Calm down, calm down. I’m not a millionaire. But, it’s good to know you’re excited for me. Reserve that energy for later when my net worth hits $1,000,000.00 in 2026. Actually, that’s kind of far off. I’ll work on getting the income up during the interim.
For now, I have to work with what’s known and realistic. Let’s assume I start investing roughly $2,475 per month beginning January 1, 2010. In case you’re wondering the reason for my delay, I’m focusing on a shorter term financial goal between now and the end of 2009. At an 8% annual rate of return, I’ll become a millionaire in 16 years at the tender age of 44. I used the Savings Calculator over at Squawkfox to come up with my projections.
Of course this scenario assumes that my financial situation will stay the same. Which is practically unheard of, and just depressing, over 16 years.
In order to graduate into the Million Dollar Club, here’s what I’m going to do:
- Pay myself first. (I couldn’t help it.)
- Have an attitude of gratitude throughout my journey.
- Press forward even when things don’t go as planned.
- Remember how much money was wasted buying unnecessary and unwanted crap.
- Live below – not within – my means.
- Shun all debt, with the exception of a mortgage. (Credit cards paid in full each month don’t count against me. Ha!)
- Monitor my progress at least once a month to make sure the plan is being executed properly and adjust accordingly.
- Surround myself with people of a similar mindset.
- Avoid haters.
- Continually increase my knowledge of personal finance and money management.
- Stay frugal.
- Enjoy life in the here and now as 2026 wasn’t promised to me.
Well, that was easy enough. The principles are simple yet sound. I hope you consider joining the Million Dollar Club founded by J. Money at Budgets are Sexy.