Tips for creating wealth on 30k annually

[suckseed]

My job has offered me a 401k. At first they said they matched my contribution...but it turns out it maxes out at a much lower rate. I tend to pay cash for everything, and often have less than $1000 in my account. I was a professional musician a few years ago, and want to do that again, so my income won't be going up for a while. But the 401k offer I'm pondering has me thinking about others who have managed to build up a substantial portfolio without simply earning a fat income. I'm wondering whether anyone has any suggestions, including websites or books for me. It sure would be nice to be free from financial anxiety.

[Jericho]

D'ja feel lucky?

[ILuvGurls]

find a sugar mama.

[wombat33]

My job has offered me a 401k. At first they said they matched my contribution...but it turns out it maxes out at a much lower rate. I tend to pay cash for everything, and often have less than $1000 in my account. I was a professional musician a few years ago, and want to do that again, so my income won't be going up for a while. But the 401k offer I'm pondering has me thinking about others who have managed to build up a substantial portfolio without simply earning a fat income. I'm wondering whether anyone has any suggestions, including websites or books for me. It sure would be nice to be free from financial anxiety.


GET A RICH GIRLFRIEND WHO ALSO LOVES TRANNIES. IT WORKED FOR ME :)

[suckseed]

:lol: :lol: :lol:
Now why didn't I see these responses coming?

[hwbs]

i have a friend that specializes in this field... he sent me this link to help understand about the market with your 401k...



http://www.financialsense.com/

[IWantATgirl]

Personally I have done well for the past few years on a Salary that is 30k and less. Im not saying that I am ready for retirement, but I got a nice foot hold. My big thing was to get into a Roth IRA, I have some mutuals that I put some money into once and it has just been sitting. Also get into the 401k, I was in mine at my last job and they didnt match anything and I ended up with 10k when I lef and I didnt even miss it when I was working. I am far from a millionaire but saving some coin helps.

[phxguy]

My job has offered me a 401k. At first they said they matched my contribution...but it turns out it maxes out at a much lower rate. I tend to pay cash for everything, and often have less than $1000 in my account. I was a professional musician a few years ago, and want to do that again, so my income won't be going up for a while. But the 401k offer I'm pondering has me thinking about others who have managed to build up a substantial portfolio without simply earning a fat income. I'm wondering whether anyone has any suggestions, including websites or books for me. It sure would be nice to be free from financial anxiety.

Uh, robbing a bank? Pick-pocketing???

Just being silly. :lol:

[Kriss]

My job has offered me a 401k.


What is 401? Is that like those 419 deals from nigeria?

[TomSelis]

Personally I have done well for the past few years on a Salary that is 30k and less. Im not saying that I am ready for retirement, but I got a nice foot hold. My big thing was to get into a Roth IRA, I have some mutuals that I put some money into once and it has just been sitting. Also get into the 401k, I was in mine at my last job and they didnt match anything and I ended up with 10k when I lef and I didnt even miss it when I was working. I am far from a millionaire but saving some coin helps.

That's good advice, fifty to one hundred dollars per paycheck will set you up nicely over the years. Compound interest is a beautiful thing.

[Linsey]

Compound interest is a beautiful thing.

"The most pwerful force in the universe is compound interest." Albert Einstein


-Linsey :)

[mpcc2004]

Find some way to get paid for posting on an internet message board and then go on a Kelly style rampage of posting anything and everything you can. You would be very rich very quick.

[wombat33]

My job has offered me a 401k. At first they said they matched my contribution...but it turns out it maxes out at a much lower rate. I tend to pay cash for everything, and often have less than $1000 in my account. I was a professional musician a few years ago, and want to do that again, so my income won't be going up for a while. But the 401k offer I'm pondering has me thinking about others who have managed to build up a substantial portfolio without simply earning a fat income. I'm wondering whether anyone has any suggestions, including websites or books for me. It sure would be nice to be free from financial anxiety.

HERE ARE SOME OF MY BEST SAVERS THAT I EPLOYEED A WHILE BACK TO GET OUT OF DEBT:

MAKE A CALENDAR:

EATING OUT ONLY ONCE A MONTH.

TURN OFF LIGHTS, SWITCH TO THOSE MONEY SAVING LIGHTS.

CANCEL CABLE T.V.
GO WITH DIAL UP FOR A YEAR IF YU HAVE CABLE OR DSL.

CUT YOUR HOME PHONE AND USE YOUR CELL PHONE ONLY. WE REALLY ONLY NEED ONE PHONE.

HAVE A GARAGE SALE.

ONE MOVIE OR ENTERTAINMENT PER MONTH

CHANGE YOUR EATING HABBITS TO SPEND 66% LESS TO EAT (TRUST ME IT CAN BE DONE AND YOU CAN STILL EAT HEALTHY). CONSULT OPRAH'S SITE FOR THAT KIND OF THING.

IF YOU SMOKE. STOP. $5,000.00 TO $10,000 PER YEAR SAVINGS DEPENDING ON IF YOU SMOKE.

SAME FOR DRINKING. THESE TWO ARE HUGE SAVERS FOR ANYONE WHO INDLUGES. YOU CAN STILL HAVE A PERFECTLY GOOD TIME WITHOUT EITHER IF YOU GO OUT. STICK TO YOUR GUNS.

MAKE GIFTS FOR PEOPLE. IF YOU PUT TIME INTO IT, YOU CAN GIVE SIMPLE GIFTS THEY LIKE BETTER AND THAT MEAN MORE.

AND LASTLY...................NO TRIPS TO SEE T-GIRLS.

I GOT RID OF $12,000 DEBT IN JUST OVER A YEAR BY DOING THIS.


HOPE IT HELPED YOU SUCKSEED

[olite71]

My job has offered me a 401k. At first they said they matched my contribution...but it turns out it maxes out at a much lower rate. I tend to pay cash for everything, and often have less than $1000 in my account. I was a professional musician a few years ago, and want to do that again, so my income won't be going up for a while. But the 401k offer I'm pondering has me thinking about others who have managed to build up a substantial portfolio without simply earning a fat income. I'm wondering whether anyone has any suggestions, including websites or books for me. It sure would be nice to be free from financial anxiety.

The first rule: Patience. Save whatever you can. If you put $100.00 a month away that's not bad, but it's not sufficeint. You see you have to keep up with inflation. Hopefully your salary will keep up with inflation.

You said on another thread that if you put $100/month away starting at 25 you'd have a million. Well I dunno about that. At a 9% annual return (which is realistic) after 40 years you'd probably have $800k. But realize this $800k in 40 years is like $160k today.

Could you imagine retiring with a $160k nest egg today? I don't think so.

But an $800k nest egg today supplemented by 1.2K a month social security would lead to a decent retirement.

So the idea is that in 40 years you need the present value of $800k--which is more like 4million.

You'll never get that if you only make $30k a year...but if your salary keeps going up and your savings are increased with it proportionally then yes.

So you should shoot for $100/month this year. Then next year $110/month...then the year after $121/month---and so on... That's the only way savings keeps up with inflation.


What this means is that in 30 years you'lll be putting about $650/month away every month and in your last years of work, closer to $900/month every month...but honestly that still will not be enough for 4million on the end of a 40-year work cycle.


Basically you need to make more than $30k a year---I think Federal poverty guidelines put $20k a year as poverty level...so $30k a year is not too far away from that.