What is a Millionaire?
Ask three different people and you’ll get three different answers to this question. Some would define a millionaire is someone whose net worth is equal to at least $1,000,000. Someone else might consider a millionaire someone who actually has that amount of cash sitting in their checking account. Yet another person may have an amorphous definition, considering anyone who can make purchases without thought or worry to their financial status to be a millionaire.
What is my actual goal?
My personal definition of a millionaire is a bit of a mixture of all three of the examples I gave above. For that reason, my end goal will be the culmination of several little goals. I understand this is going to be a process and it’s not going to happen overnight. I’m not looking to fall victim to any “get rich quick” schemes (though wouldn’t it be nice if those worked?) I’m just striving to work hard and make smarter investments and financial decisions. Ultimately, I want to reach a point where we can live the life we want, offer assistance to family when needed, and not have to stress about money. Ever.
Steps To Reaching My Goal
I’m going to order these steps numerically, though understand that we’ll be chipping away at all of these things concurrently.
Step 1: Debt Free
Details: Pay off vehicles (2 cars, 1 camper) and credit card balance initially. Ideally, early pay-off of mortgage and land.
Step 2: Reduce Monthly Expenses
Details: Reduce how much money we spend per month through smarter grocery shopping, energy savings, being thrifty, eliminating unnecessary and reducing “want” purchases.
Step 3: Build Savings
Details: Have at least 6 months of expenses in a separate, no-touchy, savings account.
Step 4: Education Funding For Children
Details: Make efforts to ensure we can pay for our children’s education to prevent them from taking on student loans at a young age.
Step 5: Quadruple Monthly Income
Details: This includes my husband’s full-time income, my freelance work, and my content creation businesses
My Current Progress
Start Date Of My Journey: October 2018
This section will be updated monthly with new progress. I’ll add new progress bars when we begin actively working on other steps to our goal. Make sure to subscribe for our email updates to be notified whenever I post a new financial update or blog post!
Progress bar coming soon