Millionaire Club

 

 

 

This is my list to reach a million buckaroos and finally attain a major money milestone- Millionaire Status.  I hope to get rolling on these in the New Year and every year after that. Did you know the time frame for a dedicated investor to make a million dollars is 17 years, so get on it people.

A lot of focus is needed to consistently stay on path, but I know now that I have the will power to do so. This is my current plan, but I hope to keep adding more goals to the list as I complete others. I don’t know when I’ll reach this milestone, but I just wanted to get my actions started and I’ll figure out the rest later. I hope you all out there can join me also and comment back on what your goals are to reaching a million bucks.

 

Millionaire Goals:

1.      Payoff all the student loan debt
 
2.      Total expenses below my monthly income
 
3.      Increase 401K contributions to 20%
 
4.      Build an emergency fund=8 months of expenses
 
5.      Consistently save any surplus income into my Roth IRA
 
6.      Build other streams of income, # make them consistent
 
7.      Buy the things we use the most in Bulk = cost savings
 
8.      Purchase real estate properties = passive income
 
9.      Buy 5 dividend paying stock companies = portfolio income
 
10.    Purchase a business within 5 years.
 
 
 
 


Comments

Millionaire Club4 Comments

  1. Debt elimination will be key to getting you started on your way to a million dollars. Before you pay off your debt you have to promise yourself that you will stop borrowing, no exceptions!

  2. Nice list…just a couple of thoughts (too long so had to split up the comment): First, for your 5 dividend paying stock companies, have you given much thought as to how much you would invest in each and what your desired return would be (either percentage or dollars) per year. For instance, our family is hoping to use our dividend stocks portfolio to offset 25% of our retirement income.
    My recent post Mortgage Balance (Update) – May 2014

  3. Second, regarding Roth and 401K contributions, unless you need a reduction to your tax base, I have consistently read that you should be contributing up to the company match only; then maximize your Roth IRA before you contribute monies above your company match. Tax free withdrawals with Roth IRAs…and with tax rates almost certain to rise, you simply can't beat the long term benefits of Roths.
    My recent post Mortgage Balance (Update) – May 2014

  4. Lastly, if your state allows it, you may want to look into peer-to-peer lending site (like Prosper and Lending Club) for capital growth and/or temporary income stream. Many have had great success with them and they certainly beat the interest you get from your standard savings account.

    Good luck with your journey to $1million!
    My recent post Mortgage Balance (Update) – May 2014

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