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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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56419477 No.56419477 [Reply] [Original]

I only make 6500$ per month,
how the fuck do I become a millionaire??? someone give me a quick rundown please.

I don't understand how you all have 1 million in your savings. I don't have rich parents.

Does Dollar Cost Averaging really work?

>> No.56419511

>>56419477
>only make 6500$ per month
get a degree and stop working fast food kid

>> No.56419520

>>56419511
I'm 35
do fast food people really make as much money as me?

>> No.56419548
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56419548

>>56419520
Oh shit, calling /biz/ emergency meeting to help OP.

>> No.56419565

>>56419477
Stop spending money. Several people made it by saving up for years up to 50-100k with a shitty job.

>> No.56419574

>>56419565
And to clarify they turned that stack into a make it stack up which turns into 1 million

>> No.56419730

>>56419565
I've worked in a kitchen for about 5 years living with my parents and have 70k in the bank, saved 20k since last january alone, the key is controlling spending, I'm trying to become a cdl driver soon because of the high pay and low cost of living, i think I've spent at least 3k in gas and 1k in insurance, adding maintenance will probably be 5k total. You don't even need a car when doing cross country
Right now I'm trying to find the best place to park the money I'll be making
talking with my boss about passive investments, I'm considering renting duplexes, owning laundromats or car washes. buying real estate seems like a bad idea right now, prices and interest rates are skyrocketing

>> No.56420074
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56420074

>>56419477
every day that goes by I become more and more convinced that we are screwed since we were born, no one here can make it unless they have some family inheritance
I can work miracles with duck race, but I don't think it's something I can leave to my children, help

>> No.56421323

>>56419477
>Take all of your bank statements, credit card statements, whatever statements, and download transaction activity for a year or three.
>Consolidate into a spreadsheet. >Reformat the statements so that you have at least the transaction date, the cash in/out amounts, and their source in the three columns.
>In the fourth column, categorize spend: groceries, gas, restaurants, rent, utilities, subscriptions, etc.
>This step is important because you'll tediously go through all the bullshit you spend your money on.
>Pivot with your categories in the rows and the dates by month in the columns.
>now you can see how much you get paid post-tax/benefits monthly AND how much bullshit you spend
>determine where you can cut spending
>determine how much of your paycheck you're going to put away every paycheck
>commit that amount
>divide 1 million by that amount
>that's about how many paychecks it'll take to reach 1 million
And then invest in a diversified portfolio and you'll make money off your savings.

>> No.56421488

>>56419730
This Anon has a plan...prolly gonna make it.

>>56420074
Inheritance had to start somewhere ?
So it starts with you and your grandchildren
will be the ones to enjoy the make it inheritance.
Thanks for playing the game of life, Anon.

>> No.56421837

>>56419477
>6500$ per month,

lol enjoy your poverty

good luck dollar cost averaging when the US CAPE ratio is 29