The Million Dollar Club

In order for me, Debtzilla, to become a millionaire, and lead my future Debtzillians into financial freedom, I pledge to do (and/or work towards) the following:
  • Max out my Roth IRA and continue to contribute enough to get the employer match from my 401(k) - Completed 10/19/2012
    Pay myself first. The best thing I could have ever done was to automate my IRA contributions. When you don't set up automatic deductions from your checking account it makes it infinitely easier to skip a monthly contribution for whatever reason.  Now the money is deducted and I don't even notice.  It's slowly building up a nice pile of cash and I like piles of cash.
  • Eat the majority of my meals from home
    Oh. My. God.  I. Am. Terrible. At. This.  The good news is I have a McDonald's taste on an Applebee's budget.  Meaning, I can afford to eat well but I definitely stick to the dollar menus.  Still, I waste way too much money every month on fast food.  And it makes me a fatty.
  • Continue to live below my means, not above
    No cable tv, no car payment, no bottles of Cristal in the da club.
  • Pocket the extra
    I budget each month based off a 2 paycheck month.  So that mean's twice a year I am blessed with an additional paycheck that can be added straight into savings/investments.  I pledge to pocket all my bonuses, tax returns, windfalls and extra paychecks - rather then spend them frivolously.


  • Raise my salary but not my expenses
    My salary will be my biggest wealth building tool.  It should steadily increase overtime through job performance and advancement opportunities.  It's easy to spend a raise or bump in pay, but discipline will lead me to J Money's Millionaire Club.
  • Live mortgage and rent free... FOREVER
    I think this is how I truly make it into J Money's Millionaire Club.  My mortgage is my biggest expense and I would free up nearly 30% of my budget the day I pay it off completely.  I don't know how many people ever achieve this goal but I will be one of them.  Owning a house outright with no mortgage, that's the dream.  That sounds just fine to me. I'm currently on pace to be there in about 2026 but I think I can get there in 3 to 5 years.
  • Break into the real estate game
    They aren't making anymore land.  I live in a state where land is dirt cheap and the price has no where to go but up.  I've read a few books and I'd like to slowly start dipping my toe into the water to test the market.  There's money to be made here, might as well go into my pockets.
  • Get married to a like minded woman
    This may come as a shock to a lot of people but your wife will end up being a huge part of making this goal a reality.  


  • Supplemental incomes
    I have always been interested in business.  I just haven't found that niche that is both fueled by passion and demand. It will be important to add additional incomes down the road as I transition into my the latter stages of my career.

Editor's note: I will come back and update this periodically.  Last update 10/17/2012.

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