23-year-old Thomas Frank is aiming to save enough money to retire by the age of 40. Like many other students, Frank wanted to figure out how to make money in college.
So he started the online business College Info Geek, a blog geared towards students that gives advice on grades, careers and money, before graduating from Iowa State University in 2013. The income from the business allowed him to pay off $15,000 in student loans and graduate debt free.
Since the launch of the blog, Frank now hosts “The College Info Geek” and the “Listen Money Matters” podcasts.
Frank opened an investment account during his sophomore year in college and began saving with $1000. He contributed $1000 per month into his account and has accumulated $19,000 into his SIMPLE IRA.
In addition to savings and investments, Frank can now set up automated bill payments, think about his future and be open about his financial plans with his girlfriend.
His goal is to save $900,000 by age 40 by investing $25,000 per year and increasing his income to $90,000.
“I want to be like Batman,” Frank said, “He’s got a plan for everything.”