Thursday, June 26, 2008

How Long until You earn a Million?--IFCN Wk 29 -Thu- Equity: $759.90.

I ran across this interesting list on the net earlier today.

Here are 30 jobs with earnings anywhere from below minimum wage to six-figure salaries and how long it would take to earn $1 million in terms of years.
  1. Architects, except landscape and naval: $64,150 ---16 years
  2. Automotive service technicians and mechanics: $33,780 ---30 years
  3. Bartenders: $16,350 ---61 years
  4. Bookkeeping, accounting and auditing clerks: $30,560 ---33 years
  5. Carpenters: $36,550 ---27 years
  6. Child, family and school social workers: $37,480 ---27 years
  7. Choreographers: $34,660 ---29 years
  8. Coaches and scouts at colleges, universities and professional schools: $37,530 ---27 years
  9. Computer and information systems managers: $101,580 ---10 years
  10. Computer applications software engineers: $79,780 ---13 years
  11. Computer support specialists: $41,470 ---24 years
  12. Dental hygienists: $62,800 ---16 years
  13. Desktop publishers: $34,130 ---29 years
  14. Elementary school principal: $82,414 ---12 years
  15. Executive secretaries and administrative assistants: $37,240 ---27 years
  16. Hairdressers, hairstylists and cosmetologists: $21,320 ---47 years
  17. Librarians, local government: $44,960 ---22 years
  18. Middle school teachers, except special and vocational education: $46,300 ---22 years
  19. Network systems and data communications analysts: $64,600 ---15 years
  20. Personal financial advisers: $66,120 ---15 years
  21. Photographers: $26,170 ---38 years
  22. Pharmacists: $94,520 ---11 years
  23. Physical therapists: $66,200 ---15 years
  24. Police and sheriff's patrol officers: $47,460 ---21 years
  25. Post-secondary teachers: $56,120 ---18 years
  26. Retail salespersons, department stores: $19,610 ---51 years
  27. Special education teachers, preschool, kindergarten and elementary school: $46,360 ---22 years
  28. Technical writers: $58,050 ---17 years
  29. Travel agent: $29,210 ---34 years
  30. Veterinarians: $71,990 ---14 years
The above figures are averages and represent income before taxes and costs of living are taken out. That means you will never be able to earn a million dollars.

Yes, you will always hear about those plans where you save so much to make a million by such and such a date. If those plans really worked there would be dozens of families on this earth who would each have 100 trillion dollars from saving a few pennies a thousand years ago and repeating the investment drill over the centuries.  Ask the next millionaire you meet if he got it by saving and sticking it in the bank at 5%.

My solution-- Chunks!
Almost always, million dollar profits are due to some form of business. To reliably get a million you have to create and sell a business that makes money, or receive money in big chunks, so that you are taking it in much faster than you or your wife can adapt to spend it. Either from a realestate deal, a business deal or a form of investment that is scalable where logarithmic profits are possible.

Like trading.

When one has on a good-sized position in a market that is going somewhere, money flows to your account like you somehow invented it. It doesn't work that way if you try to earn it by labor. The cost of making money by labor is too excessive.  It is too easy to use up while you make it.
____________________

It looked early in the week that we had the potential to make some decent profits with FirstStrike. Those possibilities have gone away with all of our trades now having been stopped out.

This week's last FirstStrike trade, the Usd/Jpy long @ 107.90, was stopped out at 107.30 for a 60 pip loss.

Tonight we have some OneNightStand possibilities. I'll send them out later to the subcribers.

Current equity is $759.90.

Have a good evening.

Joel Rensink
www.infiniteyield.com

PS: To receive the FREE! trading rules for the Infiniteyield Forex Challenge ($499 value) and the semi-monthly newsletter about this challenge, send an email to:
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3 comments:

Anonymous said...

When you are at zero, labor is the only way to build up a stake.

If you have 100k saved up then you are better off working at a job that pays 50k/yr than trading a strategy that makes 10%/yr on average.

When you have 2MM saved up, then it is time to reduce your labor down to 1 day a week - after all your passive income is now 200k and salary is still 50k, so why spend time on the salaried job?

William said...

You forgot Denturist's..........LOL
100,000 per year. as to making a million? ..... uncle sam does a damn good job you don't get to hang on to much of what you earn.

The Archiphage said...

I'm not too bummed about getting stopped out of the JPY long, since I'm short it in another account from 107.84. (4-hr inside bar break around 4:18edt 6/26.)I *am* bummed that neither the 4hr nor the 1hr bars have given me the chance to stack on any more size. I must also confess to hoping that the ONS trade on JPY doesn't even come close to being triggered. (Not that I won't take it in the unlikely event that it is.)