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My goals are very clear to me, my vision for where I want to go is clear, one of those goals for my life is to become a husband. I want a family, but I also want a business. Since I'm a list kinda person, here is my list.
Graduate College
Get married
Have a family
Start a business (Currently I'm doing freelance web design)
Become a millionaire by 30
The goal I'm focused most on right now is graduating college (I start next month). After which I want to shift my attention on becoming a millionaire by 30. To become wealthy in America, you must increase your net worth. That is your assets minus liabilities = net worth. By 30 I want a net worth of $1,000,000 +.
How can I get there?
I believe firmly in the fact that if I ever want to get there I should start a business. Currently I'm running a business that started as a hobby, it still is a hobby. I built websites for fun until I realized I could make money doing it. So far I've made close to $180, and invested $121 in it. I've made close to a 48% return this year not counting the value of some free software I've received, other wise I'm looking at a 370% return.
Web design
Currently I don't make nearly enough to support my self either through web design or my job. I hope to eventually make $3000-$4000 a month doing web design to support my self, then start another business in the computer industry. I've got 2 clients right now, I've got 4 others who are interested. I need to get some training on Flash and expand into custom script creation, learn some Ajax/JavaScript, and maybe a little PHP. I hope to finish this year off with a $500 profit, and next year make closer to $1000.
Investing - IRA
Right now I've got $600 put away for retirement, I might break that in half and save $300 for a car and put the rest in a CD account right now, I'm looking @ ING's IRA's but they average 5% return and have an expense of 1.4 % I think. I might just take the $600 put it into a CD account after I pay for my first semester of college, for 6 months and hope I don't need it soon. I might see if I can get a 3 month CD, just in case I need the money next year. Then invest it into my Roth IRA mutual fund. And let the $1000 grow until I get out of college, and save any additional money for a car. (I want a used 2000-2007 mini cooper. I hope I can get one for $5000 by the end of my first 2 years of college.
Right now I build websites, work at my church as a IT intern, focus most of my time on energy learning about money, and trying to pick my first mutual fund.
Current Net Worth: Close to $3000 liquid assets (cash), No debt, however $1400 college tutition coming up + books.
Maybe I'll start a college finance blog. Maybe JD can give me some tips on writing on personal finance.
That's it for now.
-Adam
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