As I wrote in the previous post, this project isn’t a bet but if it were there would obviously need to be strict rules on what constitutes a success and what doesn’t. This entry covers a bit on that issue and will also function as an FAQ.
The concept of a millionaire is global one and on the global scale money equals US dollars. With the current exchange rate $ 1,000,000 makes merely 730,000 €. Let’s set the sum in US dollars to make it globally comparable.
The project starts February 10th, 2010 and lasts until the start of June 29th, 2010. One could also consider the fact that I’m born 8:51 pm in the evening so I would still have time on the 29th before I’m actually 30 but let’s say we’ll be celebrating the first million on my birthday and I’m having a day off.
- 4½ months
- 19 full weeks
- 139 days
- 3336 hours
- around 200,000 minutes
- and around 12,000,000 seconds
between these dates. Given that a new CEO of a large corporation is usually given about 100 days to get on top of things, I have plenty of time.
Since I have no need for the actual money, there is no special rule that I should have it on my bank account after paying the income tax or that I should need to liquidate assets whatsoever. I can have the million in any form of stocks or securities. If the stocks are from a limited company that is not listed in a stock exchange then a valuation has to have taken place before the deadline. The stocks are valued either at their price in the previous valuation or at a fair market value (FMV), whichever is lower. The value of stocks in a company without any previous valuation is considered to be zero.
I won’t use my savings to pull up the sum even if my savings would make the difference in reaching the $ 1,000,000 milestone. However, I can borrow from my savings to do investments.
Time = Money
To gather the sum, I will have to make an average of $ 7,200 per day. Assuming I will be continuing my daily routines, I will spend at least 10 hours per day either sleeping, traveling or eating. Then I obviously have some previously agreed engagements that can’t effectively be used for promoting this objective. Let’s assume there is one full week of those engagements. Taking these figures into account I should be making an average of around $ 550 every hour for the remaining 138 days.
“However, I can borrow from my savings to do investments.”
Perhaps you should give us some kind of a figure here. Right now this seems quite vague.
Thank you for this point.
I will report here every time I have to “borrow from my savings” and the total of the money that I have borrowed is calculated as negative towards the goal.
That is, my savings don’t have an impact on the million but I don’t to go to the bank and ask for a loan every time I need to buy something. Instead I can borrow from myself with zero interest.