• 03:55:57 am on August 19, 2008 | 9

    The best way to give up your ‘day job’ is to watch my Live Show this Thursday @ 8pm CST (9pm EST / 6pm PST) at http://ajcfeed.com ….

    __________________________

    The Value of Your Life’s Purpose …

    You have already quantified the value of Your Life’s Purpose … that was the whole (financial) point of the exercise!

    As an added bonus, you get to ‘keep’ whatever emotional/spiritual insights that you may have gained (as I gained) from undertaking such deep, and important, introspection …

    But, what this exercise has also achieved, is to quantify the benefit of doing this exercise for those who haven’t already undertaken it.

    You see, I asked you all a before/after set of questions:

    1. On the first application that you made to join this ‘grand experiment’ I asked each applicant a simple question:

    How much money do you want to make and when do you want to make it by (e.g. $2million; 10 years)?

    2. On the final application, after all of the Final 15 had completed the series of exercises posted on this site that culminated in calculating their Number (and Date), I asked each to update:

    My Number: $                    ($                  p.a.)  My Date:

    … when you undertake the exercises, you will see why I now ask for the annualized amount as well as the total.

    So, now the value of the exercise can be seen by comparing the before/after for each of the Final 15 that I received final applications (before the deadline!) from (there is no significance to the order):

    Finalist                  Original Number    New Number        Difference

    Lee                        $1,000,000               $5,425,000           543%
    Deanna                  $2,000,000               $5,500,000           275%
    Andrew                  $6,500,000               $10,000,000         154%
    Luis                       $3,000,000               $4,000,000           133%
    Diane                    $3,000,000                $8,375,500           279%
    Mark                     $5,000,000               $5,000,000            100%
    Josh                      $30,000,000             $20,000,000            67%
    Ryan                     $10,000,000             $12,500,000          125%
    Jason                    $20,000,000             $10,000,000            50%
    Shannan                Don’t Know               $5,500,000              N/A
    Debbie                 $5,000,000               $8,250,000             165%
    Scott                    $10,000,000             $10,000,000           100%

    Average Difference:    181%

    I think that you will agree that this was a valuable exercise:

    – Keep in mind that each applicant, by definition, was ‘signing up’ to a program to help them become multi-millionaires in just seven years … so you would expect that their starting requirement would be large!

    – What is even more interesting is that only one applicant found that their original estimate was a ‘good’ one … each of the others under- or over-estimated their requirement by at least 30%, and on an average of 81%

    … do you think that just might be a little significant?

    They should also now have an all-powerful self-motivational reason to DRIVE them to their Number.

    BTW: on the Date front, as you would expect, most were reasonably close to their original target; still, more than half were off by 3 years or more.

    Thanks for helping me ‘prove’ the value for assessing Your Life’s Purpose … it wasn’t the intention of the exercise, but it is certainly an interesting by-product: I guess that’s what ‘grand experiments’ are for 🙂

     

Comments

  • Jason Dragon 8:03 am on August 19, 2008 | #

    Very good info. I did notice something. Josh and I (Jason) were both the two highest by far, and both of us reduced our amount by $10million. We were also both the ONLY people to reduce our number. He still ended up with the highest number and I was tied for 3rd. For me, the reason I reduced my number was because of the blog you wrote about what a budget of $500,000 a year would buy you and for me that was more than enough, I would want to give back to the world before I lived that lavishly, and I removed charity activities from my number because that is not “My” number but that it the number of my legacy, and that is different.

    Jason Dragon

  • Deanna 10:48 am on August 19, 2008 | #

    Wow! Interesting stuff.

    I know I originally underestimated my number significantly because I really don’t want to live this rich lifestyle – I just want time, free from worries, and the ability to travel and make purchases without considering a budget, and the money to fund my kids’ college. I thought I could do all of that on less 🙂 I was wrong…I also adjusted my time frame as well – shortened it. AND, I specified that my number and time frame is not a stopping point – just my initial goal for this project. Funny how much changed from when I first submitted my application. Everything is much clearer 😉

  • Lee 1:27 pm on August 19, 2008 | #

    I’m glad “you” guys are seeing things more clearly. This is kinda like climbing the tallest mountain I’ve ever seen. I’m all packed and committed to make the trip but the closer I get to it the taller it looks. If I pay attention to where I’m walking it’s doable.

  • AJC 2:18 pm on August 19, 2008 | #

    @ lee – just wait ’til you see the gradient of the curve 😉

  • Josh 10:58 am on August 20, 2008 | #

    I rethought my number after the same post that you did Jason.

  • AJC 12:10 pm on August 20, 2008 | #

    @ Josh / Jason – There’s another factor to consider: time – it’s as (or even more) important to your eventual ‘how will I make this amount of money’ strategy as the raw amount. In fact, I have a couple of posts lined up for you …

  • Shannan 8:56 pm on August 20, 2008 | #

    This exercise definitely made things more clear for me. Without a determined goal, I was never going to be able to get where I wanted to go, because even I didn’t know where exactly that was. Additionally, before I found this experiment I truly had no idea what kind of money was needed to live what kind of lifestyle, except the one I’m currently living. This first step was huge.

  • AJC 9:50 pm on August 20, 2008 | #

    @ Shannan – Now you need to find the means to the end 🙂

  • How steep is your mountain? « 3:07 am on August 22, 2008 | #

    […] see, Lee commented on that post about the Value of Your Life’s Purpose: This is kinda like climbing the tallest mountain I’ve ever seen. I’m all packed and committed […]


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