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.
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 and it 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 becomes more and more of a reality each and every day of my life.
Now it’s not just a goal. I’ve got a mapped out plan for it, and it’s just a matter of time and 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 for me, Cody Wheeler, to become a millionaire, I pledge to do the following (each year):
- Invest at least $10,000 / year into my Roth 401k. This contribution will increase over time (this contribution is now up to $11,160).
- Maximize my employer match and profit sharing for approximately $11,600 additional per year (yes I have an amazing 401k)
- Deposit a minimum of $5,000 per year into my Roth IRA.
- Continue building a portfolio of individual growth and dividend stocks of at least $3,000 / year.
All other things equal, and given my current investments and cash savings, a conservative 8% growth rate, and assuming my financial situation does not change drastically, I will be a millionaire by March 2026, or about 10 years from the screenshot below, taken in March 2016.
According to My Millionaire Calculator, this will mean I’ll be a millionaire by the time I’m 42 years of age.
So far, I’m fortunate to actually be a little bit ahead of this plan (sweet!), which is a good thing, but of course stock markets are volatile and this will rise and fall over time as… well… life happens. 🙂
This page is updated about once a quarter.
It’s most recent update was March 2016, at which point my net worth was $319,932, which is down about $5,000 from the same point last year.
The end of 2015 was a bit shaky in the financial markets, but I’m fortunate to be diversified enough to where it didn’t affect me too much. It’s not ideal to lose money of course, but I’m confident the markets will bounce back.
This is calculated using a basic net worth formula (assets – liabilities) and takes every bit of my finances into account other than the massive piles of cash I am hiding under my mattress (just kidding Uncle Sam). 🙂
I’ll do my best to keep this page updated over time. If you happen to stumble across it and find that it hasn’t been updated in a few months, feel free to give me a shout on Twitter and let me know – @CodyBWheeler. I’ll update it just for you! 🙂
Thanks for stopping by. If you’d like to subscribe to Academy Success to find out the strategies and tactics I used to get to this point, you can join using any of the email signups throughout the site. They’re pretty hard to miss 🙂