Do You Need a Bigger Boat to be a Success?
We once heard Donald Trump asked, “What’s the difference between a net worth of $70 million and $700 million?”
He replied, “A bigger boat.”
BIGG success is life on your own terms. If a bigger boat floats your boat, then go for it.
When people sell their boat to buy a bigger boat, it helps our economy. It puts people to work. Companies make more money. Taxes are generated. It’s a win all the way around.
Or is it?
We’re going to share a thought process to determining if a bigger boat (or any other major purchase) is consistent with life on your own terms.
Hear George & Mary-Lynn discuss today’s topic on The BIGG Success show. Click a player to listen.
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There are five elements of BIGG success – money, time, growth, work and play. All five elements are involved in the decision to buy a bigger boat.
We hope to demonstrate the interconnectedness of the five elements with this discussion.
Obviously, it will cost you money to buy a bigger boat. You will get the money by earning more than you spend.
The question is: Is a bigger boat worth the price? To determine that, you need to answer two more questions:
What are the returns?
What is the true cost?
A bigger boat may or may not yield financial returns. We’ll talk about this more when we hit on work.
However, you would expect a bigger boat to give you emotional benefits.
In order to reap those benefits, though, you will have to spend something else – time. Time is part of the cost of a bigger boat.
Will you really have time to enjoy it? Or will you have even less time because you’re working more to pay for it?
Let’s skip growth for now. We’ll come back to it shortly.
Work may pay for your bigger boat. However, if that’s the case, your true cost of the boat is higher. In your quest to live large, you’ll sacrifice living.
You’ll be spending more time at work. Is it worth it?
Of course, a bigger boat may actually help you make more money. You may be able to entertain clients, employees, funders, etc.
A bigger boat may help you build more and better relationships. Or is that just a rationalization? If that’s what it takes, are they the right relationships?
On the other hand, a bigger boat may be the ticket to more free time. You may enjoy being on it so much that you just naturally schedule time away.
Of course, you could do this without a bigger boat. But maybe you know you won’t.
How does growth come into play? If we use the factor cited by Donald Trump, your net worth must increase 10 times to buy a bigger boat.
So it will take a significant amount of growth to accomplish this. How can you increase your wealth 10 times over?
This is where a bigger boat really comes into play. It makes the intangible tangible.
It’s your reward. You know you will work long, hard, and smart to be able to buy it. You will save and invest your money wisely or you won’t get it.
It represents BIGG success to you. Great!
Then get a brochure. Or find a photo of the bigger boat you want.
Keep these visual representations in front of you. Plaster a BIGG “10x” on top of it.
Put the exact net worth you need to reach on the brochure or photo. Now break this goal up into smaller steps. Devote all your energy to getting to the next one. Then keep going. Keep driving to BIGG success!
For you it may not be a bigger boat. What is it? What drives you to achieve more?
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Image in this post from Eastop