Financial Advice

[Sirwestofash]

Hello everyone, so recently i've had a great opportunity provided to me. To work for this guy who pays me a lot more than i could possibly get without a degree. He was giving me financial advice. He told me "It's all good if you want to go out and buy rims for your car and everything. However, its much better for you if you save your money or invest it properly." He told me if i did that i would potentially be a millionaire by age 30. Now i'm 19, so in 11 years i would like to be a millionaire, but at the same time. idk what will happen with my dreams for school. Just asking, what would you all recommend.

[TooCool5]

In today's market, jobs are temporary at best, but an education stays with you for life.

[austinjames]

If making millions was that easy, everyone would be a millionaire. Go to school. Then you can do whatever you want to do. You can invest your money after that, but youll have a fallback plan, this way.

[cam62]

Do you know what you want to study in school? Are you certain about it? Someone presented an interesting theory to me recently.

Investing is with hope for a return on investment. Sometimes the risk is greater than others and hopefully the decision is based on sound research and choices.

An education is an investment with a hope for return on investment. ie.. career, higher pay etc, whatever you want the return on investment to be. If you aren't sure what you want to study, does that make the investment higher risk?

If you have the opportunity to earn the money now, invest it wisely, spend carefully, then when your more certain the money you invest in your education will pay a return on your investment, go for it.

I'm not positive I buy into this completely but it is an interesting take.

[HerRSVert]

Originally Posted by TooCool5

an education stays with you for life.

Stay in school and get your education would be my advise as well.

[Caspers2SSRS]

In as much as its worth pointing out, with the right educational decisions you'd be put on the financial track providing solid future opportunities for yourself or in simpliar terms self reliance and independence from the tutorial of others. This should remain a focal point of the decision process!

Lets do a little comparo...............

Lets see a quick buck now or steady buck latter. Hmmmmmmmmm. Easy comes........easy goes comes to mind.

Good Luck with Your Choices!

[DandD]

Anyone your age has a tough road ahead of them that's for sure. I have a son that recently graduated from Michigan State University with a BA in mathematics and has also passed the set of actuary exams on the first testing which I am told not many do. What does he do for a job you say......he is a waiter at a nice restaurant in East Lansing where he worked while going to school. Thats where he can make the best money right now, he has not found an actuary job yet, but I am sure he will at some point. So I'm not sure if this helps you at all, just some info for you. Good luck to you in what ever you decide.

Dan

[Supermaro585HP]

I think you need to decide what you want in life first. I knew I didn't like school and did not want my mom and dad to have to pay for me to party for a few years. I got out of highschool and started selling cars and loved it. I did very well with this and spent my money wisely and saved some to until I had enough to get into a bar business. I ended up having 3different bars at once and mad some really good money and decided I was sick of the bar BS and sold them all and opened a used car lot with 50 cars and I love it and it is doing very well. I guess what I'm trying to say is that you don't have to go to college to make good money. If you work hard and make smart moves you can be successful in life also. Good luck buddy. You are young but you need to start working hard now so when you get older you don't have to work as hard.

[VenomZ302]

Originally Posted by Sirwestofash

He was giving me financial advice. He told me "It's all good if you want to go out and buy rims for your car and everything. However, its much better for you if you save your money or invest it properly." He told me if i did that i would potentially be a millionaire by age 30.

He's right. That's how you become a millionaire and if handled properly, there's a possibility that you could have it in 11 years. It all depends on how much you can afford to save/invest.

The question is what you want from life. If you want to be a millionaire and then be a full-time student later in life, maybe taking his advice isn't such a bad idea. If you'd rather attend college before choosing your career, do that.

While I fully believe that education is a great thing and, in most cases, a "must," there's a degree to which that education isn't worth what you pay for it these days. After all, I've got friends with graduate degrees who can't get a job because companies aren't willing to pay them what's in the "masters/doctorate degree" bracket. For that matter, I finished school with a BA in English and a math minor, but I'm a computer programmer.

Good luck making your choice, but keep that guy's words in mind. If you can restrain your wallet, you'll be much better off than the general populace.

[INTIMIDAT3R]

I'd ask what his commission is on the accounts he manages.

[atma]

I'd find out the following information first:

1) Does his success in recruiting you to this money-making opportunity directly affect his ability to make money through this venture? Not as in having a good employee will help you make monmey, but more-so the more people you recruit, the more money you make off of each one.

2) Once you accept this opportunity, will your ability to make money depend on your ability to recruit others through this great opportunity that makes people millionaires?

If the answer to both of these questions is yes, this could turn out to be just one of many companies that are set up in effect to be legal versions of pyramid schemes. While undoubtedly there are, in fact, people who become millionaires through this type of business, many simply do not. It takes a special kind of person to succeed in that type of environment, one who is slick, smooth and an unbelievable salesman. If that's you, then you should definitely say yes and go get rich. As you work your way up the pyramid, you'll find yourself doing less and less and making more and more.

If the answer to those questions is no, then I would investigate further. Does he have other employees? Have any of them gained considerable wealth or shown themselves to be on the path toward riches? How many employees does he have or has he had that have failed at that very venture? That's a definite clue as to what your answer should be.

In addition, as you were asked in an above post, do you know what you want to go to school for? Furthermore, is that desired major an attempt to make a lot of money or is it in pursuit of a lifelong dream? I wouldn't sell my dreams so quickly, there's a lot of life left and regret is a son-of-a-b%$&h.

Finally, will the job you hope to qualify for by attending college make you happy? Conversely, is this present job offer something you'd be happy doing? Or, more simply, is it at least something you won't hate? I'm a firm believer that one doesn't have to like their job, so long as one doesn't hate going to work everyday and it affords one the opportunity to pursue one's passions in the personal time. It's hard to predict the future so it's difficult to find a hard & fast answer to these last questions, but they're certainly worth taking the time to consider.

Anyways, enough ranting from me. Hope any of this helps. And remeber this list is by no means all inclusive, everything everyone is contributing is all valid and valuable. Good luck to you.

[angie7]

If u save every penny of course u can b a millonaire, is the sacrifice worth it? R u going keep the saving up forever? Remember u cant take ur money with u when u die so enjoy life. Anyways education is a must in todays world but with education comes huge student loan bills and if for whatever reason u cant find a job NOTHING will take away those loans not even bankrupscy. So I would take the job and think about going to school for a business degree online at nite. That way u get the fall back education just in case, u already have a stable job and a business degree will benefit u in any field.

[DandD]

Well spoken Angie7, it reminds me of something Steve Jobs said in the article I just read in the latest issue of Rolling Stone. When asked what he thought about having loads of money, and its meaning in life, he said "it isn't the goal to be the richest one in the cemetery, but rather to find enlightenment".

[clg_98ta]

It does sound a lot like the sales pitch for a typical pyramid scheme. I'd be very cautious.

Is there a buy-in on your part?

Does this job involve marketing to friends and family?