How I will make a million dollars

Here is my game plan. This is how I will make a million dollars.

I put 15% of my salary into my 401K, I currently make about 65,000-75,000 a year
I currently have about $27,000 saved in my 401K and put in roughly $8,000-$10,000 a year.
  1. I will finish graduate school and become a Psychiatric Nurse Practitioner 2-3 years. Working as a Psychiatric Nurse Practitioner my salary will be $75,000-$90,000 a year. I will continue to contribute 15% to my 401K and max out my Roth IRA each year.
  2. I will work at an inpatient psychiatric hospital for 2-5 years.
  3. I will work as a adjunct professor of psychiatric nursing while working 2-5 years. Working as an adjunct professor I will make $2,000 - $5,000 a course.
  4. I will create an educational company and sell educational programs to magazines. The money making potential here is unlimited based on royalties etc.
  5. I will do speaking engagements, and talks on topics concerning Dementia. Will probably start at a lower pay scale and work my way up.
  6. I will return to school to get my Doctrate and become a Doctor of Nursing Practice.
  7. I will open my own private practice in collaboration with a psychiatrist. By this time I expect to be making roughly $100,000-$250,000 a year depending on how successful the practice is.
  8. I will work as a Professor of Psychiatric/Geriatric Nursing at a University, and do research in my field, continue talks, educational programs, and private practice on the side. As a tenured university professor I will make between $55,000-$97,000 a year.
Again my goal is to save one million dollars by the time I am 50 years of age. I am currently 29 going on 30 and have 20 years to accomplish this task. If I continue saving in my 401K and Roth IRA I will be well on my way to that goal. My most lucrative years will come when in my 40s-60s.

My million dollar year will occur in 2030. I will be working in my private practice, which will be doing very well, and I will make $250,000. I will have 12 speaking engagements to go to and will make $60,000. My educational company will be taking off and will bring in $500,000 from programs, certification review courses, book sales. I will also teach 4 courses as an adjunct professor and make $20,000. This is a total of $830,000 the remaining $170,000 will come from invests in the stock market, municipal bonds, and real estate. Bringing the grand total to 1 million dollars in 2030, it will be a good year.

No comments:

Post a Comment

Add to the conversation