My millionaire to-do list! Ya gotta start somewhere…

by J. Money on Friday, April 18, 2008

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million dollar club sealWelcome 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):

  1. Max out my 401(k)
  2. Max out my Roth IRA.
  3. Save/invest 1/2 of all future bonuses.
  4. Sell unwanted stuff on eBay/Craigslist.
  5. To be frugal, but not insanely frugal ;)
  1. $16,500 invested + $16,500 matched!
  2. $5,000 invested –> stocks, funds
  3. $2,500 *currently frozen…
  4. $500 est.
  5. $1,000 est.

That would mean a total of $39,500/yr if I could pull that off! Using CNN-Money’s millionaire calculator with a conservative interest of 6%, and stripping away taxed vs. non-taxed money along with inflation, I will see a cool $1 Million in approx. 13 years and 9 months!

This means I will become a millionaire by the time I’m 43!

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 ;)

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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:

  1. James @ DINK’s Finance
  2. Ginger @ Ginger Won’t Snap
  3. Erica @ Erica’s Funny Farm
  4. Brian @ My Next Buck –> Brian’s millionaire list
  5. Brad @ Enemy of Debt –> Brad’s millionaire list
  6. Paul @ Fiscal Geek
  7. Shawanda @ You Have More Than You Think –> Shawanda’s millionaire list
  8. Financial Samurai –> Financial Samurai’s millionaire list
  9. Brandi @ A Life Change: My Journey To Happiness –> Brandi’s millionaire list
  10. Yellow Piggy Bank
  11. Michelle @ Penny and Nickel to Wealth –> Michelle’s millionaire list
  12. O1SP03 @ Five Girls Ditching Debt
  13. Megan @ Student Charade –> Megan’s millionaire list
  14. LuLu @ How I Save Money –> LuLu’s millionaire list
  15. Lisa @ Cents To Save –> Lisa’s millionaire list
  16. Jayde Moss @ Making Me a Millionaire –> Jayde’s millionaire list
  17. Broke M.B.A. @ The Broke M.B.A –> Broke’s millionaire list
  18. Ryan @ Planting Dollars –> Ryan’s millionaire list
  19. Roger @ The Amateur Financier –> Roger’s millionaire list
  20. The Financial Blogger –> Financial Blogger’s millionaire list
  21. Money Wise 24 –> Aleks’ millionaire list
  22. BudgetBabe @ Lean with Green –> BudgetBabe’s Millionaire List
  23. Sabrina @ Freedom 45 –> Sabrina’s Millionaire List
  24. Clayton @ Just Good Financial Advice
  25. YoungAndThrifty –> Young And Thrifty’s Millionaire List
  26. Jeff Kosola @ Deliver Away Debt –> Jeff’s Millionaire List
  27. Money Handler @ Money Handler’s millionaire list
  28. Broke by Choice @ If I Were a Wealthy Girl–> Broke by Choice’s millionaire list
  29. Money Reasons –> Money Reasons’ millionaire list
  30. Jane @ See Jane Get Rich –> Jane’s millionaire list
  31. Barbara Bryn Klare @ Upside of Money
  32. Meghan Fife @ Thoughts on the Real Life –> Meghan’s millionaire list
  33. Ciawy @ Run, Work and Save
  34. Benjie @ Zordane –> Benjie’s millionaire list
  35. AP @ Aspiration’s Purse –> AP’s millionaire list
  36. FinEngr @ Engineer Your Finances –> FinEngr’s millionaire list
  37. Harvest Wages
  38. Matt @ Dividend Monk –> Dividend Monk’s millionaire list
  39. Budgeting In The Fun Stuff –> Budgeting’s millionaire list
  40. Anon Lawyer @ Thoughts of an Anonymous Lawyer –> Anon’s millionaire list
  41. Moneymonk –> Moneymonk’s millionaire list
  42. Saving Savy Pinky –> Pinky’s millionaire list
  43. Utbytte –> Utbytte’s millionaire list
  44. Darren @ More Than Finances –> Darren’s millionaire list
  45. Meg @ World of Wealth –> Meg’s millionaire list
  46. MFO @ My Financial Objectives –> MFO’s millionaire list
  47. Jeffrey Mitchell
  48. Ashley Jacobs @ CashFlow Sherpas –> Ashley’s millionaire list
  49. FrugalGuy @ Frugal Revolution –> FrugalGuy’s millionaire list
  50. Anthony @ Diversify Your Life –> Anthony’s millionaire list
  51. Matt @ Better Me Self (awesome name!)–> Matt’s millionaire list

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Badge Code:

Million Dollar Club

 Million Dollar Club

 

 



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{ 49 comments… read them below or add one }

1 J. Money February 8, 2010 at 10:42 pm

we all gotta start somewhere! both of you have now been added :)

2 moneyhandler February 9, 2010 at 5:06 am

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! ;-)

3 Money Reasons February 13, 2010 at 1:31 am

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…

4 SeeJaneGetRich.com February 13, 2010 at 4:45 am

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.

5 J. Money February 13, 2010 at 7:20 pm

Sweet! You guys have now been added – welcome aboard :)

6 Barbara Bryn Klare February 13, 2010 at 7:45 pm

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

7 thoughtsonthereallife February 23, 2010 at 2:10 am

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!

8 J. Money February 23, 2010 at 4:02 pm

Done and done! Welcome aboard my new friends :)

9 Mr. Tablet February 26, 2010 at 1:59 am

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.

10 J. Money February 26, 2010 at 4:39 pm

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…

11 Ciawy February 28, 2010 at 5:03 am

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

12 J. Money February 28, 2010 at 5:30 pm

Damn straight :) Can't make it to a million without hitting $12k first – I think that's a most excellent goal. Welcome aboard!

13 kenyantykoon March 2, 2010 at 10:40 am

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)

14 J. Money March 2, 2010 at 8:10 pm

Well, we can certainly create one. How about you tell me the secret to this business of yours and we'll do it together? ;)

15 kenyantykoon March 3, 2010 at 6:46 am

all in good time my friend, all in good time :)

16 Benjie @ Zordane March 8, 2010 at 3:50 am

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!

17 AP March 12, 2010 at 3:30 am

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?!

18 FinEngr March 14, 2010 at 8:31 pm

Done! **Finally…

http://www.engineeryourfinances.com/2010/03/finengr-joins-the-million-dollar-club/
.-= FinEngr´s last blog ..FinEngr Joins The Million Dollar Club =-.

19 J. Money March 14, 2010 at 9:17 pm

Welcome to the club, good sir!

20 harvestwages March 17, 2010 at 11:02 am

Great todo list,
i’m getting on board now!!!

21 J. Money March 18, 2010 at 1:49 pm

Great! Let me know when your list is up and I’ll link directly to it :)

22 Matt @ Dividend Monk March 30, 2010 at 5:10 pm

Looks good. I’d like to join the list. I’ll get a post up in a day or two and post the link.

23 J. Money March 31, 2010 at 10:37 am

Great, Matt! I’ll add it up as soon as I see it :)

24 Matt @ Dividend Monk March 31, 2010 at 5:04 pm

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.

25 Bank Guru April 1, 2010 at 1:17 am

Good Luck, hope you hit the million mark before 13 years!

26 J. Money April 1, 2010 at 11:05 pm

Welcome aboard Matt! GREAT list too :)

27 Budgeting in the Fun Stuff April 7, 2010 at 9:44 pm

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…

28 J. Money April 8, 2010 at 2:55 am

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 :)

29 Budgeting in the Fun Stuff April 8, 2010 at 7:29 pm

The badge works, yay! Thanks J!

30 Moneymonk April 22, 2010 at 11:53 am

Count me in. I am doing what you are. My only weakness is dining out

31 lauren jade April 27, 2010 at 4:17 am

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…..

32 J. Money April 27, 2010 at 10:16 am

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?

33 Saving Savy Pinkey April 30, 2010 at 12:00 am

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….

34 J. Money May 7, 2010 at 8:35 pm

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.

35 Saving Savy Pinkey May 18, 2010 at 2:29 pm

Thanks J.

My list is up at….
http://planning4everything.blogspot.com/2010/05/saving-savy-pinkeys-millionaire-todo.html

36 Utbytte June 30, 2010 at 10:18 pm

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

37 J. Money July 2, 2010 at 3:03 pm

Norwegian – nice! Welcome to your journey to Financial Freedom!!!

38 Meghan July 4, 2010 at 10:25 pm

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!

39 J. Money July 5, 2010 at 12:55 am

Done! Congrats on the WP switch :)

40 Darren July 10, 2010 at 7:24 pm

Thanks again for including me. The empire is growing!

41 Invest It Wisely July 20, 2010 at 3:05 pm

“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! :)

42 J. Money July 20, 2010 at 3:49 pm

Yeah, a dream come true one day!

43 myfinancialobjectives July 21, 2010 at 8:56 pm

Just posted my list! Indeed a dream come true someday sooner than later!

44 Jeff July 27, 2010 at 1:02 pm

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?

45 Ashley Jacobs August 12, 2010 at 1:59 pm

Hey J.!

Here is the link to my Millionaire To-Do List:

http://blog.greensherpa.com/index.php/personal-finance/i-am-joining-the-millionaire-dollar-club/

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!!!!

46 FrugalGuy August 20, 2010 at 4:16 pm

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!

http://frugalrevolution.com/2010/08/19/my-millionaire-to-do-list/

Thanks!
FrugalGuy

47 J. Money August 20, 2010 at 9:47 pm

@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!

48 Anthony @ DYL August 26, 2010 at 4:46 pm

J,

I’m in, too! Add me to your all-star list!

http://diversifyyourlife.wordpress.com/2010/08/26/million-dollar-club/

49 J. Money August 27, 2010 at 12:13 am

Lucky #50 :)

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