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.
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Good list! I should work on a few of those things myself
Awesome! My favorite of your list –> “Avoid Haters” haha…classic. You’re now added to the list If anyone else joins here just holler and I’ll add you as well.
wow the goal of Saving $29 700 per year that is amazing.
Hey Shawanda! Just wanted to give a shoutout as a fellow member of the Million Dollar Club. Keep in touch and stop by Financial Samurai one day. Best
Shawanda, You are not wrong with "paying yourself 1st". Every financial plan to reach that magnificent magical cool mill says that you should pay yourself 1st. That is the key to the million dollar success. I'll reach my goal by 2023, God willing,AMEN!!!!!!
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