LAW, you are right!
It all starts with attitude.
The FREE knowledge is our there and this subject is NOT rocket science…it’s 100% habit based.
It definitely can happen to anyone with a college degree IF you want it to happen so much that you will seek out the path to make it happen.
IF you don’t really want it to happen, you’ll find excuses to support your belief it’s too hard…not possible…etc.
I have a father-in-law who didn’t attend college and who never earned more than $30K per year; but who lived within his means (frugally) in order to save and invest his way to a ~$3 million net worth. (Now I should probably add that he’s now in his mid nineties.)
It’s hard when they are bombarded with ways to screw them financially. Heck, look at the student loan scam.
That’s not really a scam either.
I had $38K worth of them. That’s how I got my UH law degree.
Paid em off in six years (2997-2003). All the same while, I was investing and saving.
I expect other such loan holders to do the same.
Want a competent, informed, free thinking take care of your self citizenry a nation must educate their children to become such. I open my first savings account in 7th grade because our teacher took us to the bank to do so.
Wasn’t asking for me specifically. It was more a reference (1927 brought the term in) that it is harder and harder to get that extra money for saving in today’s society for those that make below median income. Getting to the point of 1 million in assets is becoming something that it is not a reality for many people.Today’s work environment is not the same as it was in the American Dream 60s or even the 80s and 90s.
Though anyone making 40 or 50,000 yr (below median) before taxes does not have much left for day trading and online investing.
I think we need to take action as a society to bring that potential back as it is disappearing for many.
Not buying it.
Most of my professional life has been in this millennium, and I was only making in the 40/50K range when I got started.
I still set aside money to save and invest every month.
Exactly!
If you make excuses and don’t practice any discipline, spend more than you make, don’t invest, etc…you have no shot but that’s because of you . Not the economy.
Interesting that the people who are super focused, find themselves with a net worth in the $3-5 million range, BY AGE 65.
…and these are normal people with AVERAGE salaries!
Again, i am saying $1 million in total assets (house + car + retirement + investments + savings etc) BY AGE 65 is very achievable.
Just maxing out your ROTH every year ensures the growth is TAX FREE by age 65.
By participating in your company’s 401k, you are most likely GIVEN a match that DOUBLES your contribution up to a certain %.
Even your HSA turns into a wild card Tax free ROTH at age 65.
Plus, we’ve all seen the charts for the power of compound interest the sooner you start.
Those are ALL added to your other assets ( House + cars + savings + investments).
There are paths to a $1 million with a college degree in the United States of America.
You just have to avoid the pitfalls
On retiring as a millionaire, if I can do it, any healthy person can.
I came from an extremely poor family. My father died leaving an uneducated woman with 4 kids. She did not attend high school.
I got through UH working in a gas station and drawing the GI-bill. On my first job after graduation, I received $400 per month. During my final 11 years before
retirement I was saving around $100,000 per year.
My UH diploma opened some big doors for me.
Becoming a millionaire is definitely possible. It’s opinions that a million is measley and that anyone who doesn’t make a million is below those who do have a million that hurt society and the discourse.
How do you feel your diploma helped open doors?
I was never rejected for a job I wanted. That indicates a UH education was respected by some very large corporations.
I love reading everyone’s UH stories and think it’s cool how many different paths were taken.
I don’t talk a lot about mine because I didn’t graduate, at least not yet.
Back in 2004, I was paying my own way by working full-time and I got an opportunity to make some real money so I ran with it. I figured I would take a semester off, save some money to complete my degree (education) and jump right back in. As it turns out I have some above-average abilities in relationship cultivation and retention that made me an extremely decent salesperson. I credit my time at UH for learning that skillset and creating the networking opportunities I needed to move forward.
In the back of my mind I still want to finish my UH degree, but any desire I used to have to teach was lost long ago.
The beauty of it all is back then tuition and rent was cheap enough and I worked just hard enough to do it all without ever taking a loan.
Great story @Absolutcougar. Getting a degree is a personal decision, and should not be a factor in a person’s self-worth, but I would encourage you to pass on your wisdom to the younger generation, as it is very valuable. Keep the chain going.
Getting a degree for personal growth is an amazing luxury. You’ve apparently reached your career path without needing a degree so you’re ahead in most races. Making the time to get the degree is the difficult part.
On my second retirement I plan to finally get my history degree.
How did your time at UH help with selling ? The personal selling class at UH was interesting but lacking, imo. But I took it when it was the first or second semester the professor was teaching it and had come directly from industry instead of academia so his teaching techniques were rusty.
Psychology was instrumental, of course.
Both Economics (I can’t remember the difference between macro and micro) and US History were valuable to understand that nothing is new and there are recognizable patterns.
Any class that made me present to a group was great. Somewhere along the way I got very comfortable with that. Learned to stay prepared.
Cougar Brass probably too for that. People can hear you play. Better not suck. Lol.
What an interesting point of view. I dig it.
I hope the $1.3B UH gets brings more stories like these. Non traditional schools rock!
I dont think UH actually gets $1.3B. It is just that UH qualifies this year for the endowment payout of 1/3 of the $3.9B TUF. This gives UH about $50M this year. So the UH endowment is not actually growing by $1.3B, and each year we may qualify for a different TUF payout percentage. So it is up to UH if we want to use some of the $50M to enhance our endowment of $1B.
I mentioned your stance to a friend of mine that graduated from UH with me in the early 2000s and has had the same struggles within our industry as me (boom and bust as in massive layoffs many times) and he stated:
Wow that’s nothing these days.
It would be hard for anyone 25 right now graduating NOT to be a millionaire by 65.
People just still think millionaire is a lot but back 60 years ago that was close to 8 million today.
If you start to look at the numbers you realize how attainable it is for many people these days
Not sure who you are hanging around Moncoog, or their habits??
A fund is being created with a total of $3.9 billion being invested at the start. I think the $50 million (really $48 million) is the initial disbursement income from the fund. This then will change after the first year, where up to 7% of the funds value can be distributed (This depends on the growth and interest income coming from the fund).
The $1.3 billion can be considered part of UH’s endowment, since that is their portion of the fund.
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