5 Million Dollars. 10 Years. This is the story of my journey.
These days, hardly a day can go by without something about Wall Street bonuses in the news. The fact that banks like Merrill Lynch paid out $15 billion bonuses after $42 billion losses, or that Citigroup paid out $4 billion after two multibillion-dollar rescues, have been discussed and beaten to death. People were outraged, politicians were in [...]
Changes since last update: The job Whoah. What a year. The job cuts are coming, and seriously, nobody is safe. NOBODY is safe. I thought “headcount reduction” was something that would happen to other teams, but not mine. My team handles a critical business function, and we have been doing really well despite the economy [...]
WRONG. If we’re talking about living a good, comfortable life, sure, past a certain amount, it’s not about how much money you make, but more about what you do with that money, and managing your expectation. But if we’re talking about becoming a millionaire, then it’s a whole another discussion altogether. This whole “it’s not [...]
Since the last update, there have been a few changes: The business has been going slowly unfortunately. Load at work has been unbelievable. Thanks to the economy, I think it’s quite realistic to say that my target of getting a 6-month bonus for 2008 ain’t gonna happen The market has been so volatile, I’ve decided [...]
Clever Dude wonders whether he’s rich. He observed that families with 6-figure income weren’t living the lives of rich people. Well, converted to US dollars, I’ve got 6-figure. After tax. My family definitely do not live like “rich people”. J. Money at Budgets are Sexy asks himself whether he’d be rich if he earned $150k/year. J. Money [...]
Go to any forums or blogs about salary, wealth building, or personal finance, and I can almost guarantee that you’ll see people with this “either/or” mentality making comments like these: “He might be rich, but he may not be happy.” “What’s the use of having a lot of money if you have no life?” “I [...]
A few key highlights: I’ve started a business so I can claim deductions for my business-related expenditures I’ve decided to dedicate my resources to learn Forex trading till the end of 2008. I’ve decided to try to save 80% of my salary every month till I’ve got a safety net to put aside.
You know what they say about goals. They have to be SMARTER. So here’s the SMARTERified version of this goal! Specific: I want to build a net worth of 5 million dollars, within a decade. Measurable: The objective is achieved when I have built a net worth of 5 million dollars. That translates to about [...]
5 Million. 10 Years. A naive way to calculate this would be to divide 5 million with 10 years–so per year I’ve gotta earn around 500 thousand dollars. Which is a joke really, considering my current income level But it’s actually a bit more complicated than that, just like we can see from Paul Lutus‘s [...]