Currently my job pays me just above minimum wage and even though I'm living with other people it's hard to keep my head above debt with the few bills I have. My job is so back breaking and underpayed that the goals I had for myself feel like they're slipping away. I wanted to get a Class A CDL and make a better pay check and also go to college but I've been doing the math and with bills to pay and very little reserve I don't think I'll reach $1,000,000 US dollars in the next 20 years.. hell I can't even keep $20 in my bank account right now. How do I reach my goal? Surely by working pay check to pay check I'll have nothing in the future so what can I do? Should I start my own business or learn about the stock market? Thank you for any advice.
2007-01-14 12:51:04 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Congratulations... you have started the goal process by (a) writing it down; (b) having a destination and a time frame; and (c) having a few options to consider that may just help you reach your goal. BUT... on the down side, is the goal really realistic? I mean $1,000,000 in 20 years would require you to save $1400/mo at 10% or $1800/mo at 8% return in a tax free account. You will need to boost your income NOW in order to make that kind of money and the longer you wait, the more you'll need to save/invest/earn. I am not saying you cannot do it... I am saying it's not going to be easy. The stock market is not going to help you without alot of risk and that's not tax free. Your own business is definately something to consider but that has its own risks and rewards. Education is definately something to consider whether that's a CDL, business degree, or majoring in puppet making. You will get out of life what you put into it. Now, being a millionaire is a mindset so you'll have to change your way of thinking. Believe that you CAN do it because you CAN but don't write about what you cannot do. Instead start to brainstorm what you can do by creating and living a plan, reviewing your goals, educating yourself, and believing. Your local library will have some incredible books about money: making it, saving it, investing it, and respecting it.
2007-01-14 13:11:50 · answer #1 · answered by Anonymous · 2⤊ 0⤋
First, write down what you make and what you spend... you might have to do this for an entire month, but you need to know where your money goes. You might be surprised. You should also write down your goals. Next, you'll want to study a number of books, to see how other people do it. I recommend books by Suze Orman, Brian Tracy and Charles B. Carlson, plus "Rich Dad, Poor Dad" and "The Millionaire Next Door." If getting your Class A CDL means more money, start aiming for that, and also networking to find people who can mentor you and help you on your way up. Once you have it, use your spare time to start studying -- you may not need a college degree, but more education will help you a lot. You might want to focus on finance and investing, so you'll know what to do with the money you make. Starting your own business is tough, so you won't want to give up your day job until you have to, because it sounds like you have no safety net to fall back on.
Don't lose your ambition! Keep going! You can make it!
2007-01-14 18:43:14 · answer #2 · answered by Katherine W 7 · 2⤊ 0⤋
Learning new things is always a good thing. It will all come down to the time value of money for yourself for studying. First thing you should do is probably eliminate as many things you dont need in life. Buy cheaper beer or less food. Minimize your cell phone bill. After that I would roll up my sleeves and work your butt off. Nothing is going ot be given to you, you have to take what you want in life and remain focused. Write down some realistic goals and make sure you are striving to acheieve them everyday.
2007-01-14 13:02:13 · answer #3 · answered by aP 2 · 0⤊ 0⤋
Know this, you'll never become a millionaire working for someone else. If you want to reach your goal you will have to work for yourself. By the way, every person in the world has the same goal as you when they are your age.
2007-01-14 12:56:50 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Get a second job.
Save at least 50% of your salary.
Go to College.
If you go to Brown, Columbia, Darthmouth, Cornell, Harvard, Princeton, Pennsylvania or Yale you will make at least $100,000.00 USD every year.
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2007-01-14 15:19:26 · answer #6 · answered by thomascook20042003 1 · 1⤊ 2⤋