I have to start the blog with where I am currently and where I want to go.
I have $1,539.30 in savings. I have approximately $100 in a savings account, that generates 0.85% interest, $1,082.02 in a brokerage account, with 2 holdings ZIOP and GIMO. The ZIOP is only 4 shares that was a spinoff from a past investment, so most is in the other stock. I also have $356.90 in PEP dividend reinvestment plan. Due to my short time frame, 26 years, I will make more risky investments than I prefer. I am hoping to generate returns of 7% annually across all investments.
I also have debt, but that is managed from my income, which is approximately $1,500 every 2 weeks. I owe $81,000 on our house, have a $13,000 balance on 2 vehicles and $1,300 in credit card debt.
I hope to have $500,000 at age 66. Based on where I am now, a 7% return and 15% tax bracket, I need to save $7,957 per year.
I am an accountant and hope to get some part-time bookkeeping work on the side. I have already started working with an area hospital remotely in a support role. I would expect that account will generate as much as $2,500 annually.
I will also try selling through Amazon, eBay and completing tasks for MTurk, Fiverr and other websites, all while trying to still be able to spend time with my family.
Any suggestions, feel free to email me at email@example.com