Achieving Personal Wealth: Chapter 1- GOALS - Page 2

**moldyhands** · 07-21-2005, 02:03 PM

you need goals, but the first should be to get a handle on your current expenses. your first step should be building a budget. take your monthly income that you bring home after taxes and deductions. then start subtracting your expenses. rent, phone, insurance, gas, eating out, groceries, cell phone, car payment, random spending on clothes, CD, etc. if there's any doubt, estimate that the expense is higher, as this will avoid the possibility of you thinking you should have more money at the end of the month than you actually do. this is what you're ABLE to save. i personally like at LEAST $2-3K in my savings at any time (note, i said savings, not investments). once you get to this threshhold, start investing your money. CDs, mutual funds, private business ventures, etc.

any questions?

**Steve B** · 07-21-2005, 03:23 PM

Quote:

Originally Posted by moldyhands

you need goals, but the first should be to get a handle on your current expenses. your first step should be building a budget. take your monthly income that you bring home after taxes and deductions. then start subtracting your expenses. rent, phone, insurance, gas, eating out, groceries, cell phone, car payment, random spending on clothes, CD, etc. if there's any doubt, estimate that the expense is higher, as this will avoid the possibility of you thinking you should have more money at the end of the month than you actually do. this is what you're ABLE to save. i personally like at LEAST $2-3K in my savings at any time (note, i said savings, not investments). once you get to this threshhold, start investing your money. CDs, mutual funds, private business ventures, etc.

any questions?

do you have a little savings account since your a midget?

Dunecune442 · 07-21-2005, 03:48 PM

heh Moldys good head on that 3'6" frame.

**moldyhands** · 07-21-2005, 03:54 PM

Quote:

Originally Posted by rubberneck

do you have a little savings account since your a midget?

actually right now it's larger than i normally would keep, but that because i'm about to dump some money in a real estate venture. but seriously, i'm a CPA, and despite what the general public thinks about CPAs, we're basically experts in money flows, business processes, and budgeting. only 15% of CPAs actually do taxes.

**Steve B** · 07-21-2005, 04:09 PM

be careful with your venture, i watched a friend get into investment properties, he basically broke even, and he had a great plan on paper, pm me, ill give you his number if you want it. he'll talk your ear off to be forewarned, but its always nice to hear from someone who's been there, done that.

**number_2** · 07-22-2005, 04:08 PM

hmm...

short term:
1. build credit.
2. get a postgraduate degree (most likely law) without sending myself severely into debt - i don't know how realistic that is, so it might have to be amended to read "accumulate the LEAST possible amout of student debt."
3. find a stable job with good potential for growth in income.

long-term:
...i have no idea. i wouldn't even know where to start. i feel like i'm at the infancy of my life in this regard. all i am is a college kid with a substantial chunk of change in savings and investments, and zero income. i don't know for sure what profession i will be entering, nor do i have an understanding of what can be expected from potential career paths. basically, i know what i want, but i know better than to assume those desires are fully realistic. anyone else in a similar position to me in that way?

07-21-2005, 02:03 PM	#21 (permalink)
moldyhands Porno Music Producer	you need goals, but the first should be to get a handle on your current expenses. your first step should be building a budget. take your monthly income that you bring home after taxes and deductions. then start subtracting your expenses. rent, phone, insurance, gas, eating out, groceries, cell phone, car payment, random spending on clothes, CD, etc. if there's any doubt, estimate that the expense is higher, as this will avoid the possibility of you thinking you should have more money at the end of the month than you actually do. this is what you're ABLE to save. i personally like at LEAST $2-3K in my savings at any time (note, i said savings, not investments). once you get to this threshhold, start investing your money. CDs, mutual funds, private business ventures, etc. any questions?

07-21-2005, 03:48 PM	#23 (permalink)
Dunecune442 Life is beautiful	heh Moldys good head on that 3'6" frame.

07-21-2005, 04:09 PM	#25 (permalink)
Steve B brings his heater.	be careful with your venture, i watched a friend get into investment properties, he basically broke even, and he had a great plan on paper, pm me, ill give you his number if you want it. he'll talk your ear off to be forewarned, but its always nice to hear from someone who's been there, done that.

07-22-2005, 04:08 PM	#26 (permalink)
number_2 ...isn't other people.	hmm... short term: 1. build credit. 2. get a postgraduate degree (most likely law) without sending myself severely into debt - i don't know how realistic that is, so it might have to be amended to read "accumulate the LEAST possible amout of student debt." 3. find a stable job with good potential for growth in income. long-term: ...i have no idea. i wouldn't even know where to start. i feel like i'm at the infancy of my life in this regard. all i am is a college kid with a substantial chunk of change in savings and investments, and zero income. i don't know for sure what profession i will be entering, nor do i have an understanding of what can be expected from potential career paths. basically, i know what i want, but i know better than to assume those desires are fully realistic. anyone else in a similar position to me in that way?