Make me a Millionaire - Coursework Example

My fast goal as a financial advisor is to commend your financial achievement by having an income is an excellent start for a young person of this age. My other advice will be to look at your spending tied to this income. As a coach, I will advise that set money goals by financially planning your present and future spending? This applies to all sphere of life. Those who become financially independence clear their debts. As time elapsed, it will be accruing interest which will tie money needed for investment.

Set a paying mechanism of the loan by paying $6,450 every year including interest for ten years. This is because the loan has a low-interest rate no need to rush paying it. After paying this loan at $2,150 yearly. This money freed for saving for 21 years will go to a fixed deposit account and the money, which, use to pay the loan, should also be tied to mutual fund $4,300 including and the 10% saving been saving for ten years. The remaining $19,970 after paying the 401k pension program. The 4% on 401k will help gain 50% match put aside $4,464 to pay the credit card for five years.

After the five years, assume the payment still continues and channel the fund to savings account for 26 years that will total $116,064 when turning 55 years. Purchase personal life insurance cover by paying a premium of $750 from the remaining $15,506. The insurance cover will help in any uncertainty of ill health and personal accident which can render one an unemployable. If you want to become financially independent - spend wisely!