Adam's plan

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boldinvest
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Joined: Fri Jul 13, 2007 3:17 pm
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Adam's plan

Postby boldinvest » Sun Jul 15, 2007 4:40 pm

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

Baker
Posts: 260
Joined: Sun Jun 10, 2007 6:00 pm
Location: Chicago, IL
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Postby Baker » Sun Jul 15, 2007 4:59 pm

Those are some extremely ambitious goals. I wish you all the best with them. Just be prepared for set back. While you can easily make a lot of money running your own business, you can just easily end up bankrupt.

You may want to pick up a copy of the July issue of Money magazine. The cover Article "getting rich in America" talks all about the risk, reward, and realities of being an entrepreneur.


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