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How do I make money, and how do I learn how to save?
I want to be a surgeon and take care of my family and others with the money I'll make
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7 answers
Paul Goetzinger MPA
Academic and Career Consultant and Freelance Writer
657
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Paul’s Answer
You might try the 90/10 option.
This means taking 10% of what you earn (10 cents out of every dollar), and put it away in an investment, (like an IRA, bonds, stocks, mutual funds, and other diverse investments).
Then use the other 90% to live on, pay bills, and make other purchased.
This could be a long term option to consider.
This means taking 10% of what you earn (10 cents out of every dollar), and put it away in an investment, (like an IRA, bonds, stocks, mutual funds, and other diverse investments).
Then use the other 90% to live on, pay bills, and make other purchased.
This could be a long term option to consider.
Updated
Billy’s Answer
The idea is you will need to be aware of what your income and expense each month.
Do a income and expense report, make yourself know what expense is necessary and how much you can save.
Don't put too much debt on your credit card. Pay payment on time and don't spend extra on avoidable fees.
Cancel any subscription that you are not using.
Learn some long term investment knowledge, and invest your saving money in stock for long term return.
If you find out your expense is more than income, then look into some side hustle job.
Do a income and expense report, make yourself know what expense is necessary and how much you can save.
Don't put too much debt on your credit card. Pay payment on time and don't spend extra on avoidable fees.
Cancel any subscription that you are not using.
Learn some long term investment knowledge, and invest your saving money in stock for long term return.
If you find out your expense is more than income, then look into some side hustle job.
Updated
Amalya’s Answer
The best way to make money is to find a relevant job. You can improve your soft and hard skills, also make time for expanding your professional knowledge.
What refers to saving money, you can spend cleverly and don't waste it on things which aren't absolutely necessary.
What refers to saving money, you can spend cleverly and don't waste it on things which aren't absolutely necessary.
Updated
Nivea’s Answer
Trust, to achieve your goal of becoming a surgeon and providing for your family while making a positive impact, start by focusing on your education and career development. Create a budget to manage your finances, allocate a portion to savings, and build an emergency fund. As your income grows, consider investing wisely and managing debts efficiently. Live within your means and continuously educate yourself about finance. These steps will help you work towards your aspirations. Good Luck!
Tammy Laframboise
Present pension and financial planning information to members of a pension
41
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Tammy’s Answer
Surgeons make a large income, however, the years of education are very costly. Many doctors have large debts when the finish medical school and spend many years when they first begin practicing paying off these large debts. This should be a priority because the cost of carrying debt is high. Therefore, it is important to be mindful of spending from the start.
Learning to save is a skill and, like any other skill, improves with practice. Identifying a savings goal is the first step. This includes the amount, the timing and the use of the money in as much detail as possible. For example, I want to save $10,000 to give to my parents every year at Christmas and I will put away half of my bonus and an amount every paycheck. Then set aside the money so that it cannot be easily used on a daily basis, by putting it in a separate bank account. Automatically transferring the money to the separate savings account makes saving easier.
Another trick that helps people to save is to keep a photo of the savings goal, say a house purchase, in their wallet or on their mirror so that every time they open their wallet or look in the mirror they are reminded of the bigger item they hope to purchase and can more easily curb spending on minor things.
Good luck!
Learning to save is a skill and, like any other skill, improves with practice. Identifying a savings goal is the first step. This includes the amount, the timing and the use of the money in as much detail as possible. For example, I want to save $10,000 to give to my parents every year at Christmas and I will put away half of my bonus and an amount every paycheck. Then set aside the money so that it cannot be easily used on a daily basis, by putting it in a separate bank account. Automatically transferring the money to the separate savings account makes saving easier.
Another trick that helps people to save is to keep a photo of the savings goal, say a house purchase, in their wallet or on their mirror so that every time they open their wallet or look in the mirror they are reminded of the bigger item they hope to purchase and can more easily curb spending on minor things.
Good luck!
Updated
Jerome’s Answer
Learning to budget is an art that many people struggle with. I ended up utilizing online resources to understand what percentage I should save, what I should use for bills and how much I should save for a rainy day.
I think it’s awesome you want to support people in your life. A medical degree will be costly and loans can add up quick, be mindful of what those loans may cost you in the future as well.
I think it’s awesome you want to support people in your life. A medical degree will be costly and loans can add up quick, be mindful of what those loans may cost you in the future as well.
Updated
Andy’s Answer
I'll add to some of the other great advice! Learn to be conservative in your spending habits. Set a goal when you take each new job, starting with part time jobs while you are in high school for example. The goal would be How you will Allocate the income to different spending or savings categories. Would you allocate 25% of your income to savings or 5% or 50%? If you can be conservative in how much of your income is allocated to optional (discretionary) expenses, maybe like buying a new video game or going on a trip, then you will be able to Save more of your income. In American culture today, there is so much emphasis on buying things and it sometimes can trick us into believing that Happiness comes from material possessions. Most scientist or psychologists would confirm that a person's Happiness is not usually related to spending money or having possessions, but is much more related to spending quality time with other people that are meaningful to us. And feeling like the work we do, how we spend our time, that we are supporting and helping other people or being a part of something bigger than ourselves. If you can find Happiness through this type of approach, you may be much more willing to Spend less and Save more. This will give you an ability to share those Savings with your family.
And, for a career. Before you decide that you definitely want to be a Surgeon, I encourage you to continue to explore lots of job options and determine what you are really good at doing. What job activities, on a daily basis, would you like to do - that you think you would be good at doing - that will give you positive energy and joy. When we apply our Talents to activities which give us Positive Energy - we thrive in those jobs, and when we thrive in a job - we get promotions and more responsibilities and increase our income! And since you learned how to Save and spend less, you will have more savings to provide to your family!
And, for a career. Before you decide that you definitely want to be a Surgeon, I encourage you to continue to explore lots of job options and determine what you are really good at doing. What job activities, on a daily basis, would you like to do - that you think you would be good at doing - that will give you positive energy and joy. When we apply our Talents to activities which give us Positive Energy - we thrive in those jobs, and when we thrive in a job - we get promotions and more responsibilities and increase our income! And since you learned how to Save and spend less, you will have more savings to provide to your family!