Welcome to J’s Million Dollar Club! If you’ve ever dreamed about becoming a millionaire – and you actually want to DO SOMETHING about it – you’re in the right place!
Can you imagine how killer it would be logging into your accounts one day and seeing a cool million there? I’ve been all about it the past couple years and there’s really nothing stopping me now. I’ve got the desire, the patience, and more importantly the game plan! (what this post is all about).
And I’d love for you to join! Check out my “millionaire to-do list” below and then create one for yourself. It doesn’t have to be much, just make sure it’s realistic so you’ll actually go through with it. Then review it every once in a while to remind yourself WHY you’re saving so much more than all all those crazies around you ;) After that, just keep Motivated! “The Automatic Millionaire” and “The Millionaire Next Door” are excellent books for this. All the plan really entails is time and habits. You master those and it’s easy breezy my friends! (besides, of course, finding the money to invest). But regardless, you have to start NOW.
In order for me, J. Money, to become a millionaire, I pledge to do the following (each year):
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That would mean a total of $23,500/year $33,000/year if I could pull that off! Using CNN-Money’s millionaire calculator with a conservative interest of 6%, I will see a cool $1 Million in approx. 9 years and 4 months!
This means I will become a millionaire by the time I’m 43 45 42!
That $1 million might not actually be *worth* $1 million by then (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 being a millionaire would cover that ;)
***UPDATE*** 10/6/11 Since being laid off in January and now being self-employed (woohoo!) I have updated these numbers :) They’re not *as* sexy as before, but we’re still creeping up towards millionaire status as we go along! And with our new Mortgage Payoff Plan in works, I’ll need a LOT less than $1Mil to be happy now… not to mention how much MORE I’ll have left over in 10 years once I’m 100% debt-free!! WOO!! Gotta keep tweaking our plans as life goes on :)
***UPDATE*** 5/20/13 We’re back to hitting $1 Mil earlier again! Two+ years of being self-employed now and so far so good :) Here’s an update on this club we just posted about: We’ve got our first millionaire member! Hope the rest of you are hustling just as hard too!
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So what do ya say – ready to join the club? Get your own pledge jotted down, and then link back or leave a comment and I’ll add ya to the list! Here are the current soon-to-be millionaires:
- James @ DINK’s Finance
- Ginger @ Ginger Won’t Snap
- Erica @ Erica’s Funny Farm
- Brian @ My Next Buck –> Brian’s millionaire list
- Brad @ Enemy of Debt –> Brad’s millionaire list
- Paul @ Fiscal Geek
- Shawanda @ You Have More Than You Think –> Shawanda’s millionaire list
- Financial Samurai –> Financial Samurai’s millionaire list
- Brandi @ A Life Change: My Journey To Happiness
- Yellow Piggy Bank
- Michelle @ Penny and Nickel to Wealth –> Michelle’s millionaire list
- O1SP03 @ Five Girls Ditching Debt
- Megan @ Student Charade –> Megan’s millionaire list
- LuLu @ How I Save Money –> LuLu’s millionaire list
- Lisa @ Cents To Save –> Lisa’s millionaire list
- Jayde Moss @ Making Me a Millionaire –> Jayde’s millionaire list
- Broke M.B.A. @ The Broke M.B.A –> Broke’s millionaire list
- Ryan @ Planting Dollars –> Ryan’s millionaire list
- Roger @ The Amateur Financier –> Roger’s millionaire list
- The Financial Blogger –> Financial Blogger’s millionaire list
- Money Wise 24 –> Aleks’ millionaire list
- BudgetBabe @ Lean with Green –> BudgetBabe’s Millionaire List
- Sabrina @ Freedom 45 –> Sabrina’s Millionaire List
- Clayton @ Just Good Financial Advice
- YoungAndThrifty –> Young And Thrifty’s Millionaire List
- Jeff Kosola @ Deliver Away Debt –> Jeff’s Millionaire List
- Money Handler @ Money Handler’s millionaire list
- Broke by Choice @ If I Were a Wealthy Girl–> Broke by Choice’s millionaire list
- Money Reasons –> Money Reasons’ millionaire list
- Jane @ See Jane Get Rich –> Jane’s millionaire list
- Barbara Bryn Klare @ Upside of Money
- Meghan Fife @ Thoughts on the Real Life
- Ciawy @ Run, Work and Save
- Benjie @ Zordane –> Benjie’s millionaire list
- AP @ Aspiration’s Purse –> AP’s millionaire list
- FinEngr @ Engineer Your Finances –> FinEngr’s millionaire list
- Harvest Wages
- Matt @ Dividend Monk –> Dividend Monk’s millionaire list
- Budgeting In The Fun Stuff
- Anon Lawyer @ Thoughts of an Anonymous Lawyer –> Anon’s millionaire list
- Moneymonk –> Moneymonk’s millionaire list
- Saving Savy Pinky –> Pinky’s millionaire list
- Utbytte –> Utbytte’s millionaire list
- Darren @ More Than Finances –> Darren’s millionaire list
- Meg @ World of Wealth
- MFO @ My Financial Objectives –> MFO’s millionaire list
- Jeffrey Mitchell
- Ashley Jacobs @ CashFlow Sherpas
- FrugalGuy @ Frugal Revolution –> FrugalGuy’s millionaire list
- Anthony @ Diversify Your Life
- Matt @ Better Me Self (awesome name!)
- MoneyMan @ Financial Odyssey –> MoneyMan’s millionaire list
- Wendy P.
- Bobby
- Stu @ Pennywise2Pennyworth –> Stu’s millionaire list
- Ginger @ Frugal Students – Starting a New Life –> Ginger’s millionaire list
- Will @ Frugal Norwegian –> Will’s millionaire list
- Money Rabbit
- Chris Parsons @ Small Biz Big Dreams
- Divas With Cents
- Jack Crown @ Stock Dividend
- BigChrisB @ Debt Digger –> Big Chris’ millionaire list [The first one to a million! Congrats!!]
- Catherine @ Blugoo Girl –> Catherine’s millionaire list
- Eric @ Post Grad Agenda –> Eric’s millionaire list
- Jamie J @ The Bottom Rung –> Jamie J’s millionaire list
- Jon @ Free Money Wisdom
- Rob. T. T.
- Angie
- Jane Sanders @ Debt Management.net –> Jane’s millionaire list
- Dani @ OK, Dani –> Dani’s millionaire list
- Nitza @ Nitza’s Pizza –> Nitza’s millionaire list
- Brian @ Treasure Freedom
- Aspiring Millionaire @ Aspiring Millionaire.com –> Aspiring’s millionaire list
- Multi-Millionaire Before 30 –> Multi-Millionaire’s list
- Kelsey Horner @ Zero To One Million Challenge –> Kelsey’s millionaire list
- Kody @ Financial Money Tips –> Kody’s millionaire list
- Steve Ryan @ Smart Wealth
- Jeff @ My Multiple Streams –> Jeff’s millionaire list
- T. Thema Martin @ Savionaire
- John @ Frugal Gearhead –> John’s millionaire list
- Rich Uncle El @ Money Watch 101 –> Rich Uncle El’s millionaire list
- Long @ Budget For Wealth –> Long’s millionaire list
- Cameron Cohen
- Shondell @ Call Me What You Want, Even Cheap! –> Shondell’s millionaire list
- Busy Executive @ The Busy Executive Money Blog
- Jai
- Obodden
- Alunda @ My Take on Money –> Alunda’s millionaire list
- Victoria @ Lend Not Borrow –> Victoria’s millionaire list
- Mikayla – (List below in comments)
- CrystalH @ Sophisticated Spender –> CrystalH’s millionaire list
- DC @ Young Adult Money –> DC’s millionaire list
- Oyinda – (Listed below in comments)
- MB @ 12 Year Career
- Mike Collins @ Wealthy Turtle –> Mike’s millionaire list
- Just Pay It Off –> JustPayItOff’s millionaire list
- DZ @ Debtzilla –> DZ’s millionaire list
- Lena @ What Mommy Does –> Lena’s millionaire list
- Jim
- RevenueKing
- Tarragonisntjustaspice
- Jeremy @ My Financial Road
- Abbie Stokes @ Finance Junkie –> Abbie’s millionaire list
- Ma rio @ Debt Blag
- Free Money Minute –> Free Money Minute’s millionaire list
- Anton Ivanov @ Dreams Cash True –> Anton’s millionaire list
- Paul – (list is in comments below)
- Alex – (list is in comments below)
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Budgets Are Sexy has been lovingly prepared by me, J$, and motivated by YOU - the community! While this blog seems random at times, our main goal here is simple: To keep personal finance fun. And the earlier you start rockin' that money, the better! This stuff isn't just for old people - it's for ALL people. So whether you came to learn about credit cards, 401k, budget planning, retirement, or anything else relating to money, I give you a hearty pat on the back for seeking it out. The more we research, the more we learn baby!
{ 188 comments… read them below or add one }
we all gotta start somewhere! both of you have now been added :)
Hey, sorry, but I had to change the site and name of my blog where my millionaire to do list is located (it WAS waking up with money) but now it's http://moneyhandler.wordpress.com
Thanks!
Keep making the millions everybody! ;-)
J.Money, count me in too!!!
I used the below link as a title:
http://www.moneyreasons.com/2010/02/millionaire-clubbing-with-a-friend/
I got some REAL interesting adds come up on my side :)…
Good idea, great way to get people to focus on that goal!!!
SeeJaneGetRich.com and I decided to jump in together at the same time…
I am in too! Here's my pledge to becoming a millionair: http://seejanegetrich.com/2010/02/see-jane-become-a-millionaire/.
I am jumping in with a buddy my buddy Don @ MoneyReasons.com.
Sweet! You guys have now been added – welcome aboard :)
Hey, glad to join the club. Here's the link to my blog, where I put the club badge: http://barbarabrynklare.wordpress.com/
–Max out Roth each year
–Covered calls in ALL my IRAs and 401(k)
–Sock away cash
I don't have a personal finance blog but I would like to be a part of the millionaire club. My millionaire to-do list is here:
http://thoughtsonthereallife.wordpress.com/2010/02/21/millionaire-to-do-list/
Thanks for your inspiration, J. Money!
Done and done! Welcome aboard my new friends :)
My Millionaire to do list?
– Buy an Island…
– And the Lear Jet to fly me there and take a long vacation.
Thanks for the question.
You're going to buy an island and lear jet to reach a million dollars? ;) Gotta drop HOW you're going to get there my friend…
J. Money,
Thanks for being an inspiration. I would like to be a part of your club. I just started my blog 2 months ago, and it's about running, finding work and saving money. My first money/savings goal is to have $12,000 on my savings account by 2012 and then go from there. I had to start somewhere, right? Of course I wouldn't stop there.
Thanks again!
Ciawy
Damn straight :) Can't make it to a million without hitting $12k first – I think that's a most excellent goal. Welcome aboard!
is there a billionaires club? That is what i want and when this boy reaches a billion it a wrap. i even have a way to get to it and it involves working very hard at something that i love. i think that is the first thing to making a billion(finding something that you would gladly do for free and people pay you to do it)
Well, we can certainly create one. How about you tell me the secret to this business of yours and we'll do it together? ;)
all in good time my friend, all in good time :)
Hi J, this is really exciting. And You could add me to the list, I'll post my personal list in my site. Great idea!
Okay, count me in. I am trying to save up a million to buy a particular business and I don't know if I'll still want it when I'm 40 something, but it doesn't hurt to try right?!
Done! **Finally…
http://www.engineeryourfinances.com/2010/03/finengr-joins-the-million-dollar-club/
.-= FinEngr´s last blog ..FinEngr Joins The Million Dollar Club =-.
Welcome to the club, good sir!
Great todo list,
i’m getting on board now!!!
Great! Let me know when your list is up and I’ll link directly to it :)
Looks good. I’d like to join the list. I’ll get a post up in a day or two and post the link.
Great, Matt! I’ll add it up as soon as I see it :)
J. Money,
I’ve written my millionaire list and have linked back to your post here.
http://dividendmonk.com/dividend-monks-millionaire-list/
Having some trouble with the badge, though. I’ve copied the code as presented but it just comes up with a link that says “Million and then doesn’t link to anywhere. If you have any idea what I might be missing, let me know.
Good Luck, hope you hit the million mark before 13 years!
Welcome aboard Matt! GREAT list too :)
Here’s the link to my Millionaire To Do List:
http://www.budgetinginthefunstuff.com/p/my-millionaire-to-do-list.html
For some reason, the badge isn’t working…anyone else have any issues? I cut and paste it without the word “Copy:” (like the Yakezie badge), but I just see a red x box. I’m using Blogger…
Awesome!!! Thanks for joining :)
I finally figured out what was wrong w/ the code, so all the badges should work now! (they got jacked up when we converted this site from Blogger to Wordpress, oops.) Sorry about that guys, but thanks for alerting me :)
The badge works, yay! Thanks J!
Count me in. I am doing what you are. My only weakness is dining out
why would u throw it all in a 401K…???? and not a roth to begin with and second theres no way ur going to become a millionaire JUST because u do those things…..and why wouldn’t you ACTIVELY manage your money….? “maxing” out contributions won’t make you rich…do u know how FAST u would blow through $1 at age 43??? and also why not invest the money so you increase your cashflow to the point where you wouldn’t ever need any of those ira’s ? make your money work for you instead of sitting there collecting “dust” (1.8% a yr) which doesn’t even beat inflation…..
Hmm…I don’t think you read this post very well. You’re telling me that if I invest $40,000 every year – even if it just “collects dust” as you say (which is kind of impossible because it’s not in a savings account, the money is in mutual funds & stocks) – that there’s no way possible to become a millionaire? HAH! Even if I just put $40k in cash under my bed LOSING money over the years due to inflation I’d still become a millionaire by the time I’m old & gray.
You can’t argue against 100% 401k matching either – If your company gave you $16,500 every year to match your own $16,500 contributions, are you saying you wouldn’t take it? Where would be able to double your money quicker than that?
Great list… I think, I will be the first Indian to join the gang.
I will plan as per Indian context i.e. Indian Rupees, Indian 401 (PF), Roth IRA (PPF)etc….
AWESOME! Welcome aboard my Indian friend :) When you get your list up let me know and I’ll link back to it…in the meantime I’ll add your name.
Thanks J.
My list is up at….
http://planning4everything.blogspot.com/2010/05/saving-savy-pinkeys-millionaire-todo.html
Here is my list. You should maybe google translate it from Norwegian to English. It will end up as a really bad translation so I’ll just post the highlights here.
I already have some value in my stock portfolio and I expect those values will increase by 8.5% per year over the next 15 years. I expect also that I will save kr 10,000,- per month each month on average.
If I manage to get a return of 8.5% on average per year and save 10,000 per month I will have kr 6,533,685,- in 15 years. kr 6,533,685 equals a little more than one million dollar.
http://utbytte.blogspot.com/2010/06/million-dollar-club.html
Norwegian – nice! Welcome to your journey to Financial Freedom!!!
J. Money,
I just wanted to ask if you’d update my info above. I finally switched over from wordpress.com (Thoughts on the Real Life) to wordpress.org with my own domain name. =) So now my millionaire to do list is at http://startwelllivewell.com/millionaire-to-do-list/
Thanks!
Done! Congrats on the WP switch :)
Thanks again for including me. The empire is growing!
“All I want is the ABILITY to retire happily with no concerns about money at all. And I’m pretty damn sure being a millionaire would cover that ;)”
That’s the dream! :)
Yeah, a dream come true one day!
Just posted my list! Indeed a dream come true someday sooner than later!
J. Money,
This is my first time evaluating this blog and I am impressed. I was reading DINK articles online and I thought I would comment about your Million Dollar plan. I think the biggest things you can do to reach this goal are #1) Invest in a variety of different products to diversity risk, and do it automatically #2) Cut back on materialism.
Here is my plan w/6 different buckets:
1) Roth IRA – automatic W/D of $100.Month: Projected $200,000 return
2) Whole Life Insurance, guaranteed 3% minimum return and I pay $135/month for the rest of my life. If stopped funding at 60, I can collecte a credit of $115,000 minimum
3) 401K – Currently taking 5% salary and have a 4% match, aggressive investments targeted. Projected $200,000 by retirement
4) Automatic W/D into Savings – ING Direct pays interest on this money and it is my most liquid asset. KLimiting to $50,000
5) Misc. Stocks and investments: Projected $100,000
6) Assets: Value of the things I own which can be sold: Cars, Cutco Knives, Out of Print Albums, Trading Cards, etc. Estimated $100,000
Finally, if those 6 buckets of retirment planning are not enough, I do plan on collecting at least 75% of what I pay into social security, as well as receiving misc. inheritance valued at around $50-100K.
This adds up to around $1 Million and all of these buckets are in place right now at age 25. What are your thoughts?
Hey J.!
Here is the link to my Millionaire To-Do List:
{broken}
The badge for the club shows up at the bottom of each page of Cash Flow Sherpas!
Please add me to the list! I’m excited to be part of the club!
Thanks!!!!
Hey J. Money! Count me in! I have pulled together my millionaire to-do list. Here is the link to my post which includes the badge. Please add me to the list!
{broken link}
Thanks!
FrugalGuy
@Jeff – I think you are a very detailed man! And that’s great :) I don’t know about the Whole Life Insurance part, but the rest I say Amen brotha. It’s all about having that plan and making it a habit! You are now a club member!
And same with you guys too Ashley Jacobs and FrugalGuy! Welcome aboard!
J,
I’m in, too! Add me to your all-star list!
Lucky #50 :)
Hey J.
Great Idea, Count me in! My milionaire list is located at http://www.financialodyssey.com/million%20dollar%20club/
You’re now up there! Like how you kept in mind that your #’s are based only one what you’re bringing in today too. Imagine if/when you start making more as the years go by? You will reach that $1mil mark MUCH faster :) Keep it up!
My Millionaire to do list -
1. Save $25,000 by end of year 2011
2. Increase my annual income by $50,000 by going back to school and getting additional certifications (by getting promoted or landing a better paying job) and selling merchandise online, at flea markets etc.
3. Max out my IRA
4. Invest an additional $1,000 in the stock market
Being Canadian, it’s a little bit different, but my goal is a cool million by the time I’m 55 (the earliest I can retire at my current employer).
I just started a few months ago and I just had a birthday so it’s easier to calculate, if I keep up with the current savings, I’ll have just over a million by the time I turn 55 and that’s with a 6% return.
Future raises and bonuses will only make it happen sooner.
Hey J. Money! This is a great idea. Add me to the millionaire club,
Here is a link to my Millionaire-to-do list: http://pennywise2pennyworth.blogspot.com/2010/09/my-millionaire-to-do-list.html
Thanks and good luck to everyone on the list!
Glad to see more people excited about this!! Adding you all to the list now – keep it up :)
Need to update the list to include the wifey. Added the badge back on my site, down under the memberships area.
I would like to join.
Here is my link, thanks for this idea.
http://frugalstudents.blogspot.com/2010/09/million-dollar-club.html
Hi J!
Ok so I promise that when I get home I will create a pledge that I will be a millionaire on this particular date and how would I be able to reach that rich goal. You are making budgeting and saving sexy indeed!
Stick with it. Just for some motivation, I started in 1996 with relatively nothing to my name, I was always a saver, but would buy stuff that would deplete savings. By 1998 I decided to start contributions to my 401k and get the 3% company match. At that time bad plan with 5% loads getting in an out of funds.
By 2002 I was doing Roth for myself and my wife and moved to an employer that allowed contributions to vanguard no loads. I continued the maximum 401k contributions and got a 3% match as well. I was really starting to roll. I have a nice 60/40 split on stocks and bonds.
By 2005 I was out on my own doing contracting pulling in mid 150k a year. I put in the max 401k contributions and did 25% match as per the IRS rules. This really started the cash pilling in. At the same time I was living just like I had been when I earned 75k a year. My thoughts were that the Government, FICA and State taxes are getting a chunk of my money, I should at least be putting away that much in savings myself. And thats what I continued to do. Thanks to the downturn in the economy and subsequent stock market crash I watched the dow plunge to 7500. At that point I started selling off my Bond fund in $2500 chunks and reinvesting back into the s&p 500 vanguard fund. I set up a sell bond fund every 2 days and bought directly s&p500. (note I am now 38 years old and figured I didn’t need bonds yet). This proved to be a great Market Timing move in that I saw bargain so I went shopping.
Anyway here we are in 2010 and my networth is over $800,000. None of this came from Real Estate or my home that I am now currently living in that is worth about 75k less than when I purchased in 2006. Anyway that is my story, I have just saved every penny I could kept a solid gameplan in the s&p500 and it has paid off very well for me. At the start of 2010 I rebalance my portfolio to pick up a world wide strategy. I have 4 vanguard funds now as follows in fairly even amounts. 1. Total Stock Market Index, 2. Total International Market Index, 3. Vanguard High Yield, 4. Vanguard Total REIT index.
So keep at it people, this does work but it takes many years to pull off and see significant results. Given I have been doing this now for 12 years even if we have little to no appreciation in the stock market I should still make 1.6 milllion in another 12 years thanks to dividends being reinvested (REIT at purchase was paying 4.8% and High Yield a little over 3%). If I have a nominal 7% return I should be 1.8 million and that should be doable given. Add to that, I am still managing to put around 38k a year away in 401k, IRA’s and Savings I should be at the 2 million mark with ease.
I estimate I will need 3.3 million to keep the same standard of living I have today, of-course without all the costs of working I am sure I could get by on a bunch less. If I am still working at age 55 (maybe we will have a massive stock market run and I will cash out) I plan on diversifying into the Buckets of Money strategy. This strategy basically pulls off 8-10 years worth of money into a safe cash type bucket allowing the rest to ride in the stock market to give you great gains. Given I would have 10 years before retiring at 65 and leave the bulk of my money invested in stocks that would give a nice 20 year time period for my portfolio to replenish itself. At that time now 75 I could rebalance again taking out another 10 years of cash for living and letting the rest ride until 85.
Anyway enough ramblings, Just save until it hurts and then save a little more and you will have massive amounts of cash sitting to last you in your retirement years. If I could tell everybody one thing, it is save 25% of your income and never ever buy stuff on credit. (well a house is maybe ok)
Love the way you think, brotha! Saving till it hurts while young is DEF the way to go :) Very impressive numbers you’re getting up there too! Thanks for sharing with us!
Here is my list. Thanks for the inspiration!
http://frugalnorwegian.blogspot.com/2010/10/my-millionaire-to-do-list.html
Definitely inspiring; I better get the wheels turning on this one!
Hi, please sign me up! This is the link to my website, as well as the description of how I plan on making my millions:
1. Pay off all liabilities by July 31st 2011 (my car loan, remaining balance approx. $13,000)
2. Save up, buy a Triplex by November 2012
3. Continue to max out my RRSP contribution and TFSA.
4. Reel in my spending and make sure I only spend less than 75% of what I earn
5. Find a side hobby that I’m passionate about and that is lucrative (aka, finally write a novel, which I have been aching to do since puberty).
Welcome aboard! Great lists to work on :)
J. Money,
Could you get me a job where you work? I’d love to have a 100% match all the way up to max contribution.
Hah! It seems I haven’t updated this in a bit…. work no longer offers any of these sexy benefits (more info here). We’re pretty much your run of the mill company now… b-o-r-i-n-g….
Hey J. Money I’ve joined the club! You can see my post here:
http://www.smallbizbigdreams.com/money-finances/how-i-plan-to-become-a-millionaire/
I plan to be a millionaire by age 40. My plan is quite simple – grow my income by 10% per year, while keeping my expenses low – not allowing them to grow at above 5% per year.
Put me on the list! I smell a million!! :o)
Added ya up! When you’re post goes live give me a shout and I’ll link back :) Great way to start the new year!
Here is my plan on how to become a U.S. dollar millionaire.
I see look away from inflation and only counts when it will stand a million dollars on my account.
This is based on the values of my stock portfolio as of now and I expect that values will rise by 8.5% each year. I also expect that I will save at least 1,500 $ each month.
If I manage to get a return of 8.5% on average each year and save 1,500 each month I will have about $ 1,090,000 in 15 years from now.
http://stockdividend.blogspot.com/2011/01/million-dollar-club.html
Hi,
I joined a while back but I moved my blog: it’s now here: upsideofmoney .com. Baby steps, it seems, really do add up. I’m halfway to the goal. Oh yeah!
Updated! congrats :)
I’ve decided to join the crowd, and make my own millionaire pledge (http://debtdigger.blogspot.com/2011/01/millionaires-pledge.html). I’m already past $600,000, so don’t have too far to go. Until I achieve this goal, I pledge to:
1. Pay off my business loan by Feb 2012 (~$4,000/month)
2. Contribute the maximum ($25,000/yr) to my superannuation fund
3. Pay all dividends from listed investments onto my margin loan
4. Pay the dividend component of my pay ($2,700/month after tax) either into my margin loan, or into my investment company.
5. Pay all periodic profit dividends from my employer into my investment company.
Doing this, without any return on investment, I will be a millionaire by January 2014, or three years time. If my investments return as expected (5% capital gain on listed stocks, 12% on private company), I will be a millionaire by October 2012. Check back and see if I can do it!
I’ve joined! :) http://blugoogirl.com/?p=245
I’ve joined the club!
http://postgradagenda.wordpress.com/2011/01/27/how-to-become-a-millionaire-sort-of/
So cool. I’m in!
Please add me to the list J. Money! Here’s my link to my millionaire list- http://freemoneywisdom.com/the-quest-for-a-million-bucks.html
Hope you enjoy the read. My blog has been up for a couple months and excited for where it goes from here. Love your blog, I’m an avid reader. Thanks!
Welcome aboard, guys!
Thanks for the add J. Money! I’m looking forward to getting more involved in the financial blog community and talking money with you! Feels good to be part of the millionaire lub. Keep it real brotha.
No doubt my man — we’re a happy ol’ family here ;)
J$ – Found you through Love Drop first, and have been perusing the site for the past hour. The MDC badge is up on my site. Keep fighting the good fight!
Nice! Thx for stopping by brotha – you have been added to the list :)
I (finally) posted my pledge!!
http://jamiej527.wordpress.com/2011/02/07/my-millionaire-pledge/
I would like to join the Million Dollar Club. I am a fairly recent college graduate and did very well in school. My degree is a Bachelor of Science in Business Administration. There are two things which will help illustrate the financial difficulty that I’ve been having since graduation. The first, I’ve been homeless for nine out of the past 12 months in two different cities. The second, the best job that I’ve gotten since graduation paid 8.00 dollars an hour. which is only 75 cents above minimum wage. This makes it next to impossible to get ahead, save and invest. I’m not lazy as indicated by the 800 plus applications that I’ve submitted since graduation. My criminal record is clean I’ve never even had so much as a speeding ticket. In spite of all of these difficulties I would like to sign on to see if I could get some inspiration or ideas from the other million dollar club members. As it stands right now I have a negative monthly income so that is my starting point.
Wow, GOOD FOR YOU man! That is incredible. We welcome you aboard with open arms, sir! :) Click around the other members’ links to see how they’re workin’ towards it. Lots of great ideas flowing, I wish you nothing but success!
I’ve got no blog or website of my own, but I’m totally on board with becoming a millionaire! Our ultimate goal is 3 million. If our net worth grows by only 10% per year, we’ll hit it before I turn 50. I expect that my hubby can retire when I’m 61. Ugh – that seems a long time away (I’m only 35 now). I’m doing this by investing in our Roth 401k, getting it matched in our traditional 401k, paying off our rental and our home, investing in more real estate (after we pay off what we own now) as well as the stock market and basically just living beneath our means.
Our plan isn’t very sexy, but even after our house value tanked (lost over 1/3 of it’s value since we bought it) and the stock market has been going through it’s roller coaster ride, we’ve still managed to accumulate almost 300k. So I’m ok with being un-sexy :)
Hell yeah girl! Rock it!
So i calculated and it’s going to take me fiftyeleven* years to get to millionaire status :(
But i’m going to plug along until I get there! I posted my loose plan at my personal blog:
http://www.okdani.com/2011/03/million-dollar-club-to-do-list.html
Wish me luck!
xo,
Dani
*fiftyeleven means a bajillion…basically
hahaha… fiftyeleven is my new fave word ;) welcome to the club!
I know I am arriving pretty late to the party, but here’s my list: http://nitzapizza.blogspot.com/2011/04/what-can-i-say-i-like-having-goals.html
Now if I can just figure out how to make the badges work!
Hey J. Money check it out!
http://www.treasurefreedom.com/2011/04/13/joining-the-million-dollar-club/
Nice to meet y’all! You’re now official members ;)
Better late than never I guess! lol. I only just stumbled across this, but have posted my plan here http://www.aspiringmillionaire.com/2011/05/my-million-dollar-plan.html
When I started my blog the aim was to become a millionaire (not from my blog, lol). I just got sick of surviving pay check to pay check and decided there was no reason I can’t be a millionaire, so set out to do so.
Haha nice! And so true :) Adding ya up now — welcome to the club!
My plan is to be wealthy enough that I don’t have to work. The cash flow from my investments will pay for my monthly expenses. Right now, I’m one single 32 year old person on a small salary with a little bit of debt. I’ve got my work cut out for me! I’ve always known that there was a better way to live than paycheck to paycheck, and it astounds me that there are people who make $100K plus per year and are broke because they blow right through it. The don’t realize that they could comfortably live on a portion of their yearly salary and use the rest the money to make more money. Duh!
YUP! A lot of people who make $30k have more in savings than those making $100k+ cuz of lifestyle choices. Though one lifestyle isn’t better than another’s, it just depend on our OWN preference and what you want out of life. I’d like the income stream from my investments just like you ;) And if we focus on that and work our a$$es off, we’ll make it happen!
Love your website. Also, I love the “budgets are sexy certificate” I got for signing up for your newsletter. I have it right above my desk where my laptop is so that I can always remember to save and that budgets are sexy. I created a millionaire list and it is at http://www.multimillionairebefore30.com/2011/06/12/my-millionaire-list/
Hah! Love it!! :) Going now to check out your list and then adding you up…. well done, my new friend!!
I’m joining the Million Dollar Club!
Cool! Just read your post – You can dooo it!!! It all starts with a plan, baby, and now you’ve got one :)
Hi J. Money,
I edited my website’s permalinks to postname. May you please change my link above to http://www.multimillionairebefore30.com/my-millionaire-list/
Thanks,
Nicole
done :)
What happens if you want to update your plan? Do you make another link or just update it on your blog?
Huh. That’s a good question, actually. I never thought about it before, but now that you mention it I DO need to update this as it’s been outdated now :) I’ll have to think about it for a bit, but I’ll probably end up updating *THIS* post since I like having everything in one spot. And also so I can focus and always be looking at my most current goals. Ever since working for myself 7 months ago, I’ve been on “freeze” mode until I level off here and get used to how things work. I’ll be sure to update this soon though – thanks for making me think about it!
Hey J-money! I feel privileged to have that badge on my website homepage. I can’t praise your blog enough, i love every word. I would appreciate it if i could join your million dollar club. Your badge is directly on my homepage. I put it at the top because that is how much i love your blog.. Can you please add a link pointing to my homepage that says Financial Money Tips? Thanks a lot!!
All set, sir! Thanks for the kind words :)
Hey J Money, can you please update my link? Thanks! =]
http://wp.me/p1MRu1-5
Of course! Adding it up now, my new friend :)
Hey J Money! I’ve put the badge on my new(er) blog :) I’m happy to join the millionaires club. I’ll see you in the clubhouse (hopefully) in a couple years!!
Thank you sir.
Awesome! Will add you to the list my man :)
Ok J Money sir, please add me as I join you in rush mode!
http://mymultiplestreams.com/the-path-to-one-million/
Nice to have you on board, Jeff :)
J, put me down as Millionaire #79. Your logo and information is listed in the left sidebar.
So how is the “employer contribution” of $16,500 yearly working out? I’d like to know who you work for because I think you are misunderstanding most employers will match 3-4% of your pay max. That obvious error in your post erases your credibility. Saving money is easy-not losing sleep over how to invest and protect your capital-that is the hard part.
@T. Thema Martin – Done deal! :)
@mtxjohn – Well then it’s a good thing I had it right from the beginning. The only incorrect mention here is that I no longer work for my employer anymore, so I’ll def. have to change that. As for the 100% matching of 100% contributions up to $16,500, though, that was all 100% true. I put in $16,500, I got $16,500 right back – no vesting period or anything – giving me $33,000 every year I was there. So I think the “obvious error” here was in your post, sorry. Can’t forget about those startups out there…
Hi J. Money- I’m sorry-matching $16,500?? I simply don’t believe you. No business I’ve ever heard of does this. I’m not a kid, I’m 36 and I work for one of the biggest financial institutions in the USA. You need to add some detail here as I’m calling BS on this. PLEASE PLEASE PLEASE anyone who has this setup chime in. And tell me what company does this. The only possible scenario I can imagine this happening would be a business that was run by people who had no idea how matching works…or if you made like $500,000 a year.
Or if you work for a startup making millions of dollars and whose CEO really wants to keep their employees. Which they did, until they went bankrupt and are no longer around. Because they were bad managing their money (and giving us sweet deals, I imagine). It doesn’t matter whether you believe me or not cuz I can clearly see the money in my bank :) This post is made to help motivate people to become millionaires – with whatever options they have available to them. If people don’t trust me, they won’t join us – that’s fine. This site isn’t for everyone.
Hi J Money-no, that makes sense. It makes me want to throw myself in front of a train-but it makes sense. Thank you for your help.
Sure :) But keep this in mind — the start up went under. If I didn’t save all my pennies I’d have been in trouble when I got laid off. So sometimes more “normal” corporate gigs pay off in sanity over money.
Keep up the great work, and we added a link to your site at:
http://InvestingEd.com/links.php
We will all be millionaires soon enough!
Saweet, thx! If you end up writing a post on how you’ll achieve it, let us know :)
Hey J$,
I want to jump on the bandwagon and join the coolest club around. Here’s my Millionaire List  Â
P.S. Sorry for the copy/paste fail
Added up! Stick to it now, okay? :)
Hello J.
Please add me to the club, I listed my steps to a million and place it on my blog. Here is the link to my page- http://www.moneywatch101.com/p/millionaire-club.html
Thanks,
Great! Adding you up now… I liked your “Build other streams of income and make them consistent.” – I think that’s key. If you can continue doing that, and ramping it up over the years, you’ll hit your million in no time :) Keep it up!
Hi J,
I enlisted in the Million Dollar Club! My list can be found at my site:
http://www.budgetforwealth.com/million-dollar-club/
Thanks for the inspiration! Writing it down will help me refer to the pledge in writing and keep me accountable. Not only to myself, but everyone who reads it too!
Yes, exactly! Writing it down is SO GOOD for you and your goals, keep on working towards them! Gonna go add you up right now :)
hi, i am 14 years old and have been working with a network marketimg business and made about 60,000 this year , i looked up how to make a million dollars just for fun and stumbled upon this , i think what your trying to do is awesome and i would love to join your group to be a millionare before i could drive (thats the goal) so count me in !
Wow, haha… you’ll have to tell us what it’s like when you get there cuz you’ll be the first to reach it ;)
$60k at 14 years old? That kid must be a killer marketer!
I can’t tell if he’s legit or not ;)
Okay, so I just discovered this club.I love it! I am definitely on my way to million dollar status. Especially with the help of my fellow bloggers. I just paid off my mortgage and want to make sure I stay on the right track to become a millionaire. I will create my list and post it on my blog. http://callmewhatyouwantevencheap.blogspot.com/
Wowww, congrats! Paying off your mortgage is HUGE! And usually the biggest part of wealth management. Congrats!! Going to add you to the list now – you rock.
J Money. I’m on board the millionaire club! New post up at the busyexecutivemoneyblog.
Welcome aboard! I want to hear about those 3 passive income streams too when you find them – I can always use some great ideas ;)
Sign me up! I’ve been thinking about blogging my journey to becoming debt free and becoming a millionaire.
Great! I’ll add you on it :) Be sure to send me the post if you end up starting that blog so we can add it up and keep you motivated! Good luck!
Add me into the club- This is an excellent idea. Great read !
Awesome – will do :) Let us know when you have the post written, and I’ll link back to ya too. Welcome aboard!
I’ve made my list and it’s posted and I am ready to be a part of the club!! Add me on J Money :)
Awesome! You’re now added up my friend – thanks for linking back and for adding the badge in your sidebar :) Glad you’re excited about it!
Hey J. Money! I posted my millionaire to do list…I think its a great idea to put this in writing where you can review it and look to it for inspiration.
http://wealthyturtle.com/taking-on-j-moneys-million-dollar-club-challenge/
Dang it! you found my weakness! I love lists…I love lists, listy, lists, lists…here it goes down…
But I guess there are worse lists to be on sooooo here it goes:
I pledge
1. To get out…nay CLAW out…of all of my revolving debt and never be stupid enough to get back in (I project 14 months to completion at my current sexy budget)
2. To save till it hurts every month no matter what
3. To educate myself about ways to make my money work for me (my piggy bank from when I was five is apparently not the smartest savings plan)
4. To be more tolerant of people who use your and you’re interchangeably with wild abandon… that won’t make me richer obv., but at least they’ll stop replying “your a b$#@!” just to aggravate me… I promise to start right after I holla at cameron cohen $60K
That’s it J dawg list me up!
You have officially been Listed! Welcome to the club, soon-to-be-debt-free!!
Hi J$!!!!
Thanks for making me think about what it’ll take for me to become a millionaire!
Here is SophisticatedSpender’s Millionaire List! http://sophisticatedspender.com/millionaire-club/
Awesome! Here’s to all of us accomplishing it one day! :)
Quick question on how to properly calculate this on the millionaire calculator:
I assume this is talking net worth and not like 1 mil in cash in accounts. So in the field for “amount i have in a taxable account”, should I put my cash accounts sum or should that be my current networth? It seems like cash account sum would not take into account my real estate values/mortgages. That being said, I’d much rather put in the cash, cause it’s way higher. ;)
Thanks, Z
Haha, Cash it is then! ;) But yeah, you bring up a great point – this calculator only takes into consideration cash and stocks/investments etc and not any types of real estate or other investments that aren’t in any “accounts.” Though I suppose you can just enter these extra things in one of the sections there in the calculator if you know what the $ number is so it’ll more accurately tell you your time? (Like, just add it on top of another taxable account there and pretend it’s all mixed in). Either way though it’s great you have outside investments and a property that’s not underwater like your truly! ;)
If I dont have a blog can I still join the list?
1. Find a great pension fund
2. Save at least 10% of what i earn
3. Sell or donate all unused/ unwanted items (clutter is stressful)
4. Start negotiating better deals in all purchases
5. Be consistent with work and in my other side business’
6. Only use my credit card to improve my credit score (so pay off all outstanding asap)
I’m in!
@Oyinda – Nope! Welcome aboard! 10% savings would be a great start :) Just make sure to put hard numbers down for the rest when you can so you have something to compare your results too – I find that’s pretty important and helps you stay on track more.
@MB @ 12 Year Career – Oh man, if you can increase passive income to 50%?? Wow. That would be hot!! The gift that keeps on giving!! :)
J, I think you missed me!
http://wealthyturtle.com/taking-on-j-moneys-million-dollar-club-challenge/
am i too late? im still starting out and i want to join!
http://jusypayitoff.blogspot.com/
Welcome aboard guys! It’s nice to be surrounded by more future millionaires :)
Hey J, I’d like to get in on this, especially in the top 100. And I’d be curious if you plan to update the list WHEN someone hits their first million.
here’s a link to my list http://stopdebtzilla.blogspot.com/p/the-millionaire-club.html
thanks
DZ
It’s never too late! Welcome aboard, my new friend :) And sure – if people keep me updated I’d be MORE than happy to pimp them out! That would be great!!
I know I am kind of late to the game but I would love to join!
Cool! Would love it if you did :) Post up your millionaire to-do list on your site and then let me know and I’ll add you in! Woohoo!
My pledge is now live! Great idea to make a specific actionable list. Can’t wait to see my name on the official list.
Congrats! Going now to add you to the list :) Happy New Year!
Hey J! I am dying to know how you created those badges and codes for the Million Dollar Club! I need to create one for a New Year’s challenge, and I thought I had it worked out, but apparently I don’t! Does someone do this for you or do you know of a simple program/website for this?
Hey Lena :) I have a background in graphic design so I just did ‘em up myself. I’m sure there ARE some great templates out there though if you Google hard enough? I have some friends that do it on the side too for some money, so if it’s worth paying a little I can pass along their info to you? Just depends on how important these are to you and your budget :) Shoot me an email anytime: j @ budgets are sexy .com. Happy new year!
I’m paying off my mortgage in 3 years. By January 1, 2016 I will be completely debt-free (barring any unforeseen catastrophes). Shortly thereafter I will be a millionaire. I’d like to join, but I don’t blog – is joining still possible?
Awesome!!! Those are great goals, my friend – of course you can join :) I’ll go now and add up your name – you’ll be member #99, woohoo!
Keep fighting the good fight.
What’s up J money! I just turned 18 in December and would like to join your million dollar club! I am not much of a blogger but would still like to join! I plan on saving every single on off my paychecks since I live at home still.
There you go! An excellent plan, my new friend. Welcome to the club :)
Hi J. Money, very nice to see you have created a club for Millionaires!
Can I post your link on my Blog?
PeaceLovJoy, QueenHajar
Of course – go for it! I hope you join the club too :)
I happened upon your site. I’m so close to paying off my car – then my plans are to. Work on both mortgages. I need to also save more in 401k as I’m in my 50′s. I’m still struggling with adding more to my 401k or paying more on my mortgages. Would love to join the club.
Sounds good to me :) It’s def. hard to stay on top of this stuff 24/7, but if you keep pushing hard you’ll accomplish it all! Adding you now to our Millionaire List – welcome!
Better late than never I suppose! Sign me up J Mo!
A stubborn, but willing Ms. Stokes here!
Not sure if I’ll ever have the time to achieve anything like this – I’m not even sure what I should pledge.
All aboard and all that jazz…I guess!
Abi x
Welcome to the club, guys! Make sure to write up a post on your list so I can link back to it and you can hopefully stay motivated! :)
Ooh. This is intriguing… I’m totally in.
I imagine I’m starting in a hole that’s as deep as anyone’s out there, but I’m aggressive about climbing out
Cool, I’ll add you to the list then! Make sure to hit us back w/ your to-do list once you blog about it :)
Hi J.Money,
Just a follow-up post – after making this pledge a couple of years back, I’m proud to say that I’ve achieved my million! Thanks for a bit of inspiration, and have a look at the blog (http://debtdigger.blogspot.com.au/) for a run-down on how it happened.
Wowwww look at you!! That is incredible! We’ll def. see if the 2nd million is easier now, haha… I’m gonna write up a new post about this club and see how everyone else is doing too – or IF they even read this blog still! :) I’ll have to announce to everyone you’re the first one to make it too – woohoo! Rock on my man, this is some most wonderful news.
Add my to the list J Money, I joined the Million Dollar Club. Check out my plan here -> http://freemoneyminute.com/wp/2013/05/05/joining-the-million-dollar-club/
Awesome! Way to go paying off your house already, that’s really incredible. Going now to add you to the list! :)
Thanks for giving me some ideas on where to start saving for my million. I will have to think about a plan before joining the club.
Yeah dude, put it all down on paper and see what it looks like. You can always tweak it as time goes on – I do it every couple of years myself. In fact, I need to do it again as those above are now old!
An awesome, inspiring project! I’m making the following pledge to join The Million Dollar Club:
> Achieve $100,000 annual income from my financial company
> Bring up my monthly investment contribution to $3,000 ($36,000 per year)
> Contribute an additional $5,000 to my emergency fund
> Continue growing and improving my equity and real estate investment portfolios
I have also just wrote about my pledge on my website:
http://dreamscashtrue.com/do-you-want-to-become-a-millionaire/
Damn, son – that sounds great!
My current estimated net worth is approximately $193,000. I am following Dave Ramsey’s Baby Steps and currently working on Step 2, getting rid of all debt except the mortgage. I currently own two houses and plan on selling one of them this year, which should allow me to pay off my debt and give me a good head start on Step 3, a 3-6 month emergency fund. I should be able to start saving in earnest in 2014. I am currently going a little against Dave’s advice and investing 5% of my gross income from my main job, but I do get a 2-for-1 match! Selling that house will reduce my net worth by about $30K, but I really hate trying to manage a rental property from over 1000 miles away. Once I complete Baby Step 3 I pledge to do the following:
1. Invest 15% of my gross income
2. Continue living with our means
I used Dave’s calculator and estimate I will be a millionaire in 2029, using a conservative 6% return rate. I’m not saying how old I’ll be then, but I will not have reached retirement age ;)
Awesome plan!! I like that you’re going against some of his stuff too, haha, but seems like it makes sense :) Welcome to the club!
Dang, I need to get a website like all the other studs up there. In any case, I want in. I hereby swear to CRUSH the following goals:
1. Demolish all student debt (technically accomplished, but a significant past effort no less)
2. Max out 401Ks and Roths for both myself and the wifey every year
3. Move to a more affordable location (not LA) within 3 years and purchase 2 properties.
4. Cut expenses so that at least 50% of after tax income is saved/invested.
My conservative excel file says 10 years, but I’m hoping for better results. Time to get to work on #4!
You can be 80% studly at least for now since you have that list ;) And a great one it is – esp #2 (retirement accounts are my favorite). It also helps blogging it out to the world to see and hold you accountable, so do let us know if you ever start one and I’ll help promote it. Maybe it’ll randomly become your full-time job one day too?