Move over doctors & lawyers, make room for me because I’m on my way UP!
Big Yep, I decided to join Mr. J. Money’s (@ budgetsaresexy.com) “Millionaire’s Club”.
Actually former blogging buddy Jane @ “SeeJaneGetRich.com” and I 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 (done and doing)
- Anything that is left over will be sent to maximize my Roth (nothing left 🙁 )
- Be as frugal as possible, pinching the pennies till they scream, but still maintaining the balance I currently have! (done and doing, but less and less)
- Identify areas I’m being overcharged in chop them down to size. (done and doing)
Second the “sort of” unconventional list.
- Develop Dividend steams to replace present-day expenses (done and doing)
- Develop a Side Income stream(s) – contracting, blogging, whatever (meh)
- Be happy and positive in my pursuit of becoming a millionaire (meh)
- Expand my social network, and be open to different opinions. (meh)
- Continue my journey while funding my kids’ 529 plans. (done!)
- Continue to find things to sell online for a profit. (meh, I need to do this again)
- Keep a close eye on ole “Mr. Lifestyle Creep”, cuz he’s tricky! (decent)
- Invest outside of retirement (done and doing)
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 more enjoyable.
While my ultimate goal is to increase my net worth to over a 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. (decent, but not quite)
The key is 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