I once asked Bill Gates, “What’s the magic number?”
Unhesitatingly he replied, “It depends. Do you need the toys or not? If you don’t need a yacht or jet, then the number is $10mil. If you do, its $100mil.”
Every entrepreneur has a magic number. A pile of cash that equates to financial freedom.
How much money do you need to not worry about money for the rest of your life?
According to Gates, if you steer clear of the yachts and jets, the number is $10mil. Living in South Africa its probably a bit less.
Before you settle on a number, do the math. You might be underestimating, which will lead to a nasty surprise when you’re 60.
Or you may be overestimating, which will make you work harder and longer than you have to.
Reaching the magic number doesn’t mean the end of work. It just means the end of working for money.
From that point on you can follow your dreams with no stress.
Entrepreneurs have a magic number.