How I Plan to Become a Millionaire — Rocket Ship Time

I came across the idea of the “Million Dollar Club” from the site Budgets Are Sexy (which, by the way, is the single greatest domain name in the history of personal finance), and decided it’s about time to throw my hat in the ring.

Hopefully me laying out this plan will inspire you to start taking control of your financial future as well.

I admit that I feel (and am) behind in the realm of retirement savings at almost 33 years old. I’ve done a pretty great job at being frugal and have never been in debt in my life, so I’m doing well on that front.

We’ve always lived pretty minimally and have been wise with our spending habits.

But we’ve never had a big income, especially since my wife has been a stay at home mom for 7+ years.

In all honesty my temptation is to blame the lack of retirement savings on that single income, the 4 kids that I have, the job changes I’ve gone through, the stupid major I chose in college (Criminal Justice…i.e. basically basket weaving),  or any other number of things. 

But in reality – I can only blame myself.

The reality is that I have not done enough to earn enough money to really start chunking away a bunch of money into retirement savings (I’m probably 25% of where I feel I should be right now).

I haven’t hustled like I should. Haven’t built the businesses. Haven’t pursued the skills I need to exponentially grow the income. Haven’t done a lot on that front.

Me. I. This guy.

Yo soy el capitán.

My fault.

No one else to blame but me.

But this is a great place to be. The greatest changes that have come in my life have happened when I stopped blaming everything around me or other circumstances, and looked into the mirror at the self-sabotaging fool looking back at me.

Well, I’m tired of letting the fool win the battle for my family’s retirement. Time to take back control, make a game plan, and get to it.

And I think that’s the spirit of the Million Dollar Club. Just start where you’re at, set some goals and plans, and get to work.

So here’s my game plan.

In order for me, Kalen, to become a millionaire…I pledge to do the following:

1. Increase my yearly income by more than 20% each year (compound interest anyone? 

The goal here is to free up enough extra income to be able to save over 20% of my yearly income each year. Increase my selling at my full time job. 

Leverage the internet to build an online income (this blog, trading stocks with a profitable strategy and plan, SEO consulting for businesses, etc.). 

Start selling plasma and kidneys. Desperate times…

Whatever it takes.

2. Max out both my wife and I’s Roth IRA’s each year.

All excess money beyond that goes into VT (Vanguard Total World Fund) in a taxable account.

3. Continue living as minimal as possible.

Even with the increased income, fighting lifestyle creep.

4. Continue donating 10%+ of income. 

After all, if we’re not giving when we have a lower income, we most likely won’t give when we have a higher one.

5. Purchase at least 1 new rental property every 2 years.

After all, 90% of the world’s millionaires are heavily invested in real estate.

6. Keep the emergency fund fully stocked with 3-6 months of expenses to stay out of debt.

Because it’s really hard to save money when you’re shoveling it out the door to American Express.

Given this game plan, I should reach millionaire status within 10 years assuming all goes according to plan. A lofty goal to be sure, but achievable if deliberate action is taken.

What do they say, “Shoot for the moon, and if you miss, at least you’ll land among the stars.” Which…never made sense to me since the stars are a heck of a lot farther than the moon, but I digress…

Well I say, don’t just shoot for the moon hoping to fall short. 

Set a goal with a definite purpose and a burning desire to achieve it, and watch how quickly you figure out how to build a frickin rocket ship.

Or…something like that.

Ok, their quote was way more elegant. But the point stands. I’m setting my definite purpose. I’m kindling the burning desire. 

Now let’s get to building this flippin rocket ship.