Wednesday, May 11, 2011

My Million Dollar Plan

Million Dollar Club


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?


You might also like:
5 Things you need to become a millionaire
Think like a millionaire
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3 comments :

  1. Welcome to the club, my friend! It all starts with a game plan :)

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  2. I think its wonderful you have found the Million Dollar club. I also think its great you have your plan and goals all worked out. I don't have a plan but I should! I necessarily don't want to be a millionaire like yourself but I do want more than what I have.

    Oh and how exciting to know the title of your book!

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  3. Welcome, you sound like you are ahead of me, congrats. When do you think will achieve millionaire status?

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