It Begins with Education

For most, our income is the motor that drives wealth creation and our income depends on the career we choose. However, even a good career with a good income is not enough for financial freedom. We must invest a significant portion of the income early. Student debt can derail our ability to make substantial investments. There is no better investment than a skill based education at a reasonable cost. However, overpaying for education or going in debt for education without obtaining a marketable skill is a very poor financial decision.

A simple rule of thumb for someone prioritizing financial considerations is to obtain a marketable skill at a public school. Living at home should be a consideration for anyone that would have to pay for room and board with student debt.

Nursing is an example of an excellent career choice. There are many others. Nursing education is available at a very reasonable cost. Some prerequisites can be completed for free during high school through dual enrollment. A registered nurse with an associate degree may earn over $20 per hour to start. A registered nurse with a bachelor's degrees starts a little higher and is generally better positioned to advance his or her career. You may earn additional money working nights or weekends.

If you graduate nursing school by age 22 and begin investing $500 per month of your new income you may have over $3 million dollars if you retire at 65.

I recommend investing more aggressively. If you invested $1,000 per month starting at 22 you may have over $6 million dollars if you retire at 65. If you marry someone with similar financial values and you each invest $1,000 per month the amount of money you may have at 65 just begins to sound ridiculous. Obviously, in this scenario, before you are 65, you would have the freedom to make decisions in life without money being the primary consideration and perhaps not even a consideration at all.

There is an occupational handbook here from the Bureau of Labor Statistics that has information regarding educational requirements, salary and growth prospects of over 800 career choices.

There is an investment calculator here that demonstrates the power of early investing. Even a few years makes a tremendous difference. 

When Young and Poor, Be Young and Poor
How to Turn a Job into Wealth
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, 21 February 2018
© 2017 MPAKTR. All Rights Reserved.
Cron Job Starts