We all want to be rich, but how many of us actually work hard towards a goal? How do you get rich without investing in stocks or winning the lottery? Do you know how to get rich with a normal Job?
I’m going to start this article off by telling you how I got my first big promotion.
So how did I decide that I wanted a promotion and how did I know how much money was needed for me to reach my goal? Here is how:
Steps to become rich with a normal Job
· Step 1: The Goal
First of all, you need to think of your goals. In order for me to have enough money for retirement, I will need to have at least $2,000,000 when I retire from working after 35 years.
The next step in becoming a millionaire was how much money would be needed to get me there. Your goals must be clear and straight to become a millionaire. For example, it should include:
- How much do you want to earn?
- How many years do you have to earn these things?
- What is your current job, and what type of promotion do you need?
- How will you get over your goals of becoming rich with a normal job!
Also Read: part time jobs
· Step 2: The Math
The next step in becoming a millionaire with a normal job is calculation and planning. For example, if you have planned to have $2,000,000 after your retirement (35 years later), then you should have the following calculation:
$2,000,000 divided by 35 = $57,142.86
I knew how much I needed each month in order to reach my goal of becoming a millionaire at retirement age.
· Step 3: Available Billable Hours
The next step was how many billable hours did I need to work? There are 365 days in a year, and since most people only work 5 days per week, that equals 182 days. So how long do you need to actually work?
Well, how about 1 hour every day between now and when I want to retire (35 years). So how many hours is that per day?
52 weeks x 35 years = 1810 weeks
1810 weeks / 365 days = about 50.1 weeks
That means I would need to work at least 1 hour every day until I’m old enough to stop working as a professional and live off of my money. That’s how much money was needed for me to reach my goal.
· Step 3: The Sacrifice
With all of that information, it was time to start preparing myself for the future by making some sacrifices now so that I can have more in the future.
The next major step is how do you get there because you’ll definitely need a job in order to save money, and how do you get a good job that will give you promotions?
Even if you have a normal job, you should have planned some part-time job or business (most recommended) which could bring some extra savings to you.
Many job holders make money online to save some extra and get rich with their Job.
Also Read: Texas Capital Bank
· Step 4: The Career
After reading some books on how to get rich, I realized that the way to make a lot of money fast was to “sell” something quickly. These are the people who start companies like Microsoft or McDonald’s. With my new goal in mind, I figured out which of the business is best as a part-time.
Remember, whatever the business is, it should have more profit in less time. For example, starting a successful blog can bring a better opportunity for you to earn more with less time and energy.
· Step 5: The Networking
Moving all the way across the country from Ohio to California, no one knew me here, so it was going to be difficult making friends quickly. Luckily, I found a good way to make friends fast by joining some organizations.
Joining different communities will help you get more opportunities for your newly started business, or at least, you could have gotten the idea of inspiration for your business.
How much money should you save?
The next topic I will discuss is how much money should you save if you don’t want to work until age 65, assuming that someone starts working at 22 years old?
I worked out that number! Here it goes…
It’s time to answer how much money should you save per month if you want to retire at age 65, given the following assumptions:
1) You start working at age 22.
2) You work until age 65, which is how long most people work as a professional.
3) Each month, you save $20/hr after taxes and contribute that to your retirement fund.
4) You will get an average growth of 8% per year on your investments.
If we take 8% growth divided by 12 months and then multiply that by how many years it takes to reach 65 (years old), we get about $1,000,000, which is how much money would need to be saved each month in order to retire at 65 with no debt.
Now let’s look at how I made the numbers.
First, how much would I need to retire? Let’s go back to how long you’ll work until you’re 65. That equals 35 years.
How much money gets made working at a job?
On average, someone who works as a lawyer makes about $80,000 per year after taxes which is how much was needed for me to make in order to live off of without worrying about having too little or too much saved up each year.
We have given a clear and straight on how to get rich by the age of 65 with a normal job. Remember, you don’t need to resign from your job at the start. All you have to do is a calculation with a successful goal.