When I was a kid, I always told people that I would be a millionaire someday.
I have no idea where I got that idea, because that’s a pretty unfathomable thing for a kid to believe, and even some adults.
Now as I’m a little bit older and have a firm grasp on money and what it will take to actually become a millionaire, I look back on my childhood self and am even more perplexed as to what I was thinking, because this is obviously not an easy thing to do.
But I also want to high five my childhood self, because even though I never really saw this as a 100% reality until shortly after I graduated college, that thought has been in my mind since I knew what money was. That thought has driven me to learn more about how I could make that happen for myself.
As I gain more skills and financial prowess, becoming a millionaire (or even multi-millionaire!) becomes more and more of a reality each and every day.
Now it’s not just a goal. It’s a full fledged plan with a lot of moving parts, and now it comes down to simply executing that plan. To do so, I’ve also pledged to join the Budgets Are Sexy Million Dollar Club.
Here is my pledge. If you would like to make one as well, check out the link in the previous sentence, and make sure you tell Jay I sent you.
In order to become a millionaire, I pledge to do the following (each year):
- Invest enough in my 401k to get my maximum company match. This contribution will increase over time.
- Deposit the maximum allowable amount into my Roth IRA and my wife’s Roth IRA.
- Put the remainder of our excess income into diversified low cost index funds in a taxable account
- Run a small side business that allows me to contribute to a SEP IRA
- Continue to try to increase my income vs expenses gap over time