5 Million Dollars. 10 Years. This is the story of my journey.
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 situation. Why let [...]
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 about how [...]
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 to [...]
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 feels [...]
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 have to backstab [...]
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 USD3.5 million [...]
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 [...]
