The Frugal Onion is joining the Million Dollar Club. No, we are not millionaires; but we are joining over 190 bloggers in the pursuit of that elusive seven-figure balance.
Who wants to be a Millionaire?
Almost everyone. The good news is that in today’s world anyone can do it. The bad news is it is not just about how much or little you earn but your spending habits and attitude towards money. You don’t have to be a CFO or an investment genius, you just have to be willing and open to making changes that will benefit you in the long run.
So what’s the timeline
We used CNN Money to calculate when we will hit this milestone, and we now have a goal date of October 2030 (that’s if life goes according to plan). Which means I will be 41 and Mr Frugal Onion will be 51. While the ultimate goal is to increase our net worth to millionaire status, enjoying the present is most important. Because tomorrow is not guaranteed to any of us, let alone October 2030.
Our Millionaire To Do List
- Pay myself first – save/invest 50% of salary
- Grow other forms of passive income
- Never borrow money except for mortgage (haven’t purchased a house yet)
- Continue to track expenses to see where the money goes
- Continue to contribute extra to my company’s pension plan
- Track net worth at the end of every month to monitor progress
- Keep household’s discretionary spending below $600 per month
- Increase knowledge of personal finance and money management
- Enhance my skills (for my job) and increase with my industry knowledge
- Be happy and positive in our pursuit of becoming millionaires
As a reader, I challenge you to figure out what your millionaire to do list is and join us on this journey.