Saving goal: $100,000
- Stop acting rich
- Because it's ghetto.
- Don't keep up with the Jones', because they are broke. Unless your name is Jones, ignore the Jones.
- Get a cheaper apartment, house, or a roomie. Housing should be no more than 20% of your monthly income.
- Get a second job or a side gig if you need too.
- Get married and share expenses. Live off one paycheck
- Get your Personal Finances in order
- Stop putting your money in Banks, banking is for suckas.
- Open an investing account at an online brokerage.
- Open a Roth IRA (max it out)
- Open a 401k (if it is offered at your J.O.B and max it out)
- Develop a savings budget
- Start Saving
- 4 years - Save $25,000 per year for 4 years = $100,000
- 5 years - Save $294.36 per week in a index mutual fund earning 10% annually = $100,000
- 5 years - Save 17,500 - $18,000 per year in your 401k for 5 years. Employer match is 3-6% free money, use it! Max it out! $17,500 - $18,000 per year in a 10% index mutual fund x 5 years = $100,000+
- 10 years - Save $10,000 per year for 10 years.
- 18 years - Save $5,500 per year for 18 years = $100,000. Open a free Roth IRA at any online brokerage and max it out. Invest in a index mutual fund making at least 10% per year.
- Create a Strategy
- Learn how to double your money using the Rule of 72
- Reinvest your dividends in a Dividend Reinvestment Plan (DRIP)
- Use Compound Calculators for budgeting savings goals
- Read. Read online Dividends Growth Investors (DGI) and Personal Finance (PF) bloggers and bloggettes. (RIF) Reading is Fundamental.
No comments:
Post a Comment