Comments on: My Four-Pronged Strategy Towards Financial Prosperity http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/ Aggressive Yet Responsible Wealth Building For 20-Somethings Sun, 21 Mar 2010 01:42:14 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Liza http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-1656 Liza Tue, 17 Mar 2009 18:55:14 +0000 http://20smoney.com/?p=52#comment-1656 I know this post is old, but I wanted to comment on it. Being almost 2 years out of college I'm starting to realize that even with a great paying job and two 'passive' incomes, saving is tough. Especially when it is combined with loans and monthly bills. I do think your ideas are great. I don't think the real-estate idea is the best idea ever pursued, though it is pursued the most often. I was fortunate to have two hobbies that can create money with minimal work; teaching music privately and babysitting. Both of which really only require the time invested actually doing the jobs. But not everyone can be so lucky. However, because I was a music major, and my college math credit was music theory, and I'm not a huge fan of economics, I don't know shit about the markets. I don't know where to start investing my own money into individual markets, and I certainly don't like to pay to have someone else do it either. But I'm lucky to have 401k option and company matching. So although your post is extremely interesting, Real Estate just won't work because of a current credit crunch, Working the market takes more than a general knowledge and creating another income stream isn't always attainable. Even if someone didn't have a hobby that could make money, finding a part-time job with a full-time job is difficult because of the number of jobless competing. Love the advice, I'll keep earning my money, budgeting, saving and reading your posts to try to learn more. :) Maybe a follow up on this to see what has worked out for you would bring more interest in these ideas. I know this post is old, but I wanted to comment on it.

Being almost 2 years out of college I’m starting to realize that even with a great paying job and two ‘passive’ incomes, saving is tough. Especially when it is combined with loans and monthly bills.

I do think your ideas are great. I don’t think the real-estate idea is the best idea ever pursued, though it is pursued the most often. I was fortunate to have two hobbies that can create money with minimal work; teaching music privately and babysitting. Both of which really only require the time invested actually doing the jobs. But not everyone can be so lucky.

However, because I was a music major, and my college math credit was music theory, and I’m not a huge fan of economics, I don’t know shit about the markets. I don’t know where to start investing my own money into individual markets, and I certainly don’t like to pay to have someone else do it either. But I’m lucky to have 401k option and company matching.

So although your post is extremely interesting, Real Estate just won’t work because of a current credit crunch, Working the market takes more than a general knowledge and creating another income stream isn’t always attainable. Even if someone didn’t have a hobby that could make money, finding a part-time job with a full-time job is difficult because of the number of jobless competing.

Love the advice, I’ll keep earning my money, budgeting, saving and reading your posts to try to learn more. :)

Maybe a follow up on this to see what has worked out for you would bring more interest in these ideas.

]]> By: 20 Must Reads For 20-Somethings : 20s Money http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-333 20 Must Reads For 20-Somethings : 20s Money Sun, 06 Jul 2008 17:58:47 +0000 http://20smoney.com/?p=52#comment-333 [...] 1. The Four-Pronged Strategy Towards Financial Prosperity [...] [...] 1. The Four-Pronged Strategy Towards Financial Prosperity [...]

]]> By: Stop Leaching Off Society, and 19 Other Reasons For Generation Y To Pursue Financial Excellence : Brazen Careerist http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-235 Stop Leaching Off Society, and 19 Other Reasons For Generation Y To Pursue Financial Excellence : Brazen Careerist Wed, 18 Jun 2008 11:27:06 +0000 http://20smoney.com/?p=52#comment-235 [...] Pursuing a secure job was for your grandfather’s generation. People change jobs and careers now more than ever. Outsourcing, competitive pressures, and hundreds of other factors create situations where people lose their jobs. Forget job security and focus on financial security. Begin thinking about your career as one part of many in your financial strategy. Read my Four-Pronged Strategy For Financial Prosperity. [...] [...] Pursuing a secure job was for your grandfather’s generation. People change jobs and careers now more than ever. Outsourcing, competitive pressures, and hundreds of other factors create situations where people lose their jobs. Forget job security and focus on financial security. Begin thinking about your career as one part of many in your financial strategy. Read my Four-Pronged Strategy For Financial Prosperity. [...]

]]> By: 20 Reasons For 20-Somethings To Pursue Financial Excellence : 20s Money http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-226 20 Reasons For 20-Somethings To Pursue Financial Excellence : 20s Money Tue, 17 Jun 2008 13:31:31 +0000 http://20smoney.com/?p=52#comment-226 [...] Pursuing a secure job was for your grandfather’s generation. People change jobs and careers now more than ever. Outsourcing, competitive pressures, and hundreds of other factors create situations where people lose their jobs. Forget job security and focus on financial security. Begin thinking about your career as one part of many in your financial strategy. Read my Four-Pronged Strategy For Financial Prosperity. [...] [...] Pursuing a secure job was for your grandfather’s generation. People change jobs and careers now more than ever. Outsourcing, competitive pressures, and hundreds of other factors create situations where people lose their jobs. Forget job security and focus on financial security. Begin thinking about your career as one part of many in your financial strategy. Read my Four-Pronged Strategy For Financial Prosperity. [...]

]]> By: Coop http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-218 Coop Tue, 17 Jun 2008 03:46:46 +0000 http://20smoney.com/?p=52#comment-218 Duff, this really opens up for much needed brainstorming. I think some people are just not willing to take that step and really "put out" the much needed effort to achieve the kind of goals you are talking about. As I am getting ready to graduate college, the passive income is probably next on my list at the moment. Great article though and great site for 20 year olds who are very eager to earn a good income. Duff, this really opens up for much needed brainstorming. I think some people are just not willing to take that step and really “put out” the much needed effort to achieve the kind of goals you are talking about. As I am getting ready to graduate college, the passive income is probably next on my list at the moment. Great article though and great site for 20 year olds who are very eager to earn a good income.

]]> By: If You Are In Your 20s, You Are Screwed Because Of Inflation… Here’s How To Fight It : 20s Money http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-179 If You Are In Your 20s, You Are Screwed Because Of Inflation… Here’s How To Fight It : 20s Money Fri, 13 Jun 2008 11:50:11 +0000 http://20smoney.com/?p=52#comment-179 [...] recommend a multi-faceted attack like I explain in My Four-Pronged Strategy Towards Financial Prosperity. In this post, I talk about the four components of my financial attack.  I am getting started in [...] [...] recommend a multi-faceted attack like I explain in My Four-Pronged Strategy Towards Financial Prosperity. In this post, I talk about the four components of my financial attack.  I am getting started in [...]

]]> By: Smart Ways to Spend Your Spare Time with Your Money : Brazen Careerist http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-173 Smart Ways to Spend Your Spare Time with Your Money : Brazen Careerist Thu, 12 Jun 2008 12:19:16 +0000 http://20smoney.com/?p=52#comment-173 [...] in stocks is a great thing. As I mentioned in my Four Pronged Financial Strategy post, an investment portfolio is one of my important components of my overall strategy. However, I encourage you to find the companies that have great long term potential. Find stocks [...] [...] in stocks is a great thing. As I mentioned in my Four Pronged Financial Strategy post, an investment portfolio is one of my important components of my overall strategy. However, I encourage you to find the companies that have great long term potential. Find stocks [...]

]]> By: Setting Goals For A Second Income Stream http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-150 Setting Goals For A Second Income Stream Thu, 05 Jun 2008 14:25:05 +0000 http://20smoney.com/?p=52#comment-150 [...] my article regarding my Four-Pronged Financial Strategy, I talk about the four facets of generating wealth in my life. A second income stream is my [...] [...] my article regarding my Four-Pronged Financial Strategy, I talk about the four facets of generating wealth in my life. A second income stream is my [...]

]]> By: Four-Prong Financial Strategy Update: Real Estate http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-145 Four-Prong Financial Strategy Update: Real Estate Tue, 03 Jun 2008 20:07:23 +0000 http://20smoney.com/?p=52#comment-145 [...] my previous post, My Four-Pronged Strategy Towards Financial Prosperity, I talked about the four pieces of my financial strategy. In the previous couple weeks, I have had [...] [...] my previous post, My Four-Pronged Strategy Towards Financial Prosperity, I talked about the four pieces of my financial strategy. In the previous couple weeks, I have had [...]

]]> By: Why A Second Income Should Be Your First Priority : Brazen Careerist http://20smoney.com/2008/05/18/my-four-pronged-strategy-towards-financial-prosperity/comment-page-1/#comment-135 Why A Second Income Should Be Your First Priority : Brazen Careerist Fri, 30 May 2008 11:15:32 +0000 http://20smoney.com/?p=52#comment-135 [...] my previous article entitled, “My Four-Pronged Strategy Towards Financial Prosperity,” I talked about a second form of income. I also described this second income stream as passive [...] [...] my previous article entitled, “My Four-Pronged Strategy Towards Financial Prosperity,” I talked about a second form of income. I also described this second income stream as passive [...]

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