Do you want to reach $100,000? This could be in your salary, your small business revenue, and even your net worth.
To help us achieve these big milestones in our lives, I’ve invited Tori Dunlap to chat with us today.
Tori is a millennial money and career expert. Her career started with landing a digital marketing contract worth tens of thousands, and a full-time position as the head of marketing for a global company — all before she turned 22. On track to save $100,000 by 25, Tori founded Her First $100K to give women actionable resources to get their first six figures too.
Have you ever taken the time to calculate your net worth?
It’s something that most people have never done despite it being one of the most important financial numbers. It doesn’t matter how young or old you are or whether you consider yourself rich, poor or somewhere in between.
It’s fairly simple to figure out your net worth. If you haven’t done it yet, let’s walk through why it’s important and the best way to calculate it.
One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?
One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined annual income of $130,000 so we figured our net worth must be HUGE.
After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!
We walked upstairs and started to write down all of our numbers on a big whiteboard. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.
When you’re free to openly plan your day and your future, a whole new world starts to open up to you. What once wasn’t clear … is now clear.
That’s how the young millionaire Trip Seibold from Financially Possible described it to me in today’s interview. As a financially independent 30-something millionaire, Trip has the ability to spend quality time with his family and pursue his dreams.
Let’s learn more about his path, his new motivations and how his family is at the center of all of it.
Working in the medical field can provide you with an incredible income. When you truly have control of your spending, your six-figure medical income can open doors you never thought were even possible.
Chester from Relentless Financial Improvement shares how living on 50% of his medical income has allowed his family to become millionaires in their mid-30’s. His future family plans for are inspiring.