Dj, Join the PWNA
Winter Time at EasyPro
- Thread starter DJ Carroll
- Start date
So did you hit your goal?
DJ Carroll
Member
Do to the dry mowing season that cost us about $25k We are going to finish up just shy. Learned a lot on the management side of the business this year. Picked up some great employees and made some money. Over all being up 60%+ I would say we had a good year. Working on some deals right now for next year that could boost our gross to around the half mill mark.
My new personal goals are:
- Millionaire by 28.
- Debt free by 30.
My business goals are:
- Buy the shop we are currently in at the end of 2011
- Buy my first investment property in 2011
- Grow the business to at least 3 crews and a full time office assistant/CS rep
- Increase my salary by 10% in 2011
Good luck to everyone.
My new personal goals are:
- Millionaire by 28.
- Debt free by 30.
My business goals are:
- Buy the shop we are currently in at the end of 2011
- Buy my first investment property in 2011
- Grow the business to at least 3 crews and a full time office assistant/CS rep
- Increase my salary by 10% in 2011
Good luck to everyone.
Come on DJ Millionair??
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Mike V
Member
Good Luck.
Mike V
Member
Before Everyone Jumps in on DJ....
It's Not Out of Reach for Many Americans..........
If the headline of this article "How To Become a Millionaire" sounds like an infomercial, don't be deceived. It's not. The advice on how to become a millionaire is based on proven tactics used by millionaires in the United States who did not inherit their money and do not earn millions of dollars a year.
In fact, you may not know it, but you may have one or more of these millionaires living next door to you. An important lesson learned from the book "The Millionaire Next Door" is the secret of how many Americans become millionaires: although they have nice homes and nice cars and take nice vacations, they are never extravagant. They do not have the largest house on the block. They do not drive the fanciest cars. Cars and houses are not status symbols to these millionaires next door.
So how do these people become millionaires? Many of them become rich by choosing a good career, working hard and advancing in that career, and using discipline to save and invest wisely.
You may be surprised at how relatively simple it is to become a millionaire. Here's how hundreds of thousands of others have done it:
Be cautious about spending money. Before spending money on large purchases, ask yourself:
•Will I still be satisfied if I spend less?
•Can I find a version of this product that costs less but is still good quality?
•Would I rather have a TV with all the latest technology or would I rather be wealthy?
•Would I rather buy a car that is so expensive that I have to stretch the payments out over five years or would I rather be wealthy?
•Would I rather take a $5,000 vacation or would I rather be wealthy?
There's no secret to becoming wealthy. It's these day-to-day decisions that determine whether you will become a millionaire.
When people realize that they're making more money than they need to meet their expenses, they often decide to buy more luxurious cars or move up to a larger or nicer home. If they took the extra money and invested it instead, they could become wealthy.
So, here's the tried-and-true method of how to become a millionaire:
1.Have a written financial plan that includes your goals, your net worth, your debt-to-income ratio, your savings and investing plans, and your monthly budget.
2.Save money automatically by having at least 10% of your salary automatically deposited in your savings account each pay period.
3.Contribute enough to your 401(k) plan to maximize your employer match.
4.Educate yourself about investing.
5.Live below your means. Remind yourself that he who hesitates when it comes to shopping often decides he doesn't need the item after all and doesn't want it as much as he thought he did.
6.Avoid using credit cards unless you can, and will, pay the balance off in two months.
7.If you have credit card debt, concentrate on paying it off as quickly as possible. The interest you're paying is money you could be saving.
8.Invest in mutual funds and have money deducted from your bank account automatically every month to invest in these funds.
9.If possible and feasible, own your own business.
Millionaires are rarely created by constantly seeking out the highest returns on investments, or constantly moving money from one investment to another to chase higher returns.
Millionaires educate themselves about investing and seek professional advice, choose high-quality blue chip stocks or mutual funds with good long-term performance records, invest consistently, and hold onto these quality investments over a long period of time.
As you can see, this proven method of becoming a millionaire is not rocket science, and it really is attainable for many Americans.
It's Not Out of Reach for Many Americans..........
If the headline of this article "How To Become a Millionaire" sounds like an infomercial, don't be deceived. It's not. The advice on how to become a millionaire is based on proven tactics used by millionaires in the United States who did not inherit their money and do not earn millions of dollars a year.
In fact, you may not know it, but you may have one or more of these millionaires living next door to you. An important lesson learned from the book "The Millionaire Next Door" is the secret of how many Americans become millionaires: although they have nice homes and nice cars and take nice vacations, they are never extravagant. They do not have the largest house on the block. They do not drive the fanciest cars. Cars and houses are not status symbols to these millionaires next door.
So how do these people become millionaires? Many of them become rich by choosing a good career, working hard and advancing in that career, and using discipline to save and invest wisely.
You may be surprised at how relatively simple it is to become a millionaire. Here's how hundreds of thousands of others have done it:
Be cautious about spending money. Before spending money on large purchases, ask yourself:
•Will I still be satisfied if I spend less?
•Can I find a version of this product that costs less but is still good quality?
•Would I rather have a TV with all the latest technology or would I rather be wealthy?
•Would I rather buy a car that is so expensive that I have to stretch the payments out over five years or would I rather be wealthy?
•Would I rather take a $5,000 vacation or would I rather be wealthy?
There's no secret to becoming wealthy. It's these day-to-day decisions that determine whether you will become a millionaire.
When people realize that they're making more money than they need to meet their expenses, they often decide to buy more luxurious cars or move up to a larger or nicer home. If they took the extra money and invested it instead, they could become wealthy.
So, here's the tried-and-true method of how to become a millionaire:
1.Have a written financial plan that includes your goals, your net worth, your debt-to-income ratio, your savings and investing plans, and your monthly budget.
2.Save money automatically by having at least 10% of your salary automatically deposited in your savings account each pay period.
3.Contribute enough to your 401(k) plan to maximize your employer match.
4.Educate yourself about investing.
5.Live below your means. Remind yourself that he who hesitates when it comes to shopping often decides he doesn't need the item after all and doesn't want it as much as he thought he did.
6.Avoid using credit cards unless you can, and will, pay the balance off in two months.
7.If you have credit card debt, concentrate on paying it off as quickly as possible. The interest you're paying is money you could be saving.
8.Invest in mutual funds and have money deducted from your bank account automatically every month to invest in these funds.
9.If possible and feasible, own your own business.
Millionaires are rarely created by constantly seeking out the highest returns on investments, or constantly moving money from one investment to another to chase higher returns.
Millionaires educate themselves about investing and seek professional advice, choose high-quality blue chip stocks or mutual funds with good long-term performance records, invest consistently, and hold onto these quality investments over a long period of time.
As you can see, this proven method of becoming a millionaire is not rocket science, and it really is attainable for many Americans.
Mike I was saying he selling himself Short, millionair?? he needs to change that to Billionaire...
We have alot of Millionaires in this industry. Maybe he could be the first one over the Top
Mike V
Member
Back to the Millionaire question....I hope that everyone will be a millionaire soon and while it is possible in this line of work, I wanted to get a better understanding what you are using for a basis of actually being a millionaire. Net Worth? Cash in the Bank?
Lets play with some numbers:
Net worth is the total of everything you own (minus what you owe).
Say you own a couple houses, both totalling a value of $950,000 and you own three cars totalling $100,000 net worth, you own outright two of them, but still owe $15,000 on the newest one. Ok, you still owe $500,000 on the homes....and lets say you have $85,000 in 401K and IRA's.....and all your worldly possestions (jewelry, furniture, etc) are worth $75,000...and you own them all outright also. Now...we add and subtract.....
Ok....after adding up total worth and subtracting what is still owed, in the above scenerio, your net worth would total $695,000
With all that said, would you include the value of your business and what method would you use to value it? Asset Valuation, Liquidation Value, Income Capitilaztion, Income Multiple?
Just curious how you care calculating how you will become a millionaire.
Lets play with some numbers:
Net worth is the total of everything you own (minus what you owe).
Say you own a couple houses, both totalling a value of $950,000 and you own three cars totalling $100,000 net worth, you own outright two of them, but still owe $15,000 on the newest one. Ok, you still owe $500,000 on the homes....and lets say you have $85,000 in 401K and IRA's.....and all your worldly possestions (jewelry, furniture, etc) are worth $75,000...and you own them all outright also. Now...we add and subtract.....
Ok....after adding up total worth and subtracting what is still owed, in the above scenerio, your net worth would total $695,000
With all that said, would you include the value of your business and what method would you use to value it? Asset Valuation, Liquidation Value, Income Capitilaztion, Income Multiple?
Just curious how you care calculating how you will become a millionaire.
DJ Carroll
Member
Dead on on the Personal side. As far as business. I would include assets. That being anything that puts money into my pocket on a monthly basis that I spend limited time on.
After rethinking my goals. It may be easier to be debt free by 28 and a millionaire by 30
After rethinking my goals. It may be easier to be debt free by 28 and a millionaire by 30
apple
Moderator
Nothing wrong with rethinking or readjusting every now and then DJ. Sometimes there isnt a choice.
My personal goals for the next handful of years are
get a couple of kids to keep my dog company
a small piece of land in the country to live on
and a place on the lake to get away at
My personal goals for the next handful of years are
get a couple of kids to keep my dog company
a small piece of land in the country to live on
and a place on the lake to get away at
Mike V
Member
What made you ask that question?
Mike V
Member
Did you think he owned a Dog Company as opposed to having kids that will "entertain" his dog.
bigchaz
Moderator
Hahah yea read that wrong apparently. I assumed he meant "kids" as in hiring some college kids or something to run his dog related business