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31.12.2012 in Saving Money by Lena Gott 11

The Million Dollar Club – My Million Dollar To-Do List

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 Millionaire To-Do List

Mommy’s Million Dollar Action Plan

  1. Faithfully contribute to my Roth. Have been contributing the maximum for the past 6 years.
  2. 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.
  3. Avoid car payments like the plague - Current status: both cars have been paid off for over a year now.
  4. 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.
  5. 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!

 

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This article has 11 comments
  • J. Money 31.12.2012 3:39 PM Reply

    Oh yeah, paying off the mortgage is DEF a good goal! I’m currently trying to find ways to do that faster too :) Happy New Year!

    • Lena 04.01.2013 4:03 PM Reply

      Have you talked about the different ways you try to pay down your mortgage on your blog? If so, I’d love to read about them!

      My goal over the next year or two is to build up a good amount of residual income to help me tackle the mortgage.

  • Good luck!

    • Lena 04.01.2013 4:03 PM Reply

      Thanks, Marvin! Have you joined as well?

  • Goldeneer 04.01.2013 12:56 PM Reply

    Thanks for sharing this plan.
    My actionable item that I will do this year is to pay 20% of my mortgage in order to pay it off in 5 years. The second item is to find a side business with the goal of making another revenue stream starting 2014.

    • Lena 04.01.2013 4:05 PM Reply

      Wow, 20% per year is a crazy admirable goal! Please do share how you intend on doing that. I love to share specific action plans with my readers so we can all tackle this type of stuff together.

  • Kim@Eyesonthedollar 07.01.2013 3:53 AM Reply

    I’ve seen this challenge and have though about it, but it is hard to think that far ahead until our debt is gone. I really need to think bigger. I will certainly consider it.
    Kim@Eyesonthedollar recently posted..Can’t Take My Eyes Off These Blogs # 20-I’d Rather Drive EditionMy Profile

    • Lena 07.01.2013 4:46 AM Reply

      I don’t see any reason why you couldn’t join and make paying down your debt Step #1!

  • mbhunter 11.01.2013 6:29 AM Reply

    You’re wise to avoid the car payments. We just took one on and that was a warning sign that we were on the downslope.
    mbhunter recently posted..Blowing Quicken a little KISSMy Profile

    • Lena 11.01.2013 3:08 PM Reply

      I don’t know what happened, but since creating the list above, I can’t stop thinking about getting a minivan. I think it’s because I’m imagining what it’ll be like to load the kids up every morning to drop off my 5-year-old at Kindergarten this fall. A van would make my life much easier. But my car is perfectly acceptable. You’ve convinced me to hold off!

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