-
See Jane Become a Millionaire
10
February 12th, 2010Career, Income, PF Lessons, RetirementDestination: Millionairehood
Departure: 2008 – Age 24
Arrival: 2028 – Age 44
Speed: Aggressive.
My blogging friend Don and I decided to buddy-up and join J. Money’s Millionaire’s Club. It is an e-club for prospective millionaires. The only requirement is that you make the committment and list the steps you will take to achieve your goal. Right now, since I haven’t landed a job yet I have no idea about my earning power but I am going to estimate conservatively and give myself 18 more years to achieve my goal. I plan to become a millionaire by doing the following things:
- Develop multiple income streams.
- Diversify my career.
- Invest wisely for retirement.
- Live below my means.
- Give back to the community.
Develop multiple income streams
I will develop multiple income streams that will increase the amount of money that I bring in.
- Start a business before 30
- Open a Roth 401(k) or other another tax advantaged retirement plan available to the self-employed.
- Identify and consistently develop five income streams before 2011.
- Use the “snowballing” technique to keep track of all the small amounts that come in.
Diversify my career.
Basic fundamentals of supply and demand tell me the legal field is doomed until the ABA wakes up. I must diversify my career.
- Get a job with an organization I can see myself staying at least 5 years.
- Attend night school or go back to school and obtain a degree in another field where the supply/demand ration isn’t so out of whack.
Invest wisely for retirement
I will invest wisely for retirement by using every tax advantaged retirement vehicle available to me and by always getting my 401(k) match.
- Max out my Roth IRA as long as I am eligible. If I cross the eligibility territory then max out a regular IRA.
- Max out or place 20% of my income yearly into a 401(k) before 30. After 30, I need to max out the 401(k).
Live Below My Means
I will resist the urge to keep up with my cousins. I will not buy possessions in order to impress other people. I will live on 50% or less of my salary.
Give Back to Family & Community
In my zeal to become a millionaire, I will not forget the importance of staying connected to my family and giving back to my community.
- I will either give my time or money to worthy causes that match my values.
- I will stop being a safety net for Bum my parent and help Bum make wise financial decisions to the best of my ability.
- I will look into opening a Vanguard Foundation to best maximize any donations that I wish to make.
Don’t forget to head over to Money Reasons to see Don’s list.
Is a million what it used to be or should we be aiming higher? Do you believe you can become a millionaire? What are you doing right now to achieve that goal?
Tags: Millionaire Club
9 responses to “See Jane Become a Millionaire” 
-
This is a great idea and I love the idea of developing multiple revenue streams. Unfortunately, I don’t think a million is what it used to be, but it doesn’t sound like it’s your plan to retire on it either (unless you’re planning to retire at 44?). I love that you’re committed to giving back too. Good luck with reaching your goal!
And the link for Money Reasons doesn’t seem to be working for me?
-
That’s great that you’re joining the club. Like Kate said, a million isn’t what it used to be. But as long as you aren’t planning to retire once you hit the 1M mark, I think you’re good.
That said, I’m actually joining the Billionaire’s Club with the same goals as you. LOL!
Investing Newbie´s last blog ..2010 Goals…so far
-
The first thing I though when I read the post title was, “What is a millionaire?” Really, do you want a million in cash or net worth. I think it’s a great goal for 44, but I’d set my aims higher if I were you!
PS All of those sub-goals look great!
Kasey at Thrifty Little Blog´s last blog ..26.2 -
@Kate
No retirement at 44. If a million isn’t what it used to be, then what do you think I should aim for?@InvestingNewbie,
No, I am not planning to retire at 44. I wanted a doable goal to work towards.@Kasey at Thrify Little Blog
I am glad that you noticed that. I did not specify whether the million was going to be a million in cash or networth. Right now, I am aiming for networth.I am really having difficulty forumulating a good solid plan because I have no idea what I will earn since I haven’t yet gotten my first job. Right now, I am guessing conservatively.
-
Thoughtful job with your list!
Hmmm, looking over my pledge… it’s pretty much what I’m going currently. I guess I’m just staying the course!
The money being socked away will increase to $30,000 or $40,000 a year because my house will be paid off this month…
This was a great idea you had!
Don@Moneyreasons´s last blog ..Stop Waiting For Magical Moments To Happen -
I was over at Don’s sight earlier and came across his pledge. He has an aggresive goal as well with $30k-$40k of savings/year. Now that seems approachable since he mentioned above that his mortgage will be paid in full.
As for you Jane, great goals to have. You’re only 26 and have a vision to be a millionaire even before many of your peers is awesome. I believe I started a bit earlier than you around 22 having the same vision. I bought my first house at 26 in California. Which was a few years ago. But nonetheless, Im happy you are mapping our your goals in your mid 20s. And yes, keeping up with the Joneses (your cousins) in this case if tempting, but I’m sure they are not as financial savvy or have an awareness about money like you. You’ll probably ahead of them as time goes by in the money dept.
Good luck with your goals to become a millionaire. Btw, when you speak of starting a business, will you have workers under you?
moneyhoneysf´s last blog ..Steps to Saving Money or Getting out of Debt -
@Don at MoneyReasons.com
Don,
Thanks for taking the pledge with me. It sure is nice to have a pledge buddy.@MoneyHoneySF
I am not entirely sure about that. Right now, I do not believe I will have employees under me rather I am looking for something I can start on the side and work on in my spare time. -
Haha, love the “arrival date” action you got going – welcome aboard! I know people say a million isn’t really a million, etc etc, but you gotta hit it first before you can make more
It’s not like we’ll stop at $1Mil anyways – it’s just the hardest to reach at first.
J. Money´s last blog ..The Top 10 Ways to Woo on Budget (or perhaps ever?) -
@J.Money
Thanks for the welcome! I am excited to join the millionaire club. We gotta start somewhere!
1 Trackbacks / Pingbacks
-
[...] for a more thrilling rollercoaster ride on the way to the millionaire club, check out Jane’s Millionaire list (I have, and it’s great like the rest of her articles!). It’ll be fun to See Jane [...]
Kate February 12th, 2010 at 11:14