My millionaire to-do list!
Welcome to the newly-founded "Million Dollar Club"! Total members so far - 1. haha...but hey, i can use some more. Can you imagine how bad a$$ it would be to log into your accounts one day and see a cool million in there? I'm all over that, starting today.And you're welcome to join! Come up with your own "millionaire to-do list" like i did below, and you're half way there. It doesn't have to be much, just make sure it's pretty realistic so you'll actually go through with it.
After that, just keep Motivated! "The Automatic Millionaire", and "The Millionaire Next Door" books are great for this. And if that doesn't do the trick, just eat a butt-load of chocolate...the morphines should get you ready! All this plan really entails is time, and habits. Once you master those, the rest is easy breezy. Besides finding the money to invest of course ;) Either way, i'm starting now.
In order for me, J. Money, to become a millionaire, I pledge to do the following: *list will be updated as necessary
- Max out my 401(k) every year.
- Save/invest 1/2 of all future bonus's.
- Continue investing in my brother's condo.
- Keep up "a dollar a day" (work days)
- To be frugal, but not hardcore-insanely frugal ;)
- $15,500 invested, $15,500 matched!
- $2,500 (after taxed)
- $1,700
- $240
- TOTAL: $35,440/yr
This means I will become a millionaire by the time i'm 43! (hotness)
Of course $1M won't actually be $1M thirty years from now, and I can't predict future returns, but to be honest that's not what it's about for me. All I want is the ABILITY to retire happily with no concerns about money at all. And i'm pretty damn sure this strategy will cover that :)
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Labels: million dollar club, retirement
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posted by J. Money at
4:29 PM
17 Comments:
Seems like you have a good goals.
I never thought of the dollar a day thing, pretty cool
J., With this "15,500 invested, $15,500 matched!" are you saying that you get 100% match on all of your 401K contributions? If yes, that would be an insanely great 401K match since it's usually capped by a certain percent of your salary.
BTW, that's a great club that you started.
Thx moneymonk! yeah, it's easy at first but super hard to keep up. give it a shot though and let me know how it works :)
Calgirl - you got it! absolutely insane, right? i'd be a mad man NOT to max it out. it also helped spark my interest in personal finance as i really didn't understand it at first.
there actually is a cap, but it's set in a way that most of us can still max it out. works for me!
Oh, and you should totally join the club! this way we can all blog on the beach one day :)
I'd join the club, but I already hit $1m at the start of last year. Still can't afford to sit on the beach blogging though ;)
A 100% match on all of your 401K contributions? You, J. Savings, are a lucky guy. $31K total to your 401(k) each year adds up quick.
-1MansMoney
I want to join. This sounds like fun!
great plan! i guess part of my list would be to find a 401k that would pay out as great as yours!
Now just imagine if you added found change to your list. Instead of 15 years, you would be a millionaire in 14 years and 364 days!
ha ha, you guys are awesome!
enoughwealth - that's what i'm talking about, congrats! are you me in 15 years?
1mansmoney - lucky in wealth and love my good sir, we both can't complain there :)
james - damn straight, we'll be the new "it" club! haha
lpkitten - i send good luck vibes your way to find the master 401k plan :)
Baily - i like the way you think! that's the kind of creative thinking we need in our club...and before we know it, the pennies will start rolling in - literally!
Sign me up!
I'll have to do my own list of goals...
I've started living like a frugal millionaire already though! It's working so far!
What about your Roth IRA?
Maybe after that you'll be a millionaire in 10 years!
Ginger - awesome! i'll have my eyes open to see your own personal goals :)
Tom - i like the way you think. i came close to putting a yearly amount down for that, but i only wanted to list those that i will def. do 100%.
with the future mrs. about to start Grad School, the odds that i can regularly add to my roth will be against me :(
thx for the comments everyone!
Wow, that's a great 401K match. I didn't know there were any companies being that generous. Maybe, I'd even consider coming out of early retirement for a perk like that :-)
I am so impressed! I wish I had been more conscious of saving in my late 20s. Now I'm 35, we have a family of 5 (3 children), and it is not as easy to save now. We do, but not at the rate we could have before we had kids.
Jen
http://www.ListPlanIt.com
great match! good on you for taking advantage of it. you made me sit down and see how fast I would get to a million (using retirement accounts only). am so writing a post about that! thanks and good luck!
Super Saver - Oh yeah, the matching is what wakes me up in the morning ;)
List Mama - I think it has to do w/ when you're "forced" to budget and save, cuz THEN you get down to the nitty gritty. How wonderful your family sounds though!!! Congrats :)
Paradigm Shifted - Thanks! You should totally post about it. Link back and let us know so we can track it too! btw, what was your millionaire age?
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