Wednesday, May 11, 2011
My Million Dollar Plan
This week I stumbled across The Million Dollar Club over at Budgets are Sexy. There are a group of bloggers who have committed to becoming millionaires. How did I miss this? The group was started in 2008, but you can join any time.
Since your chances of success increase dramatically when you surround yourself with like minded people I decided to join. I mean, my blog is about my goal to be a millionaire by 2015 so it fits! This is for $1,000,000 in CASH though. I had cash and assets as my original goal. But as I have said before you have to Think BIG!
So here is my ‘Millionaire Plan’
1.) Live below my means. There is no point living within, as you with end up living right up to the amount you make. My aim is to save ¼ of our income to start with, but any income increases will go straight to this goal.
2.) Get rid of our debt. We were down to our mortgage when our car died and we borrowed to get a reliable car we have wanted for a long time. Whilst it means we now have debt I do not for a second regret the decision. We got it for $3,000 less than the current market rate (yes, it is used) and could sell it for more than we paid if needed now.
3.) I will increase my streams of income, particularly passive income. Although, having read this post I will now be terming my passive income as low effort income. My low effort income (LEI) includes my book 365 Ways to Make Money (when it comes out July 1, 2011), shares, property, interest on investments and a few online ventures I am looking into.
I will be investing any income derived from these sources to set myself up financially instead of spending whatever I earn.
4.) Finish my studies so if I necessary I can work. It is self paced and I have been taking my sweet time focusing on everything else. It really is the last thing on my mind, but I do need to step it up if I ever hope to finish!
5.) Live life. Whilst I want to be a millionaire and I focus on making money I still want to enjoy life, do things with my family, travel etc... It is just a matter of finding a balance.
So there you have it. That is my basic plan which so far has been going well. Do you have one?
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