How many years can you live If you save up to $100,000 in your bank account?
If I work for 5 years straight and save about that much. How many years can you live off of rent at an apartment, bills, and other things before I start to work again before becoming bankrupt.
I have $5000 dollars, how can I make $100,000 in 4 years?
Risk:Reward has a direct correlation. This means that the amount of money you can make is directly correlated to the amount of money you can lose.There’s no sure way to turn $5k into $100k in 10 years, much less 4 years. There needs to be much more information from your side before I could give a specialized answer to this question, but best advice for a broad audience is this:First, pay off any and all debt that you can't currently easily afford. Next, put away enough money (into a savings account) to act as a 6 month emergency fund. This emergency fund should contain enough money to pay all living expenses for 6 months in case the situation arrises where you lose your job and have to find another source of income. Once that’s established, open a retirement account and do your best to max out your contributions. Speak to a licensed CPA to figure out which type of retirement account is best for you and your specific situation. Beyond that, you can open up a secondary investment account with a broker like Interactive Brokers for speculation. Either that, or come up with a side business that will help increase or supplement your current income. There are plenty of ways to make money in todays digital age, and commerce sites are not as complicated and most would have you believe.Don’t make purchases that you can’t pay cash for and don’t pay cash for purchases that you don't need. Don’t worry about what your friends are driving, where they’re living, or how they vacation. Save your money and put it to work for you. Add the most value to your current job as possible and make the most of your time. Make smart decisions and avoid debt. On paper, its real simple to become wealthy..it’s the practice that’s hard. Also, remember that compounding interest is one of the most powerful forces in the universe.
How much money would one have to make per year to afford a $100,000 car?
When in comes to exotic cars,like the 360 or R8, we have a completely different set of qualifiers. Unlike other cars where your debt-to-imcome ration can't be more than 34%, including the car payment, you must have at least 15% to put down and make at least $2400/mth to be approved, we look at many other factors. What is your total annual earnings? How long have you been at that income bracket? How much real estate do you owe? How solid is the business that employs you? How much liquid assets do you have? Are you currently involved in any lawsuits? Any state or federal liens? How secure is your position at work? Once you apply for an exotic car, we contact your bank and your employer and do a background check. We use software that lets us know if you're currently involved in any lawsuit or criminal or civil charges. You also need to prove to us that not only can your income sustain such a high car payment, can you also afford to put up a $1,000,000 insurance bond to cover the car and you? Exotic cars aren't insured the same way as conventional cars. You don't make monthly or annual payments and get a binder. You put up $1,000,000 for a bond and the insurance company will underwrite a policy for you. So although $100,000 per year is a great salary, it won't be enough for a 360 or R8. Set your sights on the $40,000 to $50,000 range. There's some great cars in that range and lenders will be much more inclined to approve you. BUT -- you can forget all this is you don't establish your credit before you are discharged. Get a credit card from your bank. Make every payment on time. And never let your balance owed be more than 30% of your credit limit. Buy furniture for your parents on credit. Do whatever you can to build up a credit history. And keep in in good standing all the time. Then you can car shop when you get out knowing that it should be easy to qualify for the car within your range.
If you make $100,000 a year, how much do you net per month?
A rule of thumb is that you will lose 30% to assorted taxes. so $70K / 12 = $5,833