Why Joining The Million Dollar Club Is Life-changing
Do you have what it takes to join the Million Dollar Club?
I’ve recently decided to put more skin in the game on my journey to financial freedom and pledged to join the Million Dollar Club.
What exactly is this club?
In short, it’s a pledge you make in front of thousands of readers to accumulate 1 million dollars.
You can pledge through your blog or by commenting in the Budgetsaresexy blog. You then get added to a curated list that already has hundreds of pledges.
I’ve found out about this club a few weeks back, but I figured that I wouldn’t benefit much from this type of accountability. Afterall, Smartbudgetlife is already my biggest accountability partner since I’m inviting Millennials to follow me on my journey to financial freedom.
However, with my pledge located on a list that’s in front of thousands of readers, I feel more inclined to accomplish my goal. Plus, whenever the going gets tough I can look back at this post, and remain committed. This commitment makes my journey to financial freedom more official. ?
I also joined this club because I was forced to create a plan. This not only helps me stay on track with goals but also helps avoid setting unrealistic ones.
If you pledge you shouldn’t spend weeks creating your plan, but rather commit to simple habits that can realistically put you in the millions within the next 10–40 years (sooner if you hustle like crazy!). The point is to get started on a plan and make some changes along the way.
Dreams are just a dream unless you set goals to make them a reality.
I pledge to cut down my expenses while increasing my income. Here’s the inside scoop on how I plan to make it happen.
1. Increase Income
I currently generate most of my income through my professional job, but I also have a few side gigs. You can check out my free list here if you haven’t already downloaded it. I have compiled 7 working side-hustles that you can use to earn some extra dough.
Click To Download
My plan is to earn a sustainable income with my side-gigs to replace the one from my professional role. Within 1 year I’d like to generate $1,000 of monthly income with my side-gigs and work my way up from there.
2–5 years from today I’d like to be working full-time as a blogger. To me, this seems like such a long time. However, I want to pace myself for realistic milestones. I’m not eliminating the possibility that I can achieve this goal sooner, but I’d like to be prepared.
Once I’m working as a blogger full-time I’ll start setting different benchmarks.
As I’m working towards paying off my debt I also plan to invest a percentage of my income. At the bare minimum, I’d like to invest $8,000 annually in common stocks and bonds. A simple tool I’ll use for this is Wealthfront.
I can invest in broad index funds, but I currently don’t want to have to think about managing my investments. With Wealthfront my portfolio will automatically get rebalanced, which helps me save money and time.
2. Eliminating Expenses
I currently use Personal Capital, which has been an awesome tool to track my net worth and expenses. Lately, though I feel like I haven’t checked personal capital as often as I used to. For this very reason investing in financial planner seems like the perfect add-on to using Personal Capital.
My plan is to review my expenses each month to see how they’re trending. I’ll also use my planner to break down my goals into manageable tasks each month. This way I can keep track on my progress.
I will continue adopting great money habits such as eliminating and decreasing monthly expenses.
Pay Off Debt
Within 1 year I plan to finish paying off all my student loans! I’ve already created an informal plan with how much I need to contribute each month to make this happen. It’s only a matter of officially documenting this in my financial planner.
Once I finish paying off my student loans I will begin working aggressively to paying down my car loan. By this point, I’d only owe $12,000. The plan is to be completely debt free withing the next 3 years.
Becoming A Millionaire
Becoming a millionaire is something that most people dream about.
About 2 years ago when I discovered passive income I quickly knew that I wanted to become financially independent. Becoming a millionaire is no longer something that I’m striving for simply because of the money. I now view it as a badge of honor in the journey to becoming financially independent.
Accumulating an enormous amount of wealth like this requires discipline, patience, and hard work. Regardless of how old you are, it’s never too late to start working towards becoming a millionaire. It’s better to have $5-$500,000 more money than you would have originally had if you’d never committed to this goal.
It would take 40+ years to become a millionaire if I only invest my money in the stock market. My plan is to grind hard each day and reach my million in a shorter timeframe.
As previously mentioned to become part of the million dollar club you’ll have to link back from your website or comment on the Budgetsaresexy blog. That’s all there is to it. However, the real challenge is committing to your goal each day.
Joining the Million Dollar Club is life-changing because you’re taking the initiative to prepare for your financial future. This is something that most people are unwilling to do simply because it’s easier to stay in the same routine and only hope for a brighter future.
As a Smartbudgetlife reader, I challenge you to join the million dollar club and make your journey to financial freedom official.