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Are you guys satisfied with earning a good, 50-100k a year wage, or do you want to eventually be rich? (250k+ a year is my criteria for “rich” in the US)
My goal is to make a good-great living as a library music composer and work with talented money-making artists, and eventually own my own business in music. I also want to be a millionaire by 35, so I’m working on making that happen.
Let me know your thoughts.
If I can pay all of my bills on time I’m happy 🙂
My goal is to make a good-great living as a library music composer and work with talented money-making artists, and eventually own my own business in music. I also want to be a millionaire by 35, so I’m working on making that happen.
Make it happen.
Are you guys satisfied with earning a good, 50-100k a year wage?
$100k is fine with me. Just remember the most important things in life are not measured in money!
Just to add to that:
How much do you need to be happy? $75,000 – http://money.cnn.com/2014/06/05/news/economy/how-much-income-to-be-happy/
That calls to mind the results of a Princeton study, which found that emotional well being rose with income, but not much beyond $75,000. In other words, past a certain income level, your happiness comes from other factors.Jun 5, 2014
I don’t know about you guys, but I burn through a lot with keeping the lights on and samples up to date. 75k doesn’t go very far running a music business in the LA area.
@Trackmaster: Yeah man, go for it! Two of your biggest wealth building tools are (obviously) your income along with becoming (and staying) debt free.
Millionaires are generally readers; the average millionaire reads one non-fiction book a month. Author Thomas Stanley has made a study of millionaires (and deca millionaires) in his books and found that the number one key attribute of these people was integrity. Fanatical levels of integrity. Lots of interesting information regarding this subject. His books are: The Millionaire Next Door, The Millionaire Mind (deca-millionaires), and Stop Acting Rich (a study contrasting the way the public thinks millionaires behave with their money and their actual behaviors).
@Mark_Petrie: Yeah, I can’t see $75k getting you too far in LA, San Fran, NYC, etc. Then to contrast that, here in the southeast US, you’d be doing just fine on that amount. It all depends where you are.75k doesn’t go very far running a music business in the LA area.
Running any business on $75k per year would be tough. I think if you are applying that study to a small business owner it would be $75k after business expenses.
For me, it’s about the music first. There are easier ways to make a lot of money. I made far more money as an attorney, but I wasn’t really any happier.
There are easier ways to make a lot of money.
+1 MichaelL! Here’s another way. A consistent investment in the stock market, with a long term view using ETFs, will get you to financial security when you need it the most.
A consistent investment in the stock market, with a long term view using ETFs, will get you to financial security when you need it the most.
Financial security and “bling” are two different things. You and I are at an age where the former is far more important. 😀
Financial security and “bling” are two different things.
Ah, so true but a little bling now and then doesn’t hurt. Keeping that urge in check is the real test to reaching “critical mass”!
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