Photo Credit: polywen via Compfight cc

Photo Credit: polywen via Compfight cc

I want to be able to swim through cash like Scrooge McDuck! Have a super fat wallet filled with $100 bills. Jet around the world on my own private jet and lounge outside next to my paradise swimming pool! My dreams and aspirations come nowhere near all this stuff, but I do want to be considered a millionaire someday!

There are a few ways I can think of that can get me to that status. Win the lottery? Considering that I don’t play the lotto and the chances of winning are very slim, maybe not this route. Inherit a large sum of money? I don’t have rich relatives, and I want them to live long to an old ripe age, so unless I have some extremely well off old relative somewhere it’s not happening this way. I guess it will have to be the slow and steady boring way of saving and investing my money. Not very exciting in itself, but the end goal is!

It’s entirely possible now to become a millionaire just be saving and investing. Takes a long time and steady work through the years, but I think I’ll make it there someday. Hopefully before I retire…but I’ll still take it then! It doesn’t have to be a million in cash, any assets I own can add up to that number.

So here’s what I plan to do to get there.

Continue contributing to my retirement accounts
Ideally I want to contribute 15% into retirement. I have a SEP-IRA and a Roth IRA right now. I’d like to be able to max out my Roth IRA each year! So far I’ve only succeeded once, but hopefully it’ll be twice soon.

Buy a house
Houses in Los Angeles are so expensive that buying one will already put us at more than halfway to millionaire status once we pay it off. We’ve been saving up for the down payment for the last few years and are getting pretty close! The next few months will be exciting! Hopefully we find something decent. We’re going to aim to pay off the mortgage before 30 years too.

Start investing
With the highest savings rate at barely 1% it’s not worth letting all your money sit in savings accounts. Investing is a good option that will hopefully grow my money into something I can eventually live off. Passive income that makes my money work for me! I’ve been looking at Betterment and as soon as we reach our house down payment goal we will probably open an account. 10% of our income seems to be a doable number.

Save like crazy
I don’t want to put all my money into accounts that I can’t touch or are hard to convert when I need them. For emergencies and more immediate needs we’ll need a fat savings account to plunder. Only when needed!

 

That’s it! The slow and steady plan to getting rich! A lot of the numbers I got from reading the book The Wealthy Barber. A total must read for personal finance beginners. Very easy to read and puts everything in plain terms. A lot of it is common sense spelled out.

Who else wants to be a millionaire?

 


6 Comments

  1. Cat
    Posted August 22, 2013 at 8:30 am | Permalink

    can you imagine how dirty swimming in a pool of cash would be? ha ha. kind of makes me gag.

    • TeenyGreen
      Posted August 22, 2013 at 9:43 am | Permalink

      I’m sure Scrooge McDuck had the money to clean all that before he swam in it!

  2. Posted August 23, 2013 at 11:19 am | Permalink

    Just about everyone wants to be a millionaire, but most aren’t willing to put the time and effort into becoming one. You are off to the right start – planning a course of action.
    Mr. Utopia @ Personal Finance Utopia recently posted…I was Laid Off and Lived to TellMy Profile

    • TeenyGreen
      Posted August 23, 2013 at 12:22 pm | Permalink

      Thanks Mr. Utopia!!! Hopefully I’ll get there sooner than later! It’s kinda fun to have such a grand goal!

  3. Posted May 18, 2014 at 9:35 am | Permalink

    I want to be a millionaire like that too! Or like Richie Rich. 😉

    You’re not kidding about house prices in Los Angeles. I was just researching the potential ability to buy a house. And if I want to stay in the modest good neighborhood I’m in… I am going to need to co-buy a house with a friend. I really am not into buy a house, as some of my coworkers do, a good 1.5 hr commute distance away. Drove that for 10years. Um no, thank you to that again.

    Guess I’ll be a renter for a long time. ha.
    Elizabeth @ Single Mom Debt recently posted…Get Out of Debt Update: -$60996.08My Profile

    • TeenyGreen
      Posted May 21, 2014 at 10:22 pm | Permalink

      Buying a house isn’t for everyone! Especially in LA where real estate prices are insane! I’m lucky enough to be able to afford one but I do miss hassle-free renting!

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