. They still don't spend money in alignment with their desires or goals or value because they've spent so many years in this pattern of being really frugal in thinking in really with a mindset of that is quite scarce. Like the scarcity it's going to run out and we have to like restrict, restrict, restrict, and it's just like, yo, yo dieting, what happens?

Right. If we can restrict the very thing that you want is to blow out. Because as soon as your brain, you tell your brain that you can't have it, but you shouldn't have it. You just want more of it. So the reason that I'm, I did a little segue into that is because it's kind of sets me up to talk about this topic. And the reason I started talking about Ramit and his book and his methodology, so to speak is because I, this is inspired by a post I saw he made on Instagram and it was a really great discussion. You can head over to his profile, uh, and check it out on his person, then read some of the comments from other people. So essentially the post isn't, the whole topic of this podcast episode is what do you think changes about your money views at the different levels of net worth? So firstly, $10,000 second, when you hit a hundred thousand dollars, third, when you had hit a million and then fourth, when you hit 10 million, and I want you to kind of like sit with that for a minute and go,

Oh,

How do I feel about 10,000? How do I feel about a hundred thousand? And it might be like, oh, maybe you're in debt at the moment. You're like, I can't even imagine having $10,000 in the bank because I'm paying off $50,000 of debt or whatever. You might be in a position where you're like, well, I don't have any debt and I've invested, you know, $50,000 I could imagine and kind of see that I could get myself to, you know, definitely to a hundred thousand and definitely probably to a million, but thinking that I would have $10 million of net worth is just not even in the realm of my thinking. So what do you know, like investigate for you where you think you could get might be what is possible for you? So personally I'll share that $10 million is 100% definitely in the realm of what I will have in net worth.

I'm already well over a million and that it will know across 2 million in the next kind of couple of years. And if you have ever looked at a compound interest calculator, you know, how fast things start to compound it, it becomes a pretty exponential thing as it progresses. And I fully intend to continue working, although what I do a lot of running this company, um, I love trading and I want to keep growing that to 10 million plus, but also the question. So the first thing I want you to notice is like, where is your mindset around this? These were different levels of wealth, and it's going to be different for everyone. Maybe you think a million dollars is a crap ton of money and you can buy the Lamborghini and like buy this whatever, and then retire. And then for others, it's like a million dollars is a lot, not a lot of money.

It also depends where you live, what your lifestyle is, your income. I mean, there's so many factors, but this is why it's so important for everyone to think about is because it's different for every single person. So what was really highlighted when remit posted this on his feed, plus all of the comments is that most people have never thought about what will change in their life as their net worth changes and increases. So it's things like nothing will be any different, whether I have $10,000 or a million dollars, it's like, okay, why do you say that? Do you think that maybe you could partially retire from your job at, uh, you know, a million versus 10,000, but most people haven't either thought about what their goals are or think that maybe they could just never get there or they just don't proactively plan to create wealth.

The other thing that comes up a lot really frequently actually is that most people think that whatever number is going to be the turning point in how you feel about money, how you act with money and also what you do in your life or the fourth thing, what it actually means about you. So let me give you an example. Things like when I hit a million dollars, then I will be able to retire. If I hit a million dollars, then I will be able to go on a holiday. If I hit a million dollars, then I will feel secure and independent. And I feel like I have made it. So notice that you might think these things as well about a certain net worth level, maybe even also a certain income level around money about what it means to you and what you might do.

A lot of people say too, if I had a million dollars, I'd give money away. But what is really important to, to notice is that nothing really fundamentally changes that much, whether you have a hundred thousand dollars or a million dollars in the bank in terms of your actions and what you do with it and less, you are already doing it. So what I mean by that is if you are not already, for example, splitting your money and knowing, and you know, how to balance spending and saving balance, investing still save and not kind of go out and just buy a crap that you don't need and wonder why you never have any money left in the bank. If you have a healthy relationship with money and it's helpful, and you know exactly what to do with your money, both from a spending point of view and from an investment point of view, then nothing is really going to fundamentally massively change. Whether you have a hundred thousand dollars or a million dollars in

The bank, like not really,

If your doing it, quote unquote well, but most people think that their behaviour will change. Like I will give money away. If I have a million dollars, the reality check is if you're not already doing it, you probably won't do it then either. So when it comes to behaviour, we think that our circumstances are going to dictate who we are and what we do. And then reality is that's just not true. And this is why it's so important to build the habit. Now that consistency now and create the balance of desires of spending and also saving money and investing, and almost that kind of like discipline and the consistency in that discipline, which I know sounds really boring. No one wants to hear. No one wants to hear about the unsexy side of discipline and consistency. But the reality is that is what is the basis of success around a wealth creation?

I say a lot of the time investing is not a one-time thing because it's not. And a lot of people kind of only think up until that first initial thing, like what do I do? What do I invest in now? Well, let's talk about what you actually want to do in 10 years time. What are your goals? What are your desires? What income do you have? What do you want to keep investing? What do you want to save now to keep investing? But a lot of it is just focused around that one, the initial thing there, one time thing, rather than the ongoing and just like investing with money, it's about both the consistency of doing it regularly and creating that behaviour. And often that's why I say as well, it's not necessarily about the dollar amount that you are saving or the dollar amount that you're spending.

It's really about first off the habit, the action of you doing it, because then you become that person. You become an investor and it becomes part of your identity. You become someone that does these things, regardless of income or net worth level. And the other reason it's so incredibly important to think about these things before you hit this, this milestone, this level, you know, whether you hit being debt free, for example, or whether you hit having a thousand dollars in the bank, or whether you hit, um, starting to invest, or whether you hit having $10,000 of investment. So whether you hit a million dollars, it doesn't matter. Regardless of the milestone at every milestone, be, will be different about, uh, what it means to you and what will change and how it will be. But it's important to think what those changes will be. What does it mean to you?

How will it be, have you actually thought about it? Meaning will my life be different when I become debt free? And it might be yes. And it might be no, will my life be different when I hit a million dollars? Again, it might be yes or no. And it might be 2 million. It might be 500,000. It might be less, it might be more, but it's important thing about it before, particularly for everyone that understands energy, frequency and manifestation, because stepping into the version of you in the future that has these things already is pretty much the basis of manifestation because it's visualization. It's the same reason that the top athlete coaches in the world for athletes that go on to become Olympic winners have as part of the training regime, they have them visualize winning races, being a gold medal winner. And when they put these, um, receptors on people's brains, these athletes on their brains, and they look at the measurements are on EEG machines and look at the parts of the brain that is firing.

It's the, exactly the same parts that fire, when the athlete actually takes the action, meaning when they get people to visualize running and winning a rice, it's the, exactly the same parts of the brain that fire of actually doing it when they get them on treadmills and they get them running, it's exactly the same parts of the brain. So the brain cannot tell the difference between what is true and what is reality and what is made up. So when it comes to manifestation, we actually speak our desires into existence. And if you haven't ever thought about what it will be for you, how life will be, what will change, if anything, what it will feel like when you hit, hit each milestone, then what's going to happen when you get there. It might be like, oh, I finally got here now it's in a and oh, I feel really deflated.

It might be what a lot of people call self sabotage, you get there. And you're like, oh, I didn't even, like, I thought it was going to be this big fanfare and special thing. And there was going to be a parade that walks down the street, but nothing changed. And maybe it does. It just doesn't matter. So now I'm just going to go and spend another two grand on my credit card because well, nothing in my life changed. So it has to be something that is meaningful to you and thought through and really specific to. So I don't want this to be something that's vague either. So for some people, they kind of say, well, when I hit a million dollars, then I won't have to save, you know, whatever 20 or 30% of my income and I'll, I'll stop. Why, why would you stop if you hit that level?

Why not keep going? Or is that a, is that a milestone that is meaningful? Cause you've worked out at that, at that number you can, you know, partially retire or whatever, depending on your age, obviously too age plays a really big factor into these things. Like I said before, some people will say, oh, I can take a holiday at 10 million. Well, why can't you take a holiday now? Why is there a restriction that if you only have a hundred thousand dollars in the bank that you can't take a holiday, um, when you hit, you know, some people think that a hundred thousand dollars is a lot of money and for others, it's like, that's just the starting off point. I can tell you definitively that to me and for everyone else that I know that I've hit a hundred thousand and beyond and definitely beyond is that they say a hundred thousand dollars is the hardest part.

And I agree with that wholeheartedly getting that first hundred thousand felt the hottest because it felt the slowest and you're still building that muscle for a lot of people. Well, I certainly was building the muscle of investing, building the muscle of saving and investing in the consistency and like, oh God, you know, can I kind of just spend this this much? And a lot of, you know, my, my backstory that I didn't grow up in wealth. And so for me, putting away money to save, to invest with something that really no one else had done in my family. And it was, I was watching all of my friends around me, go out to parties, spend everything and spend everything and beyond to sort of like rack up credit card and card debt and everything which I had done previously as well. Just what got me onto this whole path in the first place, you know, ending up with $20,000 of credit card debt and being like, how did I get to this point?

And then finally, you know, paying it down. I worked two jobs to pay it down and framing that $0 balance. When I finally got there and then the consistency of saving money when everyone else was spending everything that they had felt hot at the time. But now seeing my investment portfolio because of the work and the consistency of the behaviour that we put in den now is paying off. But for others, it's like, oh, I wish I had done that at that point or for others, it's like, oh, I'll be able to get there really quickly. But having the belief in taking the action is a very different thing. So my homework for you today, if once you get off, this is to ride the ride, write down, or at least the very least think about what changes. And if you have a partner to have this discussion with them, but come to the conversation, having thought about it already, because I want you to think about this independently and then think about this as a couple.

If you share finances. So things like will our lifestyle change at all, do we want to increase our lifestyle? What is often referred to as lifestyle creep, but there's nothing wrong with increasing your lifestyle and the things that you desire, if it still meets your goals and values. And if you're, you know, if your income increases and you're just increasing your lifestyle proportionately and still continuing to save, invest, for example, then great, amazing. Or if you're someone that's like, well, I don't want to increase my lifestyle. I just want all of my additional income to go into my investments then fine. There's no judgment. It's just important to be really clear about. What's important to you because a lot of people judge me for taking or spending certain amount of money on holidays. For example, uh, there's a lot of judgment often around buying new cars.

And I have said before, definitely to me buying a new car is a waste of money for people who haven't started investing yet or complain about being in debt. But then they go and buy an new 30,000 car that depreciates 20%, the second you roll, roll it off the dealership. But if your mind and you $30,000 car, and you've got investments in the bank and you don't have debt and you know, that money is cheap and you know exactly how to manage money and you know, you can offset a lot of stuff on your business with the vehicle and, um, you know, whatever else, then that's a very different scenario. And I don't want to ever think, have you feel like I'm judging you for spending decisions, but as long as it's aligned with the actual things that you want, what is meaningful to you and spending in line with your desires?

So have a think about what is important to you, what will or might change and start stepping into the feeling of that. So you might have a certain number for you means security or independence or freedom. You know, I think the big, like the big round numbers, like a million dollars has a lot of connotations with it of like, oh, you're now a millionaire. And that means something for example, and it might mean security or it might mean a feeling of independence, but then the question is, well, why can't you cultivate some of that now and bring in some of the behaviours, patterns, actions, things now before you hit those milestones too. So your job is to go and think about that. Actually sit through it in really specific terms too. Not vague, not I'll spend more time with my family. I'll I'll take more holidays.

Oh, I will give more money. That's really vague. And I don't even know what that means. So get really specific about the things that might change for you. The whole homework is just for you to at least think about it because we don't know where your, where we can take you. We don't know what things to do in your life. If you haven't thought about where you're going, right. That's kind of, kind of the point. I always talk very clearly about what's your goal? What do you want most of the time, people just haven't thought about it. So that is it send me a DM on Instagram to share really your insights and your thoughts. I'd love to hear and share them for other people to see as well. Thank you for tuning in. I will see you next week. Next week. Next week's episode is all about me. Talking about is the stock market actually truly

Risky. I'll see you then if you are not part of the Ms wealthy movement yet, make sure you head over to Instagram and hang out with me. There I am at Ms. Wealthy official, and if you need anything else had to miss wealthy.com and get all the info that you need. Find us on Facebook as well. And I'd also love if you can drop a review on iTunes, it supports us massively, and it means the fricking world.