Let's Talk Careers.

[amazingswayze]

This is going to be a serious, dense post. Follow me. :trouble:

I'm at my Uncle Jimmy's house in San Antonio, Texas right now, visiting for the weekend. He has an amazing property. I'm loving every minute of my stay here. I am at a family party as we speak. Uncle Jimmy is the only role model I have in my family. Uncle Jimmy is a self-made man. He started off in the military at age 18 when he didn't know what else to do. He worked his way through the ranks, and became a medic. At this point, he found his calling in the medical field. One thing led to another, and through various experiences, he found work as a cardiac nurse, ICU nurse, pain nurse, etc. Various 'gigs' as he calls them. Uncle Jimmy is the reason I'm becoming a nurse. :yes:

Uncle Jimmy has encouraged me to think bigger than Nursing. He believes I have the brain to be a doctor. The only reason I don't want to be a Doctor is because it seems like too much work. Trust me, I am aware of the benefits.
I have played around with this idea but as of right now, I have my mind set on a 4 year nursing degree. :yes:

I just met one of Uncle Jimmy's best friends. His name is Jamie. He is a commercial airline pilot who makes $300,000 a year. He saw something in me at first glance and so he sat me down to talk. He broke it down plain and simple. Numbers don't lie. He told me that nursing will not make me a millionaire. I will not be able to provide for my family in the way that I truly want to. He basically showed me that my time is valuable, and that I should think bigger than nursing. :yes:

Jamie gave me a few ideas. He said I should either continue in the medical field and become a doctor, and make those millions; or that I should serve my country in the Air National Guard, have them pay for my education, and become a commercial airline pilot. These careers are what will make me a millionaire. This is how I can fully realize my potential. :yes:

He is willing to mentor me, and I think this is exactly what I need to be successful. I'm too bright to settle for less, and I'm only 17. I still have options. I have the potential to be successful in my own right.

He changed my mind on a few things. I want to be a millionaire. I want to explore the world. I want to live out my dreams. I realized my potential this year. Sadly, some never will. I know what I want out of my life, and I'm going to get it. At all costs. :yes:

This is the bottom line. :wave:
My question for you all. :woo:

How can we become millionaires?

The thread is open for discussion. :box:

 

[Fatal Jay]

It's easy to say you want to be a millionaire

but most people don't want to be put up with the work, pain, stress, to goes with it.

They want instant success

 

[Tenacity]

I would say that it's SIMPLE to become a Millionaire today over a period of time. SIMPLE does not translate into EASY. Here's a couple of options:


1.) My Strategy

I only invest in Business Portfolios and Fixed Income Investments.

So let's say you have a nice profitable business where every $5,000 you invest in it turns into $50,000 in revenue within one year, for $45,000 in profit (900%). Let's say it only takes you about 30 hours a week to operate the business, which is technically part-time. If you keep running that business every year for 20 years, you generate $900,000 in profit. But here's the kicker, if you take that entire $45k in profit (let's say you have a side job that pays your bills) and have invested it in safe/conservative investments at just 3.5% per year, over that 20 year period, at the end of 20 years (by adding $45k per year) you would have also created a side fixed interest gain of $1.4 million. So in 20 years, that's a total of nearly $2.5 million right there before taxes.


2.) Basic Middle Class Income/Average Saving Strategy

Let's say you make $50k a year in a low cost of living area, manage your expenses very well to live below your means and manage to invest $7,500 a year starting at age 25. If you use more aggressive passive growth strategies like a Vanguard S&P Index Fund, and manage to get let's say 6% per year (after fees), by age 65 you will have over $1.3 million.


3.) Upper Middle Class Income/Average Saving Strategy

Let's say you make $80k a year in a low cost of living area, manage your expenses very well to live below your means and manage to invest $12,000 a year starting at age 25. If you use more aggressive passive growth strategies like a Vanguard S&P Index Fund, and manage to get let's say 6% per year (after fees), by age 65 you will have over $2 million.


4.) Working Class Income/Average Saving Strategy

Or, let's just say you have a guy making low income but he still manages to invest $5,000 per year but he starts at age 20. By age 65, he's at nearly $1.2 million based on the same Vanguard Index Fund.


The issue with most people today is that they lack discipline, consistency and persistance. They also make STUPID choices like having kids they can't afford (which means they have very little left every year to invest anything) or getting married and allowing their ex-wives to DRAIN their damn wealth away.

If you can just be willing to make the GOOD CHOICES NOW, your future will be free of stress and headaches.

It's why my signature says: "You only have to do a very few things right in your life, so long as you don’t do too many things wrong.” – Warren Buffet

 

[Tictac]

A million bucks will produce about $5,000/mth pre-tax income.

That is not tits and champagne money.

 

[amazingswayze]

RE: Tictac

A million bucks will produce about $5,000/mth pre-tax income.

That is not tits and champagne money.

I wonder how it feels to have that type of money in your bank account. Financial independence is what I seek. It will take some time, and some serious grinding. Wish me luck. :woo:

 

[The_flying_dutchman]

Who's the one beta male that voted "no"???


EDIT::: okay, who are the two beta males that voted "no"?

 

[PrettyBoyAJ]

Told you man. Nursing will be consistent for you and make you some good money doing it but it's not going to be a lot of money. Yes, enough to be stable and splurge once in a while but your so young right now I don't see why you wouldn't aim higher.

Question for you Tenacity. Do you suggest someone pay off their entire debt (student loans/car loans) or put that money into investments/savings?

 

[Tenacity]

Question for you Tenacity. Do you suggest someone pay off their entire debt (student loans/car loans) or put that money into investments/savings?

Short answer, it depends. Let me break it down for you.

#1.) Federal Student Loans

I got all of my degrees for free through grants/scholarships and tax incentives, but I took out Federal Student Stafford Loans to help bulk up my bank account as well as I used them to help get out of homelessness at the time.

With the changes in the Federal Student Loan Repayment laws, guys with a decent level of income can still qualify for IBR/PAYE to reduce down their minimum payments. When you combine this with a side job of working in a Public Sector position for at least 30 hours a week, after 10 years, you will be able to get SOME LEVEL of forgiveness on the remaining balance of the student loans. So that amount of forgiveness basically will turn that "portion" of the student loan balance into a GRANT.

To me, the Federal Student Loans (with all of these forgiveness and hardship programs baked into them) don't function like traditional forms of debt financing which don't have these baked programs into them. That's why I can never understand how someone can default on a Federal Student Loan? If you leverage the laws properly, you can end up getting a significant portion of those Loans turned into Grants.

Just make sure to get ALL of your student loans through the Federal Government, don't do any Private loans and don't refinance them into any of the P2P Private Loans like SoFi as you lose the baked in hardship and forgiveness programs from the Federal Government.


#2.) Credit Card (Line of Credit)

My total credit limit just got increased again, it stands at over $153,000 across 19 different accounts (13 regular cards, 5 vendor cards, and 1 overdraft line of credit).

If you use these properly, you can obtain the rewards/cashback on them, and then just pay them off before the end of the 23-25 day grace period. OR, you can use the 0% interest for 12 - 18 month deals, in exchange for paying 1% - 3% upfront, which is equivalent to getting a 12 - 18 month loan for only 1% - 3%. You can use these funds to invest in a business for example or just for additional cashflow management where instead of paying everything off within 23 - 25 days of the grace period, you will pay everything off in 12 - 18 months in exhange for the 1% - 3% fee.

Credit Cards give you also all sort of baked in protections like Chargeback Protection.

- If a guy robs you or steals your wallet, then goes on a "swiping spree" everywhere, once you report your card stolen all of those transactions are taken off of YOU. But if you carry a Debit Card and he goes a swiping, the money is GONE until they get it BACK for you in 30 - 90 days. If you carry Cash, you might as well just say that money is GONE because it will be a cold day in hell before the Cops recover it for you.

- If you order something from a business and don't get it, just hit Chargeback and the Bank will take care of it, voiding the transaction off of you. If you use a Debit Card or Check, it will take 30 - 90 days to dispute but the money is GONE until the dispute is over and they get it BACK. If you use Cash, you will have to sue the Merchant and get the money through a judgment/collection, in which you might as well just say the money is GONE because it will be hard as well to collect in that situation.


#3.) Shared Secured Loans and Credit Cards

If you need to build your credit, use these programs to get started. A Shared Secured Loan basically takes $2,000 that you have in a bank account for example, locks it up, and loans you that $2,000 back out with let's say 2% interest. You pay it back over 2 years for example and it reports on your Credit Report as an Installment Loan that you paid off in full with good history in 2 years. Same with the Credit Card. That helps you build positive credit history so you can eventually qualify for a regular line of credit or loan. With this, you obviously want to let the loan go to the end of the term so the history can be shown and built up.


So in short, it depends. Debt Financing should be used as leverage and cashflow management tools, which are priceless. Once you have those tools in place, then of course you should be looking at doing your savings/investment strategies.

 

[prison/con.net]

google salaries for 'nurse anethecist". start at 120k per year, with just a master's degree and soon be at 180k per year. but you must make GREAT grades in college

 

[amazingswayze]

Is this true?

google salaries for 'nurse anethecist". start at 120k per year, with just a master's degree and soon be at 180k per year. but you must make GREAT grades in college

My uncle told me that this profession requires a doctorate. I would only need a master's degree? Is this accurate?

 

[prison/con.net]

can you read? did I say to google the salary?

 

[FairShake]

My uncle told me that this profession requires a doctorate. I would only need a master's degree? Is this accurate?

I've worked in an O.R. before and most hospitals, if not already requiring a clinical doctorate for nurse anesthetists, will be moving towards that requirement soon. Just like hospitals requiring BSNs for floor nurses and clinical doctorates for CRNPs.

Personally I could care less about having a million dollars. It's just a number. Comfort and security and opportunity for me and my family is most important. I could do that on a million. Or less. Or more. When you start getting into numbers it becomes a proof and comparison game and I know that's not the key to my happiness.

That said, the "middle class savings strategy" outlined above is pretty close to what I'm doing.