I might be crazy, but I recently came across J. Money’s Million Dollar Club on Budgets Are Sexy and decided to join the challenge!
Basically, the Million Dollar Club is for anyone who wants to eventually become a millionaire and wants to do something about it.
As part of the challenge, I came up with a specific action list to get me to my final destination.
Mommy’s Million Dollar Action Plan
- Faithfully contribute to my Roth. Have been contributing the maximum for the past 6 years.
- Ramp up my husband’s 401(k) contributions each year until we reach 25% – We’re currently at 5%…used to be 12%, but we took it down to 3% after having our first baby…building that back up with each raise.
- Avoid car payments like the plague – Current status: both cars have been paid off for over a year now.
- Invest in the stock market with extra cash – Seems like no matter what I do, I take on a bit of tax work each year. I’ll send all of this money straight to my Scottrade account. As the kids go off to school, I’ll eventually have more and more time to do some more work on the side.
- Find a lucrative side gig. You can only save so much before it becomes suffocating and impossible to maintain. I strongly prefer to simply make more. I want to find a side gig that we can use to pay off our mortgage and build our nest egg. It would also be nice to pay for the kids’ college educations with cash from a side gig.
There you have it – five specific actions I can take to put us on the millionaire path.
Any other moms out there want to join me in my quest to become a millionaire? If so, leave a comment below with your list of action items!