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 Financial Mentor 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 my industry knowledge
- Be happy and stay 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.
Good luck!
Welcome aboard! That 50% alone will get you there in no time! 🙂
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We retired when my husband was 55 and I was 53. That was when our youngest child graduated from college. We each got a small pension and health insurance from our former employer. We had lived on 1/2 our income for years. Here in the US, if we didn’t have the health insurance, we could not have retired. We had sold our small home and bought a condominium a year before. I taught my children not to use credit cards except to establish a credit history and pay all bills off before they were due. You don’t need a million dollars to retire. Just continue to be frugal.
In our family, when you have something you don’t need, you pass it around and buy very little new. My daughter in law gets the kids clothes at garage sales.