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On February 8, 2010 I pledged to be a self made millionaire and joined J. Money’s Million Dollar Club. Somewhere along the way I stopped blogging and forgot about the pledge until I was cleaning out the archives of my old blog.
My original pledge to become a self made millionaire:
- Follow Dave Ramsey’s 7 Baby Steps (They haven’t let me down yet)
Baby Step #1: $1000 emergency fund Baby Step #2: Pay off Debt (4 down, 2 to go) Baby Step #3: 3-6 month emergency fund Baby Step #4: Maximize retirement (max out federal limit) Baby Step #5: College Funding (no kids right now)
- Baby Step #6: Pay off the house (no house right now)
- Baby Step #7: Give & Live like noone else…build wealth like crazy
- Maintain debt free lifestyle once I get there
- Help others better understand personal finance (no one wants to be vacationing alone, because their friends are broke)
- Enjoy the things I value most
Where am I know?
If you follow my story you already know alot has happened in the past 7 years. I have successfully made it through the baby steps once. In July 2016, I went back to baby step #6 when I purchased my first home. While I am nowhere close to becoming a self made millionaire, I still have plans to do so.
To the above list, that my 28 year old self came up with, I want to add a couple things:
- Find ways to increase income passively. (online, real estate, self publishing, etc)
- Focus on creating the life I want and not the one society says I “should” have
Where do I want to go?
At 28, I wanted to be a self made millionaire, because it seemed like a cool goal at the time.
At 35, I want to reach $5.3 million, because I played the lottery once with 2 friends and we lost. After taxes we estimated each person would walk away with $5.3 million. This is my BHAG (Big Hairy Audacious Goal).
On a serious note I want to life a life full of experiences with people I love, in place I like and things I enjoy. As long as I don’t wander to far from this, the journey to $5.3M will be interesting.
Do you want to be a self made millionaire? What is your pledge?
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