How to make $50,000 per year in 7 years is the goal that most athletes strive for.
While some of us reach this goal and some of you don’t, there is no denying the fact that it is achievable for most.
The main problem with starting out with $50K is that you are bound to have a hard time staying on track.
But what if you already have a plan in place?
Here are 7 things you can do to get started and make it happen.
1.
Start with a Plan You should have a clear idea of what you want to achieve in your life.
Don’t settle for a vague goal like, “I want to travel to the moon”.
Your goal should be to get to a point where you are at the point where all your goals are aligned and you have a solid plan to accomplish that goal.
Don: Have a clear vision for what you can achieve 2.
Identify Your Goals The first step to starting out on your goals is identifying your goals.
The best way to do this is to start by asking yourself what your current life goals are.
These are usually things that you feel good about and would like to achieve.
When you are working on your plan, you want your goals to be aligned with your goals as well.
You should also be aware of the amount of money you are willing to invest in your career.
If you are already working in finance, you may have an existing portfolio that you can use to help you identify the money that you need to start your plan.
3.
Plan Your Spending You should be budgeting for all the expenses that you will have to deal with in the next few years.
These expenses will be things like rent, groceries, food, etc. So before you get started, make sure you have the budgeting figured out so that you have an idea of how much you need in the near future.
This way you can keep track of how your money is spent and where it is going.
4.
Establish a Budget If you have never been budgeting before, start by setting a goal that you know you can meet.
Set your goal in the year or two before you plan to leave for school, and you should have the savings to meet it.
The first time you start to budget, you will likely not have the exact amount of cash that you set aside.
So, you can start by creating a list of things that will be covered for the first year of your plan and the amount that you plan on spending in the second year.
The money that is left over in your portfolio should be used to pay for these expenses.
5.
Set a Goal To help you get organized, set a goal to achieve a certain amount of the following: $1,000/week in net worth in the first 6 months.
$1k/week or less in net wealth in the last year.
$50/week, or less, in net assets.
The amount of net wealth that you want is going to depend on the amount you want in networth.
For example, if you want a net worth of $1 million, you would want to set your goal at $50 million in net financial assets in the 6 months before you leave for college.
6.
Plan your Spending Make sure that you do not have too much money in the bank at any given time.
Budgeting should be a habit that you take for granted, so make sure that the money you have in the account is enough to cover your expenses and your living expenses.
7.
Set Your Goals You should know that you cannot reach your goal with just one goal.
So you will need to have several different goals and then work out how to reach them.
The goal that comes to mind when you set your goals should be one that you would like your life to be, or one that is in line with your values.
For instance, if your goal is to reach the top of the mountains, you could set it as a $1M goal in 2018.
You can then work on increasing your net wealth to $1.2 million in 2019, and then you can add another $500,000 in 2019.
You could then have a goal of reaching the moon, and your goal would be to do that in 2024.
Your goal would have to be consistent throughout the year.
So if you are thinking of setting a new goal every 6 months, you should set your target to reach $1 Million in 2018 and $1 Billion in 2019 and 2020.
You might want to consider a goal for your current salary.
Set this goal to $25,000 every year and then add another 50,000 to $75,000 each year after that.
For more tips on starting a budget, check out the following articles: