How important is building a career to wealth buidling? | Finance ...

Posted by admin on June 24, 2011

some of the gurus are very into saving NOW and getting out of debt NOW. well what if you make 10 bucks an hour with a crappy job. isnt it more imporant to focus on getting a career going first?

Yes. You can't pay off debt if you barely have enough for food and shelter. Ask yourself where you want to be then ask your self "how do I get there". where you want to be is your overall goal. How to get there may involve many "sub-goals" For every sub-goal you will also need to ask yourself "How do I get there" It works ? I did it myself. I won't bore you with the details, just a small example: I realized I needed an education or at least a trade sub-goal # 1 ? I have no money for school, how do I get there? I visited the financial aid office at a local university, filled out the paperwork and received student loans that paid for my tuition, books and some living expences for the entire 4 years it took me to get a bachlors degree. good luck.

Well it is best to invest early, time is money they say. in an example starting at age 25 ? $2,000 in checking ( monthly expenses ), $250/month into a money market @5%, $100/month into an Roth IRA @12% should be a goal to acheive. in 30 years that will grow to $240,000 in you money market, $989,000 in the Roth. Retire at 55, moved 40% of your money into an variable annuity ( income for life) read carefully!!! $240K M.M., $497,400 M.F.(ROTH), $491,600 V.A.. For every six years you wait it will cost you double the investment to earn the same results. It is important to be finanically stable though because if your not you will go into debt trying to accomplish this. So as you career proceeds forward you should adjust your investing and spending habits. Talk with a financial coach face to face. I have many clients that make the kind of money you do but if you waited until you found the best job with the best pay with the best benifits you will never get started until your unable to work. best to do whatever you can to get start as early as possible. they both are equally important.

I'm not sure, i'm in that position now. I"m make decent money but not enough to really get by. I live paycheck to paycheck and if my check was even a day or two late I would be struggling to get by. But if I where to just jump into school right now I couldn't afford my bills and it would screw up my credit. So I have to keep working this $12/hour job get things paid off, then get a nice nest egg and go back to school. then I won't have any bills except very low rent, utilites and food. Sometimes you have to take care of now and deal with your future next.

Source: http://www.financetalkinghub.com/how-important-is-building-a-career-to-wealth-buidling.html

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