Make me a millionaire. Assume that you are a financial advisor. I have come to you...

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Make me a millionaire. Assume that you are a financial advisor.I have come to you because I want to develop a plan for retiringearly.
I am currently 24 years old and I want to retire by age 55. Thatgives me 31 years to build wealth. I have just graduated fromcollege and obtained my first job as an urban planner with a localcity, earning $32,000 per year. People in this field usually topout at about $60,000 after 10-15 years. I have student loanstotaling $43,000 at 5% interest, and a credit card balance of$3,600 at 24% interest. The city I work for has a 401K retirementprogram which allows me to invest part of my paycheck each month,pre-tax. I own an older car outright, and it runs okay for now. Ijust signed a one year lease on a modest apartment. I am notmarried yet. I have practically no savings.
Write me a brief plan for achieving my goal of early retirement.Write no more than one page in a Word document. When complete,submit through the dropbox titled "Financial Plan."
Your plan must address the issues of:
living below your means (frugality)
avoiding (and paying off) credit card debt
buying a house (that is easily affordable)
saving at least 10% (or more) of my income and investing inmutual funds

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4.5 Ratings (720 Votes)

Financial Plan Objectives To retire early as a millionaire Risk profile above average Time horizon 30 years Liquidity Student loan 43000 and credit card outstanding 3600 The current monthly income of 32000 per annum is more See Answer

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Make me a millionaire. Assume that you are a financial advisor.I have come to you because I want to develop a plan for retiringearly.I am currently 24 years old and I want to retire by age 55. Thatgives me 31 years to build wealth. I have just graduated fromcollege and obtained my first job as an urban planner with a localcity, earning $32,000 per year. People in this field usually topout at about $60,000 after 10-15 years. I have student loanstotaling $43,000 at 5% interest, and a credit card balance of$3,600 at 24% interest. The city I work for has a 401K retirementprogram which allows me to invest part of my paycheck each month,pre-tax. I own an older car outright, and it runs okay for now. Ijust signed a one year lease on a modest apartment. I am notmarried yet. I have practically no savings.Write me a brief plan for achieving my goal of early retirement.Write no more than one page in a Word document. When complete,submit through the dropbox titled "Financial Plan."Your plan must address the issues of:living below your means (frugality)avoiding (and paying off) credit card debtbuying a house (that is easily affordable)saving at least 10% (or more) of my income and investing inmutual funds