Stockton- In an interview conducted with Andrew Ziehm it was concluded that he has upcoming goals and aspirations when it comes to his financial situation. He expressed multiple things such as why he wants to achieve this goal but also some advice about how to have balance.
What are your plans for the future?
“My plans for the future are to finish my masters degree, move up on the salary scale, continue to work as a teacher, and to pursue my hobbies/passions of music on the weekends. Just trying to find a balance between day work and passions but I am kind of doing that right now so really just gotta keep doing what I’ve been doing. So go all the way and retire as a teacher as well.”
How much money do you plan to make in 5 years?
“I would say at least around 100k per year and that’s like a minimum but that if not more and in 5 years that would be around 500k. I have what I do here but I also have my band as well as coaching and teaching to make some money there. At least 6 figures is the goal.
When do you wish to retire?
“Ideally a little bit early I don’t know if that’s possible, around late 40’s early 50’s is when I want to retire for the most part. I think that I should be able to do it.”
How can teenagers set themselves up for a goal financially for the future?
“I think just starting now is important because I believe when you’re younger you focus more on instant gratification as compared to the longevity of it all. Even if it’s a small amount and some people don’t realize that a small amount can have a big impact later. The power of compounding can have a big effect. Even if you’re 5 years old and you put away money that could really grow even as silly as it sounds. I think it’s important to know that there is a tomorrow and that you have to plan for it. Starting sooner and just seeing the future as something that’s worth planning for is very important. Some people may not have hope but even small amounts are important, that’s why it’s important to have a good attitude.”
Why did you set such a goal for yourself? ($1million before 40 years old)
“Being able to provide for my family for myself and just having that freedom in my opinion is so important. Having a higher amount of money just gives me more control over what I want to do. It’s like a milestone where if I have as much money maybe I could work less and go start subbing or something. I have more freetime to consume myself in the things that I would like to do like traveling and I can because I have that sort of nest egg. I’d want to have more than $1million in the end so I wouldn’t stop there but it’s just a goal. Also I believe having a goal is so important, you can’t reach that target if you don’t have one. You miss 100% of the targets that you don’t set right. As humans we need to have goals and I think that number is achievable. It might not be as much in 10-20 years but I still think it’s a symbolic achievement and motivational enough.”
Do you have to make current sacrifices for your future goal?
“I would say not really and I know some people might be surprised to hear that. In my opinion I think you should cut back on the things that don’t matter but splurge on the things that do matter. I definitely still spend money on things when I go out. For example, me and my girlfriend will go on trips or vacation because I value those things; I value experiences. That I am willing to spend a lot of money on and that gives me the enrichment, the entertainment. For the things that I don’t care about, I don´t really have a whole lot of streaming services. I don’t have Netflix, Hulu, and Disney + because those can really add up. To me however, that doesn’t feel like a sacrifice because I don’t really care at all. I think it’s important to identify the things that matter to you and to find out what’s more important. Than being honest about those things and if it’s not something that’s important then cut it out you don’t need it. If you’re not using it right now then why do you have it? If you’re not getting value out of it then why would you waste your money on it. I think the biggest thing is just identifying what is important to you. Being self aware and being honest. It’s different for everyone so just be real to yourself about what’s important to you”
Do you have any family members who have achieved a similar goal?
“My dad doesn’t talk about finances a lot but I’m pretty sure that he has a couple million if that. He is very financially responsible and good with his money. My brother from what I know of is also very good with his money and I know that he has half a million dollars in a retirement account. So I know that he is doing really well for himself. Other family members maybe not so much, they’re more paycheck to paycheck or maybe things are a little closer. Not that they’re broke or anything but they don’t put away a lot of money. I don’t think that I would be the first but one of the few in my family.”
Do you believe such a goal is really achievable? What gives you this faith?
“I definitely think it’s possible and going back to the motivation I think having that belief is very crucial in order to achieve something. I do have that belief. I also think that if you have that patience and the grit then you can achieve it. People build up a lot of money and realize just how much they can do with it. Then it can turn into other things like “oh let´s remodel the kitchen” but do you really need that? That’s the question. So a lot of people have that goal and when they finally get something they throw that long term goal out of the window for a short term goal. So yes for me I think it’s possible because I am not that type of person. I like to ride or die in my investments and to keep on going. I don’t want anything to do with them until they’ve fully grown and matured and they have done all the heavy lifting that they could do. So I definitely think it’s possible.”
After conducting this interview with Mr.Ziehm I realized how important finances are. Being young I may feel that they don’t matter, but re-calling back to what he told me, it’s better to start young. I encourage everyone to start as young as they can. While also being diligent with their money because not only is it what I’m trying to do, but also because it’s what he advised us to do. I wish everyone luck on their financial journey whether they listen to the advice or not and I hope they do the same for me!
