GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
While its great to aim high, there are smaller steps youll need to take first to get there.
Your first goal should be to reach a net worth of $100,000.
Here are someways to reach a net worth of $100,000.
Start Investing Early
The stock market can be a roller coaster.
Taking a safer, long-term approach can help you hit your financial goals without doing much work.
The magic of long-term investing comes from compound growth.
Youll start the second year with $525 when that gets reinvested.
When you start your third year, youll now be earning interest on $551.25, and so on.
The longer you leave this money in the fund, the longer itll compound.
This money grows over time, but you must pay taxes on it when you make withdrawals in retirement.
Because of the internet, side jobs are everywhere.
Its never been easier to turn your hobby into a way to make money than it is today.
It may be difficult to get started and make money right away.
Freelance workers and contractors can also consider upping their prices.
As long as your work matches the asking price, clients will pay to keep the quality of work.
More From GOBankingRates
Share This Article:
