## Monday, November 06, 2006

### Quick Breakdown

Okay so I have finally taken some time out of my busy schedule to write down a quick break down of how much I need to save in 16 years to reach my goal of \$1,000,000 by the time I'm 40 years old.

Goal: \$1,000,000

Yearly: \$1,000,000/16 = \$62,500/yr

Monthly: \$62,500/12 = \$5,208.33/month

Daily: \$5,208.33/31 = \$168/day

Hourly: \$168/24 = \$7/hr

By the Minute: \$7/60 = \$0.1166/minute

Now I can see that I need to make around \$7.00/hr every hour of the day and save the full amount for the next 16 years.

That seems very hard. Let's break it down and see how much I would have to earn hourly in an 8 hour work day ...

\$168/8 = \$21/hr

I would definitely need a very well paying job for this to happen, and it would still be hard to save all of the money because I will have costs, food, transportation, shelter ... so on.

So that is the basic break down, in my next post I will take a look at several options of saving the money, including bank accounts, mutual funds, bonds, stocks, and other options, so that it will build and earn interest as it sits there and waits for me to hit 40.

## Friday, November 03, 2006

### Costs of Education

This morning I was writing a proposal for my economics course, Public Expenditure, in which I am planning on examining government spending with respect to helping students pay for their education.

Well it just came to me, as if I didn't already know, reaching my goal of 1 million dollars is going to be a little more difficult with the added costs of my tuition. I'm almost done my schooling, but unfortunately for me, just like the majority of students who go to school I was forced to apply for financial assistance.

This financial support from the government (if you can call it support since I have to pay it all back plus interest), puts me in debt before I can even start saving my first million. Getting an education is worth it, or is it? Hah, well honestly if you've graduated from University or College what can you say you have learned?

Do you remember all of the theorems or formulas from class? Do you remember why "this" happens if "that" moves? Wow, I'm still and school and I can honestly say that there are only a few concrete things that have stayed in my mind. Other than a handfull of facts I've kept in my head most things you learn for a term and forget them after your course is over and done with.

So what do we learn at school? We learn to socialize, we learn how to organize our lives, really we learn how to get through school. A place in which we are tested, are we tested on what we know? or one what we remember from the night before after pulling an all-nighter of studying? Isn't that how it goes?

I think my time at University is like no other, once I enter the working world everything will change. There will be less free time to just chill out and relax with friends. Less time to work out and play sports, watch tv, browse the internet, and well just do nothing.

In school we don't spend 8 hours a day at class or studying. Most of the time we spend with friends or just chillen out maxin relaxin and coolin, shootin some ball outside of school ... like the theme song from Fresh Prince of Bel Air. It's an easy and comfortable life. I still have about 6 or 8 more months of it and I plan to take advantage of all the free time.

Because soon after life begins, and then it doesn't get any easier.

My next post will be a break down of yearly, monthly, daily and hourly costs I will need to save to get to my million dollar goal.

## Monday, October 23, 2006

### Where did the idea come from?

All over the internet I've been reading about people, young and old, making money with break through ideas. Most recently YouTube, MySpace, Facebook, Digg.com.

This summer (2006) I stumbled upon a web site created by Steve Pavlina, a personal development professional. His web site, www.stevepavlina.com provides articles and podcasts about different personal development topics.

It was here at Steve's web site, well actually in the middle of his Podcast #006 that I really wanted to pursue the same kind of idea that he brings up. The idea of creating several incoming sources of income that allow you to use your time to do anything you want.

There have been several sources of motivation to this idea. I'm almost done my university degree, even though i'd love to stay in school a little longer (because it truely is an easy life with respect to working everyday), I know that I can't and for me to actually grow up I will have to enter the working world.

The working world, its a scary life. My friends Ben and Steve have recently entered this stage in their life. School is in their past, and I haven't heard to many good things about working 8 hours or more a day. What good is in that? During school we relax most of the time, study only some of the time. Life is easy, life is good.

Working for 4 months during the summer is bad enough. Well you get it.