Great message, Jeff. When I look at big goals, or even incremental goals, I like to break them down into bite size bits. Earning $100,000 a year seems difficult in many situations, but it seems easier when you break it down to $8,350 a month, or roughly $280 a day. Sure, that is aggressive for many salaries, but there are many ways to fill the gaps with side income, owning a small business, consulting, freelance work, etc. The same concept works for any number or goal you want to reach. Find out where you are, and what it will take to reach the next step. It’s much more attainable when you make incremental goals.
I couldn’t disagree more. The concept of systematic saving and hoping for a solid average return in the markets isn’t something that I believe in anymore. I’m 32, and have been investing in the markets since I was 18, under the assumption that if I set up automatic contributions throughout my life I would ultimately be “rich”. I started by maxing out my SEP-IRA and then by maxing my Roth. I invest monthly in a range of products, again, all with the goal of cost averaging the market to my benefit over time. Fast forward 14 years from when I began, and I have accumulated less than $60k. My invested dollar amount exceeds my current total, as it did even at the recent market highs in 2007. In other words, investing for the long haul doesn’t work like it used to, particularly for my generation. The first decade of wage earning is the most important in terms of compounding interest, and we have just experienced a completely lost decade. The hopes for recovery to make up for that lost decade (14 yrs in my case) do not appear reasonable. David
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Get started. If you want to become a millionaire, you need to decide to do it and get started. If you are not able to save money right now because of debt or other financial obligations, you should work on those issues first. A good place to start is with Dave Ramsey’s Baby Steps. This is a tried and true method for setting up an emergency fund, paying down debt, and beginning your investments. Once you have that started, you can begin your million dollar journey.
Be professional. When you submit a résumé, don’t type it in ALL CAPS and please don’t avoid the caps lock like the plague. Know how to use it without looking incompetent. Write in complete sentences with proper grammar. Of course, there will be exceptions, but even with the exceptions, you must keep it professional. You’re building their view of you.
Become a freelancer in an area where you have expertise. If you have a skill that’s in demand, you can sell your services directly to clients who need them. Advertise your services on a personal website and look for freelancing jobs on sites like Upwork, Freelancer, and Fivrr. Additionally, hand out business cards and encourage happy clients to tell others about your work. Here are some ways you can earn money as a freelancer:
If you don’t already have a job, you can try your luck with a day labor agency in your area such as Labor Works or People Ready. Generally, these jobs are of the low-skill, low-pay variety — construction helper, mover, retail or warehouse work. Arrive early in the morning, and if you’re chosen for a job, you’ll work that same day and receive payment at the end of your shift.
I have a question. I am 24 and I just started selling commercial insurance. My wife and I have about 70 k in student loans which we plan on paying back asap. I am going to have an additional 10k on top of my salary next year which I plan on saving until the end of the year and allocating it as I see fit. Everything I read says “compounding interest is the bomb” but then says “don’t save, pay down debt”. Now, I hate debt but I want to take full advantage of our young age and compounding interest. What would you recommend I do with extra 10k if we already put and extra $200 towards debt a month and we have an emegency fund in place? Fully Fund our IRA’s for the year or pay down a loan? I feel like there is no right or wrong answer. Your thoughts?
This is a true classic in my opinion on not merely how to get rich but how to be rich as the title suggests.Mr.Getty espouses the inherent believe or rather conviction that wealth is far greater than what price a person put's upon himself or the principles that govern this thought but that as a man values himself is the ultimate litmus of his true worth.
If you have experience with marketing, SEO, or a knack for getting people excited about the products and services you use on a regular basis, think about refining your skills and putting them to work making money online as a small business marketing consultant in your region—especially if you can become a local SEO expert and can help local clients rank higher in their search results.