I want to be a millionaire! 5 years later…


I stumbled across my very first post from this blog about wanting to become a millionaire. It was five years ago that I did that and it was fun to see how far I’ve come from there. I’ve written one post 2 years after that for a quick update. I wanted to see how I’ve stacked up since then and see how far I’ve come from there!

Retirement accounts-goal to contribute 15%
Investments-goal to start investing with Betterment
Real Estate-saving up for the 20% down payment
Savings-Save tons of money

Retirement accounts-maxed out my contributions for the first time
Investments-opened an account with Betterment and started putting 10% in
Real Estate-bought a house and put extra payments in each month
Savings-save tons of money

Retirement accounts
Maxed out my contributions each year since 2015!

Continued investing with Betterment, and finally seeing it start growing and piling up! We’re going to pay off our car this next month so I’m thinking we could funnel that extra $416 every month into investments…a conversation to have with the hubs.

Real Estate
Bought a house and put extra payments in each month, we’re knocking down that principal. We’ve also done a lot of renovations to up the value of this house. We’re saving up for our next house downpayment to possibly relocate. We don’t currently want to move yet, but when we do we’ll have that down payment already! Ou house has also steadily risen in value even without taking into consideration our renovations. Just by comps alone our house has added a lot to our net worth.

Created mini goals for savings including one for a Tesla model 3 and the next downpayment on a new house! The interest rate on online savings accounts is also creeping up slowly. Yeah!

Millionaire status
Not there yet but getting there! All the habits I’ve set 5 years ago are still going strong and the money is starting to add up slowly. I’m always evaluating to see where we can do more and what else we can do to save money. It’s definitely a big give and take in my marriage as we have differing views, but we talk it out and see what works for us. There’s also all the earth-friendly things I’m trying to do to save the earth. Some of them end up costing more, while others save money.

Five years ago my husband and I were in intense, very intense, money saving mode. I learned to cut his hair to save $25 a month, we ate out only once a week (even though we love eating out), and many many other things we did to try to save up money. 2013 was the year we got married, bought a new car, and then bought a house! It was a crazy year where we were very frugal. Since then we’ve relaxed off that unsustainable pace but we’re still keeping our spending down.

We’ve also had some change in the way we think about money. I’ve always tended to be more the saver kind of person and my husband more so to save but enjoy life. With our goals set in place and steadily clicking along, plus some family medical issues we’ve had along the way, we’ve definitely re-evaluated what money means to us. We’ve taken some lavish (lavish to us) vacations and not felt guilty over any of it! Last year we went to Japan and this year to Hawaii and spent a good chunk of cash. This year we might get a Tesla model 3!

No matter what the future is pretty exciting. We’ve set up our finances well for the years to come and it’s moving along! How’s your financial journey coming along?



I want to be a millionaire!

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?