What's the best way to get good money in about 2 years without splurging on things?
Question:I need to make about 7,110 dollars in about 2 years! I get my permit next month, and i want to pay half of what the aumont is of the toyota yaris. i babysit too, so if you have any tips on how to put myself out there, tell me!
Answers:
Lets do this in two steps:
Step 1:
You want $711.00 in two years (24 months).
Therefore, you must save/invest $272.35 per month
and earn at least 8% on the saving/investments (you cannot put the money under your mattress.)
That is $63.34 per week (4.33 weeks per month).
Here is the advantage of investing at 8%.
You will earn and invest $6,536.40 and the interest earned is $573.60 (so your money, the $6,536.40 earned $573.60 without you doing anything - neat, right? You get something (money) working for you while you sleep) and you get the $7110.00!
However, there are two opportunities with the solution above.
a> where do you get interest of 8%?
Step 2> how do you earn $63.34 per week to invest?
a > the most likely investment opportunity is in the Greatest Industral Engine in the world - the stock market with a mutual fund (look this up if you do not know what a mutual fund is). Cajole a CFA -Certified Financial Advisor - to help you find an "aggressive" Mutual Fund. Cajole because most CFA's do not handle small investors, so dress for success!
Step 2> You will have to have two or more jobs that will generate greater than $63.34 per week. Why? you have to pay for gas etc. to get to work. I assume you are about 15 to 16 years old so you will have to work 20 hours per week at $5.00 per hour. Therefore, if you work more than 20 hours, it is money for movies, sonic burgers, clothes - just disposiable cash! That is a good thing!
Jobs> baby sit, shop grocery lists for others, run errands, window washing for neighbors, mowing your lawn, walking dogs.maybe this is your next Question, "how can a 15 year old Girl/Boy make $5 dollars per hour with a drivers' permit?
Good Luck
Any math error are due to bad typing, hope you buy that!
If you want to save money, you shouldn't be "splurging"on things. Splurging means buying things you can't afford. I think the word you want is "skimping".
Do you own the Toyota Yaris(?) or are you saving the money for a 50% down payment? It's more realistic to make a down payment that you can afford and then make monthly payments if you're buying a vehicle.
if you're looking for ways to make money with out spending alot think crafty from recycled materials-check out etsy.com for some ideas- figure out what you'd be good at makeing and make soem stuff and try to sell it on ebay or etsy...
8% for an interest rate is high. i have an online savings account that's 5.?% and that's the highest i've seen. u'll be lucky if u find one that's 8 though
Make yourself a graft for your wall. Put the desired amount at the top, and draw lines to mark where the different amounts are. I am sure you have seen these outside of places that are fund raising. As you put money in your interest bearing savings account, fill in the the graft. It will be a constant reminder of your progress. It might help to put a picture of your goal at the top so you will constantly visualize what you are saving towards.
doesn't your town have four corners at every intersection?
jobs aplenty
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