| A little info on me and a couple questions.... |
|
|
|
|
|
USC_bound
New Member
Cash: $ 1.25
Posts: 6
Joined: 19 Nov 2009
|
| A little info on me and a couple questions.... |
 |
|
I'm a 20 year old kid and my life has been pretty easy. didn't work much growing up, had one job that lasted a month. My parents provided me with almost everything but when I did earn money I would just go out and blow it!
These past few months have been a real reality check for me. My parents finally made me get off my lazy butt and get a job. The thing is, I wish I had the motivation to do this sooner because i'm loving every second of work. I currently work part time at a Nike clearance store. I'm also looking for a second job right now to get a little more cash flow coming in.
Working has made me appreciate A LOT of things I took for granted and it's helped me realize I need to go back to school. I applied to Santa Monica College, where I will be starting in August. Two of my friends and I will be moving down there at the beginning of summer, Where we will work and attend school. After that I would like to transfer to USC for either a degree in public relation or broadcast journalism.
Now that I shared some info on me i've got a few questions...It's my goal to save at least one million dollars by the time I’m 45. How would I go about doing this? Any tips or books I could read would be great too!
Also any advice on how to save money or make a little extra cash would be great. Thank you!
|
Fri Nov 20, 2009 12:01 am |
|
|
oldguy
Senior Member
Cash: $ 275.10
Posts: 1313
Joined: 21 May 2006
Location: arizona
|
|
|
|
quote:
It's my goal to save at least one million dollars by the time I’m 45. How would I go about doing this?
Actually, $1M in 25 yrs isn't all that difficult. Invest $7000/yr into a 12% Market Index Fund and you'll have it. But it requires patience and discipline. Eg, the first $7000 will be $120,000 of your $1M - and your 25th $7000 will be only $7000 of your $1M. So you cannot skip one occasionally for a new car or some other pseudo-emergency. All 25 contributions need to be made in the appropriate year. In my own case, I maxed the 401k contribution during my engineering career - the first $1M came up surprisingly fast.
quote:
for either a degree in public relation or broadcast journalism.
Something else to consider. We hear from kids with $100,000 student loans and a degree in social work or liberal arts or communications - then they learn that those jobs pay close to minimum wage so they will be struggling repaying the loan in 30 years. So get a degree in a marketable field. The applied skills degrees - engineer, accountant, teacher, nurse - all start out at $50,000 to $70,000 right out of school. Conversely, the grads with 'soft' degrees start at under $30,000 and have a heck of a time getting a job in the first year.
|
|
Fri Nov 20, 2009 12:45 am |
|
|
coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
|
It's posts like this that absolutely make my day. Make my week. Maybe even my month. My year?  This is the part of the post I like the best:
quote:
I wish I had the motivation to do this sooner because i'm loving every second of work
Kudos to you!!
Oldguy gave you some numbers. I think his numbers are a bit too optimistic, so I ran some on the conservative side: assuming 8% growth of invested capital, and assuming you increase the contribution by 3% per year (typical figures for conservative growth and for inflation), then you need to start with $10K per year to reach $1mil at age 45.
A couple things to consider:
Rather than setting that kind of a target, I'd set a target of how much you want to grow, say you take Oldguy's number and shoot for 12% per year. More than likely, you'll want to continue working and adding to your net worth rather than stopping at some arbitrary number.
~Tim~
Eye Candy : Why Whimsy
|
|
Fri Nov 20, 2009 12:54 am |
|
|
JamesKim
Senior Member
Cash: $ 46.35
Posts: 216
Joined: 26 Sep 2007
|
|
|
|
Hey man, it's great to hear someone that is true and real. I'm only 22 and I used to be in your position. Worked at a store which no longer existed, moved on to intern at an investment firm, and now I'm a financial accountant. Never paid much in school loans because of grants and mostly scholarships. My goal is to save $1million by the time I'm 30. I think everyone should have to goal that requires them to work diligently and make smart decisions. My view with money unused is to place it where it will actually grow.
Don't let anyone discourage you because you work at a retail store. Many of my "friends" laughed because I worked with aprons on. But because I realized how much it sucked and how much work I had to do to earn low wage, I studied harder. Ended up getting straight A's in most of my classes. Now all my "friends" are still in college, never graduated on time, or jobless. Do what's in your heart, and be diligent and humble. You'll be fine in the future and I'm sure you'll reach all your goals.
|
|
Fri Nov 20, 2009 1:11 am |
|
|
USC_bound
New Member
Cash: $ 1.25
Posts: 6
Joined: 19 Nov 2009
|
Thanks guys.Yeah i get A LOT of friends making fun of me because I work retail but I just laugh at them because they have no job what so ever or are stuck at a job they don’t like.
Now about the student loans. Thats why im going to community college first. its not as expensive and once two years is done with, my grades WILL get me scholarships to universities. I want to settle in California and that’s why i choose to move there and attend SMC. It's going to consume quite a bit of money those first two years for apartment, water, power, and everything else we have to purchase but its a chance im willing to take because those two years will get me in state tuition if I don’t decide to attend USC.
As for my degree choice in broadcast journalism or PR its still up in the air. I may take a few business classes and see how I fair in those and look into it if its somthing I enjoy doing. I'm also looking at becoming a teacher cause I enjoy kids.
|
|
Fri Nov 20, 2009 2:19 am |
|
|
Raptor
Full Member
Cash: $ 14.50
Posts: 70
Joined: 15 Nov 2009
Location: Missouri
|
Great goal. My advice is you can't get rich if you spend it all. Saving can become addicitive, just keep increasing the amount you save every month until you reach the amount required. Be prepared to go without things that your peers enjoy.
|
|
Fri Nov 20, 2009 2:32 am |
|
|
oldguy
Senior Member
Cash: $ 275.10
Posts: 1313
Joined: 21 May 2006
Location: arizona
|
quote:
As for my degree choice in broadcast journalism or PR its still up in the air. I may take a few business classes and see how I fair in those and look into it if its somthing I enjoy doing. I'm also looking at becoming a teacher
Do you have an apititude for math or science? During the last 20 or 25 years the US schools have fallen way behind the world in math and science - EU high school grads laugh at US math, it is that bad. That is one reason why US companies have to search overseas to get employees for our technical jobs - our schools just aren't getting it done. The point is - if you can get a BS in math or science you can almost write your own ticket, you can get a job anywhere and at a high salary. That includes teaching - a math teacher is golden these days.
It depends on what you are good at - obviously the soft subjects are easier in college so you'll get some kind of degree. But if your skills fall toward math, build on it. 
|
|
Fri Nov 20, 2009 2:33 am |
|
|
USC_bound
New Member
Cash: $ 1.25
Posts: 6
Joined: 19 Nov 2009
|
Well I havent been in school for like two and half years but the last class I took was pre-calc and got a A in it. It was really easy to me. I remember on one test I realized I had gotten one wrong but just didnt want to fix it so I left it like that. Not the best thing to do but I only did that cause i could afford to.
The way I think about not having what my peers have is. they may have that stuff now but what will they have when they are older, If they are just blowing their money on the new game or a pair of $150 Nike's. I'd rather have a future in my life that lets me retire earlier and pay for my future children's education.
|
|
Fri Nov 20, 2009 5:03 am |
|
|
littleroc02us
Senior Member
Cash: $ 180.50
Posts: 892
Joined: 09 Feb 2009
|
Good job man. I'm proud of your maturity. I didn't have a clue myself until I was about 34. So your doing quite well. Save, save, save, invest, invest, invest. Compound interest is key.
|
|
Fri Nov 20, 2009 2:36 pm |
|
|
coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
|
Do what you enjoy doing and are good at. Money isn't everything. 
~Tim~
Eye Candy : Why Whimsy
|
|
Fri Nov 20, 2009 3:49 pm |
|
|
USC_bound
New Member
Cash: $ 1.25
Posts: 6
Joined: 19 Nov 2009
|
Thanks. I'm just glad I figured this out sooner rather than later. I applied at like 10 different places today for a second job and I hope I get one but im gonna be applying to more after work tomorrow.
Money may not be everything but it does mean A LOT! 
|
|
Sat Nov 21, 2009 5:31 am |
|
|
USC_bound
New Member
Cash: $ 1.25
Posts: 6
Joined: 19 Nov 2009
|
Still dont have a second job yet. 
|
|
Tue Dec 08, 2009 11:22 pm |
|
|
coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
|
That's OK; you're already working on your next major character development without even realizing it: PATIENCE
~Tim~
Eye Candy : Why Whimsy
|
|
Wed Dec 09, 2009 1:48 am |
|
|
USC_bound
New Member
Cash: $ 1.25
Posts: 6
Joined: 19 Nov 2009
|
Just to update everyone on my situation. California is out of my plans right now. I will be moving to Gainesville, Florida in June. Going to attend the community college there then transfer to UF.
I am choosing to do this because its cheaper to live there and I will also be working a warehouse job that pays $12 an hour.
|
|
Tue Dec 15, 2009 5:46 am |
|
|
coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
|
Thanks for the update!! Best wishes for the move, and have a great Christmas!!
~Tim~
Eye Candy : Why Whimsy
|
|
Tue Dec 15, 2009 7:33 am |
|
|
|
