Smart Reasons to Save, Use and Invest Money

Millionaire Clubbing With a Friend :)

MOVE OVER GATES & BUFFETT, make room, because I’m on my way UP!

Big Yep, I decided to join the Mr. J. Money’s (@ budgetsaresexy.com) “Millionaire’s Club”.

Million Dollar Club

Actually former blogging buddy Jane @ “SeeJaneGetRich.com” and I are both jumping in together with both feet! (Alas, my good blogging buddy Jane is no longer blogging, we’ll miss you Jane)

Without further ado…  Here is my Pledge List:

In order for me, MR, to become a millionaire, I pledge to do the following:

First the normal “run of the mill” list:

  • Contribute the maximum to my 401(k) plan at work
  • Anything that is left over will be sent to maximize my Roth
  • Be as frugal as possible, pinching the pennies till they scream, but still maintaining the balance I currently have!
  • Identify areas I’m being overcharged in chop them down to size.

Second the “sort of” unconventional list.

  1. Develop Dividend steams to replace present day expenses
  2. Develop a Side Income stream(s) (contracting, pizza delivery, blogging, whatever…)
  3. Be happy and positive in my pursuit of becoming a millionaire
  4. Expand my social network, and be open to different opinions.
  5. Continue my journey while funding my kids 529 plans.
  6. Continue to find things to sell online for a profit.
  7. Keep a close eye on ole “Mr. Lifestyle Creep”, cuz he’s tricky!

I know, #7 and #8 don’t really look like they belong, but really they are crucial to my strategy.  With positive motivation, the journey is much rougher.

While my ultimate goal is to increase my net worth to over millionaire level, for tracking purposes, I’m going to be tracking my Brokerage accounts.  The idea is to increase those so that they can produce a dividend stream to replacing my expenses.

So if things go well, I should be able to save at a minimum $30,000+ a year (and hopefully over $40,000) towards obtaining the Millionaire Club goal.

The key it to Maintain a Balanced Lifestyle!  In the next few years, I still plan on taking better vacations and living a full fun life.

Ironically, now that I’m debt-free, I’m debating with myself about creating a full fledged budget (instead of a spot budget) to help me manage (balance) my money planning better…

As that frugal master Yoda once said  “Do, or do not. There is no try

So I chose to Do!

-D

7 Responses to Millionaire Clubbing With a Friend :)

  1. GOOOO money reasons! I hope you fulfill your to-be lifelong goal! $30K-$40K of savings is very impressive! Tack on an average annual return, that would be a good money stream.

    $30K-$40K is what someone might be able to save over a 2-3 year period. But if you can accomplish this in 1 year over time, that is a great number propelling you to millionaire status.
    .-= moneyhoneysf´s last blog ..Steps to Saving Money or Getting out of Debt =-.

  2. I am totally pumped Don! Let’s do this.

    I can’t wait to see what other dividend streams you will come up. How many are you working on now? I know there is the lunch dividend stream that you have been working on.

    I noticed that you said that you were tracking your brokerage account and not your net worth. When do you expect to have a $1M in your brokerage account?

    BTW, thanks for the shout out.

  3. I’m pumped too, this should be fun!

    Dividend streams, the Lunch expermiment has been good, but it was only started with small potatoes change. The next ones will be the real deal, but I haven’t started them yet, I plan on getting at least $5,000 before purchansing any of them. The first one might even be a mutual fund or etf. I’ll start this year (next month even), but all gears won’t be firing steadily until 2011…

    1 Million in my brokerage account? hopefully less than 20 years.