On My Way to Becoming a Millionaire

After discussing the errors of my past yesterday, I think it is important to highlight my future prospects.

Today I declare that I am officially joining J. Money’s Million Dollar Club.

I was walking in DC last week, listening to the audio book of The Millionaire Next Door when I spontaneously broke out smiling.  The reason for my emotional display was because I realized in that instant that there will be a day when I have a net worth of over One Million Dollars.

How Am I Going to Do It

I would like to think I could frugal my way into a million dollars.  This, however, isn’t possible.  What I can do is make a decent amount of money over the course of my working years – commensurate to my education and my experience – and over time, build a nest egg that will provide me and my family with financial freedom!

My Proclamation:

I can and I will employ solid personal finance theories in my life.

I will spend less than I earn annually.

I will never buy a car just to keep up with appearances.

I will not buy a house that is more than myself or my family need.

I will not spend money just to spend it.

The Process

It’s hard for me to judge where I will be in 5 years.  Most people don’t settle into a career into their late twenties or early thirties.  However, if this year is to be an example if future income and spending trends for my life, I feel comfortable saying I can save at minimum of $20,000 a year between my own savings, 401(k) matching, etc.

Without knowing my future wages, the estimation process is tricky, especially since I haven’t tapped my earning potential, but without any windfalls and with a conservative annual return in the market I will have a personal net worth of One Million Dollars in 25 years.  When that day comes you are all invited over for some hot dogs and beers.

Now that I am a member of this club, you will see the logo displayed on my site at all times.  It will serve as a reminder to work towards my goal of financial freedom and as motivator for everyone else that has a goal and is willing to put in the effort to achieve it.

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12 Responses to On My Way to Becoming a Millionaire
  1. J. Money
    July 23, 2009 | 12:04 pm

    Now THAT’s what I’m talking about brotha! That feeling of just *knowing* you’ll get that $1 mil at some point is amazing.

    Keep working it out and I’ll meet you on the beach 😉

  2. Financial Samurai
    September 27, 2009 | 12:03 pm

    Hey there! Just wanted to say hello, as a new fellow club member. Best, Financial Samurai

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    March 15, 2013 | 10:59 pm

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  4. Mel @ brokeGIRLrich
    November 6, 2013 | 7:47 pm

    Thanks! I just joined the club too and was looking at how to map out my exact plan to get to the goal… or what my money manifesto would be or something. Thanks for the glimpse at yours! I hope it’s been going well.

  5. Shay
    June 16, 2014 | 7:23 am

    So happy I found your blog through J Money’s page. I am excited to see your success. Now I need to go find an update on your blog 😉

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