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million bucks
I've graduated college. I have a job that pays something like $15,000 a year. (I don't have a clue what I make. It doesn't matter to me.) I like this job, and don't want to change jobs.
Is there any way I can be a millionaire befoe I retire? (This is a severely economically depressed area, so I'm not sure that taking a second job's much of an option, even if I had the time to do it.)
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Maybe give some free advice about: Personal Finance?
Well, the first thing you'll have to do is save money. Though this may be obvious, so many people nowadays bury themselves in debt, forcing them to spend a lifetime paying off interest instead of depositing money in an account. If you start saving now, you should have a large chunk of money put away by the time you retire, without even taking into account Social Security. A million dollars is a lot of money, but you'd be more likely to get there by saving money instead of buying lottery tickets to try to win as much.
A good investment portfolio, as risky as you're comfortable with, will earn you much more interest than a mere savings account. I won't claim to be a financial advisor, but I've heard that a good mix of stocks, bonds, and mutual funds is good to have. With the stock market so bad right now, you might want to have more invested in bonds. Even though they pay less right now due to low interest rates, at least you won't lose your money the next time stocks take a dive.
I don't know if your job could be done on its own, but many people have become successful on their own by starting a small business. If you feel knowledgeable enough about what you do and are comfortable with the risks involved, that could provide an opportunity to earn large amounts of money in the long term.
It will be a long time before you amass anywhere near a million dollars, so I'd advise making more reasonable, "stepping-stone" goals, of maybe 100,000 dollar increments, to help you feel you are making progress. Saving and earning a million dollars won't be easy or done quickly, so money-management skills and patience are a must.
Fidelity Investments: www.fidelity.com
Putnam Investments: www.putnaminvestments.com
Edward Jones: www.edwardjones.com
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