Money Mondays: Your Title Wont Retire You But It Will...

We've talked a lot about how the market works but let's take a minute and have another discussion. Our society focuses on how you make your money more than how you make your money grow. So today we're going to focus on your title. 

Every year when I was in corporate america I sat down and laid out my goals. What pay increase did I want to hit, what title was I working toward, what additional comp would that bring etc. This is something that you should be doing with your manager if you in corporate or if your self employed with yourself. 

If you don't have a clear income goal, a target if you will, then you don't know what you're working toward. And we all know what happens then. The year passes and you sit there wondering if you were able to actually move the needle. 

The next step that I took was the one that honestly not many people do. And it's the thing that actually put me in the position that I could leave tech and venture out on my own. I would set a Net Worth goal along with it. 

On my instagram I've talked about this a lot. So let me explain to you exactly what you need to do first before you set this goal. Because maxing out your 401k won't cut it. 

This exercise wil take 10 minutes and will change your life. 

Step 1 - open excel or google sheets

Step 2 - open your 401k, Roth, Brokerage, Savings, and Checking Account 

Step 3 - add the numbers into the google sheet with their account name 

Step 4 - Add it all up

Step 5 - add up all your debt (student loans, cc, private loans) up to you if you want to include your mortgage here too

Step 6 - Combine the numbers (assets - liabilities) 

Step 7 - That's your net worth today. 

Then ask yourself okay, where can I realistically be next year this time? 

Let's say your net worth is $200k today.

Where do you want to be next year? Let's say you set the goal to be at $250k for next year. 

Can you max out your 401k and max our your Roth IRA next year? Adding an additional $28k to your net worth. If your portfolio gets a 10% return you will have made another $20k in gains. Almost getting you to your $250k goal.. 

Can you set up an automatic transfer from your checking to your brokerage account for $500 a month, adding another $6k to your net worth for next year? Can you dedicate a new income stream as solely to paying yourself and growing your net worth? 

It's closer than you think. 

Establish your baseline. 

Figure out where you want to be next year. 

Map out the gameplan to get you there. 

Your title isn't going to retire you but it will get you to retirement a lot quicker if your money has a gameplan and strategy. It's not just coming in to sit in your high yield savings. It's coming in to assist you on your journey to financial freedom. And it's going to start working harder than you are. Think your own personal AI agent...

And if you want my help with it I'm here. Reply here, DM me on instagram. Just know that now is the time to do this. Your future self will thank you.

xo, 

Nicole