Who wouldn’t enjoy having a cool million to their name? J. Money over at Budgets are Sexy is one of the most entertaining personal finance bloggers that I regularly read, and has established a “Million Dollar Club” for anyone who has “dreamed about becoming a millionaire – and actually want to DO SOMETHING about it.”
I’ve been thinking about joining for some time now and thought, “what the hell, why not today.”
From what I can tell, it looks like J. is only counting cash, thus leaving out the value of his home. (Maybe you can clarify when you get some time J.?) My only problem with not including our home in the calculation is that my new million dollar goal is going to compete with another important goal of ours, to be completely debt free including the house in 7 years. Because I value the peace of mind that debt freedom brings over obtaining $1,000,000 in cash and investments, it will just take a little longer before officially reaching J’s million dollar mark. I guess it’s really a moot point since I’ll eventually reach the “Million Dollar” goal (God willing), regardless of how it’s calculated. So with that in mind, drum roll please…
My Millionaire To-Do List:
- Continue to Contribute 15% of our Gross Income to Retirement Accounts (until #3 is completed)
- Completely Pay Student Loan Debt by 4/1/2010 Leaving $0 in Consumer Debt!
- Completely Pay Home Mortgage by 12/1/2016 – DEBT FREE!
- Max Out Roth IRA For Both of Us After Contributing Enough in 401(k) To Receive Match – beginning 1/1/2017
- Max Out My 401(k) – beginning 1/1/2017
- Establish Multiple Streams of Income Through Rental Property or other Part Time Ventures – starting now!
To be honest, I’m not sure I can even guestimate the day I’ll officially complete the million dollar goal. But I know it will be sooner rather than later thanks to J. providing an open forum enabling me to post my goals for all to see! Feel free to track my progress at The Broke M.B.A. under the networth category.
Congrats and welcome! Writing down that list is the first step and i know i felt awesome after i said publicly, “This will be me one day. I will be a millionaire.” Knowing that it will happen, its important to enjoy the journey along the way.
See you at the beach. A drink will be waiting.
Thanks Brian! I’m guessing the journey and lessons learned along the way are going to be far more rewarding than the end result. And I love the beach!
Gotta love a guy with a game plan! Welcome aboard the club, my friend
I really like seeing how we all plan on reaching that milestone – very very cool stuff to view.
To answer your question about including the home value or not, I actually do calculate it in when I’m doing my monthly net worths (although it’s currently a -$60k figure bringing it down!) but I don’t count on it at all when coming up with my $1 Million goal.
For me, the goal is to hit $1million in liquid cash & retirement accounts as you hit upon
If I reach it with the equity in my house though, you better believe I’ll still be a happy man! I’m just not counting on it…
PS: You are now linked as the 17th member of the Millionaire Club!
( Sorry- wrong link for site my blog )Congrats! Your blog name interested me because at one point I thought about getting an MBA but I’m realizing my BBA is giving me just as much earning power. Nice to see some one else is broke after paying for school too!