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As I type this, I’m sitting in my hotel room at the Wynn in Las Vegas on the 53rd floor overlooking the famous Vegas strip. I was born and raised in Winnipeg, Manitoba, Canada and still live there today. When I saw the breathtaking view from the 53rd floor of the Wynn Las Vegas for the first time, I realized that the tallest building in Winnipeg is roughly half of the height of the Wynn hotel.
Everything is bigger in Vegas, and I always enjoy spending a few days on the strip. I’m always amazed at the different businesses that can survive and thrive in the middle of the desert in the USA where the entire economy runs on tourism. Virtually no money is made in Vegas, it is earned all over the world and spent on the strip.
I have been to Las Vegas 4 times in the past 4 years, mostly for real estate conventions, and every time I come to Vegas, I have to see the Wynn hotel. The man who re-invented Las Vegas was a man by the name of Steve Wynn. Steve Wynn is one of my heroes and an American success story. He started out in business with a dead father, $350,000 of inherited gambling debts and a family run Las Vegas bingo hall. Over his lifetime he has become one of the top 500 richest men in the world, achieved billionaire status, transformed Las Vegas from a seedy mafia run town into a world-class luxury destination, and owns one of the most impressive art collections in the world.
On this particular Vegas trip, I made a point of staying in Steve Wynn’s flagship hotel – The Wynn.
I love to visit the Las Vegas strip because we get to see the best of everything. The best chefs in the world have restaurants on the strip, the best entertainers have shows, the best retailers have shops and the best developers have hotels and casinos. All of these amenities attract the wealthiest people from around the world to come and enjoy the collection of “the best”.
Being surrounded by the best got me thinking about the value that must be provided to achieve great wealth in this world:
To become a $1 million dollar man, you must become the best locally
Becoming a millionaire is easier than ever today. To do so, you must follow this very simple formula: 1) become the best at something 2) monetize it. You can become the best at making pizzas, singing, flipping houses, painting, construction, just about anything. If you become the local best and monetize properly, I can guarantee that you will become a million dollar man (or woman).
To become a $10 million dollar man, you must become the best in the world
Becoming a $10 million dollar man is similar to becoming a $1 million dollar man, except; you must extend your reach and become the best in the world. A local chef can become a millionaire, but an internationally renowned celebrity chef like Gordon Ramsey is worth in excess of $50 million dollars.
To become a $100 million dollar man, you must change an industry
To make the leap from a $10 million dollar man to $100 million dollars takes a much larger vision and much larger organization. People who are worth $100 million dollars or more have changed industries. Rappers like P. Diddy, Jay-Z and Dr. Dre are all in excess of $100 million dollars and have changed both the music industry and several other industries that they partake in.
To become a $1 Billion dollar man, you must change the world
The highest rewards are reserved for those who can carry out the greatest visions. Those who change the world are the ones who can achieve billionaire status. People like George Lucas, Oprah Winfrey, Steven Spielberg, Steve Jobs, Steve Wynn, Donald Trump, and JK Rowling are people who have impacted the world in such a big way that they have become worthy of amassing such a fortune.
For many of these people, millionaires, deca-millionaires and billionaires, their vision is more about changing their surroundings and changing the world than it is about money… However, it’s always nice to have a few spare dollars.