Ideal Income

As I struggle to tack some zero’s onto my bank accounts, I found this comment left on my site by Jack Miller very inspiring:

“The first $50,000 is tougher than the last $5 million.”

Tell me about it! I can also attest this is true from all the highly successful people I have spoken with, they all went through some sort of struggling period before they finally hit it big.

I’d like my first $50,000 to be made primarily by ME. This means I want to make the bulk of my money through any means other than a 9am-5pm job. I am more proud of the $5.43 I made from my water experiment than the $3,121 I have made from working at my job.

Blog posted on: April 7, 2005

20 comments on “Ideal Income

  1. Manny

    This is very true Nev. It’s much easier to multiply a larger sum of money than a few thousand bucks.

    Alot of people only see $1 million, but they forget the process in between. It’s that process in between that teaches you lessons you can’t learn in any class. This is a big reason why lottery winners lose it all, because they never went through the “struggling period”

    Keep up the good work.

    P.s. – Still lookin’ for that mentor.

    Reply
  2. Kate Bean

    Nev,

    My grandmother (who also happens to be my mentor in this since she’s a self-made woman) agrees with Jack. She said that the first part of her life she was building the stepping stones to make her money, like buying apartment buildings, etc. that later made her a millionaire.

    BTW – What are you majoring in?

    Kate

    Reply
  3. Neville

    Kate,
    I am actually a Government major. I had plans for law school, but I don’t see anymore academics in my near future.

    I enjoy school to some extent, but I think the real world has the stuff I’m really looking for.

    By the way, your grandmother sounds like some piece of work! For a female of her generation to become a millionaire…tell her I’m DOUBLY impressed.

    What sort of struggles did she have to put up with? I’d enjoy hearing some more of her feedback or stories!

    Reply
  4. ncnblog

    Nev, I think that most people go to work, make a salary, spend every dime (and then some) and never really, really stop to think about HOW MUCH money is passing through their hands. Thousands and thousands of dollars. You are totally right. Waking up and saving that first few dollars is the key to long-term success. Great post!

    http://www.ncnblog.blogspot.com

    Reply
  5. Cap

    definitely. all of us have potentials to become millionaires. (as if thats enough these days too) one major step is to realize that its not that difficult, and it requires some financial literacy and opening some eyes, and taking some actions. I definitely enjoy your blog too Nev, it helps to see others at our age going for it too. And you’re definitely not the normal 18 year olds I know Manny. I hope years from now we can have some kind of millionaire blog ring. heh.

    Reply
  6. ~*~DANNA~*~

    WELL, IF YOU CAN PAY ALL YOUR BILLS AND BE HAPPY, THAT IS ALL YOU NEED!! LIFE IS FAR TOO SHORT TO WANT, MORE,MORE MORE.. BY SEARCHING FOR MORE, LIFE WILL PASS YOU BY AND YOU WILL HAVE LESS IN THE END ……… BE HAPPY TO GET THE BILLS PAID AND SPEND AS MUCH TIME AS POSSIBLE WITH FAMILY … THEY WILL NOT BE AROUND FOREVER …. ~*~*~ “May the Lord give you increase more and more, You and your children.
    May you be blessed by the Lord, Who made heaven and earth.” ~*~*~
    Psalm 115:14-15

    Reply
  7. Cap

    I think for the most of us, we’re not searching for more but searching for what will take care of ourselves and our family. I’m not striving to achieve financial freedom so I can drive around in a Porsche while my mom slowly pays off her mortgage. I want to achieve financial independence so I can retire early and have even more time to spend with my family. Its true that Christ said its easier for a camel to go through the eye of a needle than for a wealthy man to enter Heaven, but you should realize a lot of us arent choosing this route so we can want more and more material wealth.

    Reply
  8. Anonymous

    Nev:

    Please take this as constructive criticism.

    First, why would you pay money to go to college to get a degree in government? Perhaps your first cost/benefit analysis should be your education.

    Second, you seem to be consumed with making money. Of course, we all want to make money, but your comment that you are happier with the $5 you made selling water than the $3k you made at your job is interesting.

    If you go through life with one all-consuming goal, i.e., to make as much money as you can, then you will live a miserable life. The trick is not to do anything you can to make a penny, but to do what you love and get paid for it.

    Reply
  9. Johnie

    In response to the last comment, I totally agree with Nev in saying that there is more satisfaction in earning the $5 than in the salary of $3000. It is the satisfaction of doing something yourself for yourself by yourself. It’s an achievement. Plus, he has learned more from this one experiment than he has from his daily grind. It’s the difference between learning how to catch your own fish vs fishing for somebody else [yes, I've butchered that]

    I’m in the same boat also. I see my job as a means to an end. It pays the bills and provides capital for whatever venture I try out next. I get more satisfaction from making $15 profit on a side venture than I do from the $x,000/month salary.

    This had been my plan coming out of college and entering the workforce. However, one thing you’ll find is that when you take up a career, a good chunk of your day is taken away. It is somewhat of a trap/catch-22. On one hand, you need/want the time to do your own stuff, but on the other you have the responsibility of doing your job well.

    Reply
  10. Neville

    1.) Sorry if it seems like I am CONSUMED with money-making. This IS a financial blog, so I only post my finance related thoughts here!

    2.) Making my own way IS what I like doing. Some people may have a passion for accounting, I enjoy being an entrepreneur. I love having a busy schedule.

    3.) I LIKE “Investment Vehicle Creating” as I am young and extremely motivated to become successful. WHY do I do this you ask? So I can be a lazy old man when I am older! When I am 50 and have a family to attend to, I doubt I will have as much motivation to stand on a corner with bums and sell water. If there is a perfect time in my life to establish a firm financial base for my life, it is NOW.

    P.S. A lot of people say “Do what you love.” I don’t love doing ONE thing. I would go crazy if I had only one job or business to work at all my life. That is why I would like to continue my tradition of having income from several different sources. It is more stable that way, and it keeps me occupied.

    Cheers!
    -Nev

    Reply
  11. Anonymous

    You are missing the point. Nev is consumed with making pennies, yet is spending money to obtain a degree in “government,” which has to be just about worthless.

    Look at this blog….Nev should be studying economics or business or the like, since it is evident that is where his interest lies.

    Which ties into what I said before…do what you love, and money will come to you.

    Reply
  12. Neville

    Well said Johnie!

    That $3,000 may have paid some bills…but it’s not what I will tell my grandkids about some day.

    Keep up your own little side adventures, and let me know about them!

    -Nev

    Reply
  13. Neville

    Anonymous,

    A business degree would be just about as worthless as a government degree to me. Why? Because I won’t use either one.

    Then why am I in college? Because I want to be. ’nuff said.

    A business degree teaches you how to be a great employee for a firm which will pay you $40,000 out of college, but that is not what I am aiming for.

    I know lots of business students who get internships and jobs straight out of college, and what do they say about these? “A blind monkey could do what I do at (insert company here)”

    In the University Investment Association, I sometimes give presentations to FINANCE MAJORS on how to buy stocks. I’ve never even taken a class remotely related to stock, they have. I’ve just researched stocks on my own, something which helps you learn faster than HAVING to take a class on it.

    Starting to get my drift?

    Reply
  14. Anonymous

    Nev, no.

    First, if you had a business degree, then it would possibly be easier for you to obtain financing to finance your entreprenuerial dreams.

    Second, your comment about being in college “because you can” is laughable. How can I take seriously any of your postings on this blog about you trying to scrape your pennies together, when you are willing to waste your time and money at Texas getting what you agree is a worthless degree “because you can.”

    Third, a basic background in business would teach you the fundamentals of how the economy works. Thus, your “water experiment” must be a spoof, or you must really need an education in business.

    Why do I say that? Because you sold water at $1.00 a bottle. Did you research the competitive price of bottled water prior to setting this sales price? Did you draw any conclusions about why you sold all of your product in 1/2 hr, as opposed to the 5 hours allotted?

    I find your blog entertaining, but some of your comments are curious.

    Have you read mark cuban’s blog? He has some great insight on it that would seem to appeal to you.

    Reply
  15. Kate Bean

    Nev,

    Sorry to open a can of worm with the major question.
    I have a degree in engineering, but I’m a program manager right now. If you’re smart, work hard, and have any business acumen, then you’ll excel in your career. The motivation and drive that Nev shows will take him a lot farther in life than getting any kind of degree will. Do what makes you happy and the money will follow.

    Kate

    Reply
  16. Anonymous

    “First, if you had a business degree, then it would possibly be easier for you to obtain financing to finance your entreprenuerial dreams.”

    Okay, this proves you’re an idiot.

    Reply
  17. Anonymous

    Really?

    If two people walk into my bank, one has a business degree, and one has a government degree, and ask for money to start a business, which am I more likely to give money to, all other things being equal?

    Reply
  18. Neville

    Financing? Who says I need it?
    I consider my self pretty well connected and can obtain financing by surpassing the bank.

    A real entrepreneur doesn’t always need mass financing to become successful.

    My business that makess around $1,000 per month was started with $200 and a bank account I had my dad to sign for because I was too young.

    Don’t worry about me not having a business degree. I don’t consider it a setback in the slightest sense.

    Reply
  19. Tracy

    First, I strive to make as much money as I can because:

    A) I can support my parents should they need it.
    B) I can indulge in my other interests which may or may not make me any money back, but which bring me pleasure (such as blogging, or skiing)
    C) I have more money to raise a family on, including things like getting my future kids a computer, books, a bike, etc..
    D) When I do start a family, I have the option to take off work to raise my children.
    E) I love my field I’m entering. Making a lot of money in it would be a great bonus feature.
    F) Making a lot of money would mean I was an asset to someone/something. I’m competitive by nature. It makes me a happy person to know I’m very good at what I do, if not the best. Being happy should always be a goal in life.
    G) I’m always finding something that I’m wanting to help, be it a great sandwich shop that can’t afford a nice paint job, to sponsor a child, to support an institution I think does great things…and money would make that possible.

    As for the degree, I see college as a means to show the world you can make it through the standards of getting a degree, any degree. Having a government degree doesn’t mean you know everything there is to know about government the same as a petroleum engineering degree just goes to show I can study and pass some tests. The gold is in the work experiece you get in college, be it internships, self started businesses, volunteering, etc., because that’s where the knowledge you need to handle the real world can be found.

    My $.02 (lol, you can add that to your totals ;-))

    Reply

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>