I remember many years ago when I was a kid sitting around the dinner table and the family discussion turned to what you would do if you won $1m on lotto. It was always fun imagining what we would do with our newfound fortune. We were talking about buying houses, going on a holiday, selecting a new car, and giving money to our closest family and friends.
But after some quick calculations, it was clear there was not much imaginary lotto money left. Suddenly we were reducing the amount we were giving to family and friends, getting a cheaper car and scaling back the holidays. There was a major problem, but it was not a financial one. It was clear to me that even in our dreams of winning the lottery we had self-imposed financial limits.
I remember saying to mum and dad, “Why don’t we just pretend we won $5m or $10m?” Everyone stopped for a minute and recalibrated. We were rich again now and there was more than enough to go around. That conversation stuck with me for the rest of my life and had a profound effect on my mindset. It was a great insight into the way people limit themselves. It made me realise that if people think like that when they dream, how limiting must their thinking and expectations be in everyday life?
Admittedly, Australia often isn’t the best place to cultivate big ambitious thinking. Tall Poppy Syndrome is alive and well. We love it when people have a go but not when people get too big for their boots. We like people to do well but not too well. I guess it's why we are the ‘lucky country’ and not the ‘massively ambitious overachieving country.’
Too often people with big dreams are discouraged by well-meaning family and friends who haven’t succeeded in achieving their dreams. We limit ourselves to smaller goals because they are more acceptable. If our goals are big, we feel self-conscious about sharing them. I think we learn that at an early age and stop dreaming big and eventually forget how.
For any young people out there, if you have a big dream go for it. But don’t waste time. Don’t get caught up in talking about it. Pursue your dream relentlessly until you make it happen. Don’t do it to impress anyone or do it for anyone but you. Life is too short to spend chasing a goal for someone else.
For any older people out there, if you have a big dream, what’s stopping you? It’s easy to become shackled within the confines of everyday life, especially once you have kids and responsibilities. But life is short and there is no better time than now to start planning to do what you’ve always wanted to do. Find a way to start working on it now so you don’t regret it later.
So next time you hear someone talk about a crazy big dream that makes you raise your eyebrows, why not take a moment to wish them well and remind them to go all in and enjoy the journey ahead. It might just be the encouragement they need at the right time to help them, on their way to becoming the next champion athlete or business success story.
General Disclaimer: This information is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different, and you should seek advice from an investment adviser who can consider if the strategies and products are right for you. Historical performance is often not a reliable indicator of future performance. You should not rely solely on historical performance to make investment decisions.