You only need to get rich once—after that, it’s about keeping and growing your wealth. Learn why the first million matters most, the pitfalls of lifestyle inflation, and whether investing or entrepreneurship is the best path to financial freedom.
Why You Only Need to Get Rich Once
Most people think about wealth as a never-ending pursuit, constantly chasing the next financial milestone—$1 million, then $2 million, then $10 million. But here’s the truth: you only need to get rich once. After that, the game changes entirely.
The key isn’t to make money over and over again. The key is to get rich once—and stay rich. Let’s break down why this is true, what getting “rich” actually means, and how to avoid losing what you’ve built.
What Does “Getting Rich” Really Mean?
Being “rich” isn’t about hitting some arbitrary number, it’s about reaching the point where you never have to worry about money again.
For some, that might mean $1 million invested conservatively. For others, it could be $5 million, depending on lifestyle choices and spending habits (Despite what Connor and Greg think from the series Succession, I think $5 million is adequate for most families in most cities, shout out Greg!)
But the main idea is:
✅ Your assets generate enough passive income to cover your living expenses.
✅ You are no longer dependent on a paycheck to survive.
✅ Financial stress is no longer part of your daily life.
Once you reach this level, you don’t need to take excessive risks anymore. You’ve won the game. Now, the focus shifts from making money to preserving and growing it intelligently.
The Biggest Mistake: Getting Rich Twice
The biggest financial mistake people make? Getting rich twice.
Many people hit financial success once, only to lose it because they:
❌ Take unnecessary risks trying to double their wealth quickly.
❌ Make bad investments in overhyped stocks, crypto, or speculative ventures.
❌ Overspend on status symbols (luxury cars, big houses, excessive travel).
❌ Fail to protect their wealth through diversification, tax strategies, and risk management.
Think about lottery winners, athletes, and even business owners who made millions—only to end up broke againbecause they didn’t treat their first fortune as their last.
🚨 You don’t want to get rich twice. You want to get rich once and stay rich.
Why the First Million Matters More Than the Next Ten
📌 The first million is the hardest—it requires building habits, discipline, and consistency.
- The first million often comes from your effort, savings, and investing discipline.
- The next million comes much faster because of compounding and better opportunities.
💡 Example: If you save and invest aggressively in your early career, it might take 10-15 years to hit $1 million. But if you let compound interest do its job, you could hit $2 million in 5 years, without much additional effort.
Once you’re rich, you can take fewer risks, avoid unnecessary stress, and let time work in your favor. The hard work is done—don’t go back to square one trying to chase the next big thing.
The Traditional Path: Saving and Index Investing (Slow but Steady)
For many people, the safe and predictable way to wealth is through saving diligently and investing in passive index funds and generates true Mailbox Money. This strategy is:
✅ Fairly certain in the long term.
✅ Low maintenance and doesn’t require business skills.
✅ Proven to work, as markets tend to grow over time.
However, it’s also a long path to wealth because:
❌ Inflation erodes purchasing power by 2-4% annually.
❌ Taxes reduce gains depending on how often you trade and where assets are located.
❌ Your wealth is subject to market fluctuations you can’t control.
Many people get trapped in the job-paycheck cycle because they believe this is the only reliable way to wealth. They see stability in a job but don’t realize they’re giving up control over their time and income potential.
What If You Thought About Wealth Differently?
Taking a risk and starting a business sounds intimidating—but what if you reframed how you see it?
Rather than being:
❌ An employee at the mercy of an employer → You become the employer.
❌ Stuck making less due to inflation → Your highly optimized business generates more money because of inflation (assuming pricing adjustments).
❌ Working 40-50 hours a week → You work when the business needs you, which could be 100 hours or 5 hours—but the choice and systems are entirely in your control.
This isn’t to say everyone should start a business. But in today’s world, there are more ways than ever to generate money outside of a traditional job.
If you’re willing to:
✅ Learn new skills,
✅ Take some risks,
✅ Have some “egg on your face” from failures,
…you might find purpose and freedom you never had before—because you finally control your financial future.
How to Get Rich and Stay Rich
1️⃣ Make the First Million Count
- Save aggressively early.
- Invest in stable, high-quality assets (index funds, real estate, dividend stocks).
- Build passive income streams ([Mailbox Money]).
2️⃣ Avoid “Re-Risking” Your Wealth
- Once you’re financially set, stop chasing risky returns.
- Don’t let FOMO (fear of missing out) push you into bad investments.
- Protect yourself with diversification and smart asset allocation.
3️⃣ Live Below Your Means—Even When You Don’t Have To
- Just because you can afford something doesn’t mean you should.
- Keeping your cost of living stable allows you to stay wealthy without stress.
- Many rich people stay rich because they avoid lifestyle inflation ([Stealth Wealth]).
4️⃣ Master the Capital Preservation Game
- Understand tax strategies and legal ways to minimize capital gains taxes ([The Capital Gains Game: Pay No Taxes]).
- Use estate planning to ensure your wealth isn’t eaten up by poor planning.
- Keep cash reserves to avoid forced selling during market downturns.
Final Thoughts: Win the Game and Quit Playing
Once you win the game, quit playing—or at least stack the deck in your favor.
The goal isn’t to keep starting over—it’s to build lasting wealth that gives you options, freedom, and security.
You only need to get rich once. After that, the focus shifts from risk-taking to risk management. If you can avoid big mistakes, stay disciplined, and let compounding do its magic, you’ll never have to work for money again—because your money will be working for you.
🚀 What do you think? Do you agree that you only need to get rich once, or do you think the game never ends? Let’s discuss in the comments!