Quick Wealth Network

Suggestions to reach financial freedom using the fastest and/or easiest route in my circumstance.?

Financial freedom to me is not having to work while living a comfortable life. As of now, the breakdown of achieving this is amassing $3-5 million and living off the interest running at ~5% Age: Early 20s and in college. Earnings: Just started working but put all of my paychecks in savings getting around ~5% interest. Continuing this and not factoring in interest, I'll earn around $10k/yr Misc. Info: I have no financial obligations such as food, bills, insurance etc. as of now. However, I'm planning to attend medical school within the next 3 years which will probably put me back $100-200k Please include with your suggestions and est. time. Thank you.

Public Comments

1. Don't forget to put some into a 401K or IRA. You can also do a 529 I think (which will allow you to use any earned money for education tax free). You want to do the 401K/IRA thing as early as possible even if you can't put too much in. The compound interest is what makes it worthwhile and since the money's pre-tax, you'll be saving more since Uncle Sam isn't taking a cut first.
2. Put all of your money into savings is too conservative in your age. You should at least invest huge portion of that money into mutual fund, or funds that offers long term capital growth. You can put the rest of the money into a savings account. The key to achieve financial freedom is to diversify your portfolio: saving, stock, mutual fund, etc. As for your financial obligations, things will change in time. And, you will need to factor that in when you invest.
3. Go all stocks...if you fail at it you will have time to make up for it...however if it goes well it will go really well. You're young enough. Don't waste your time with bonds at your age....it pays to go aggressive