Thanks for the feedback everyone!
This challenge is certainly not for everyone, and I have a few advantages that may prevent this from being realistic for some:
- Single
- Early 20's
- College degree
- Excellent Health
If some people do not have all of these advantages, perhaps a modification of this goal is needed.
On the other hand, If you have all the advantages that I have, I don't think that the base salary of your current job necessarily prevents you from doing this. It doesn't hurt, but my job alone certainly will not put me in position to achieve this goal. Here's why:
- I make less than half of that $100K goal at my full time job. Side hustles are clearly needed and I already have two.
- I save about $3000 per month. This helps but won't be enough.
- Maxing out a Roth IRA and a 401k are nice, but won't even get me 25% of the way there.
- Investing is critical. Putting $$ in the bank won't work for this challenge. Micro Caps, stock shorts, options, Real Estate.
- Ad hoc projects are necessary to generate cash to invest. Real Estate license, business ventures, arbitrage, event planning, etc.
I know I'm throwing down a steep challenge. I'd like to crush it this year. If anyone is interested in this, PM me and I'd love to discuss the specifics of what you and I have already accomplished, and to brainstorm for the future.
Thanks again everyone!