Bank accounts $12,828
Mutual funds $19,467
Pension savings $1,723
Student loan $–47,041
Net worth $–13,023
Saturday, October 30, 2010
J.Money at Budgets Are Sexy has created a Million Dollar Club where anyone can join. The only requirement is to write down your millionaire plan and post it on his blog. This inspired me so much that I set up this blog just to make my millionaire to-do list and write about my progress. Thank you, J. Money!
Here is my millionaire to-do list:
- Get a well paid job that I like before june 2012.
- Be frugal and live below my means.
- Save at least 30 % of my net income every year.
- Buy good mutual funds and aim for a 12 % annual return.
- Buy a house with more than 30 % cash before the end of 2015.
- Repay the mortgage in less than 15 years.
- Never borrow money except to buy a house.
- Write down my net worth every month to track my progress.
With this plan I calculated these milestones in my wealth-building:
- I have a positive net worth by the end of 2011.
- I have a net worth of $100,000 by the end of 2014.
- I have a net worth of $300,000 by the end of 2018.
- I have a net worth of $500,000 by the end of 2021.
- I have a net worth of $700,000 by the end of 2023.
- I am a dollar millionaire by the end of 2026.