FinEngr Joins The Million Dollar Club

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I’ve been delaying my promise to J. Money for some time. We had the pleasure of meeting at the local PF Happy Hour, and I told him then that I would be a member in no time.

With my recent guest post at Eliminate the Muda on this very topic, now seemed like the perfect time to state my intentions. So, without further ado….

In order for me, FinEngr, to become a millionaire, I pledge to do the following:

Capitalize on available tax-advantaged vehicles (401k, IRAs, Bonds)

Minimize taxes by contributing maximum allowable to tax-advantaged accounts

Re-balance portfolio annually, seeking to capture real returns and consolidate losses

Save 25% of gross annual salary, at a minimum

Explore alternative forms of income (rental properties, consulting work, blogging, & cage fighting)

Work towards increasing my salary y-o-y, or supplementing with alternative income

Never settling for full price, and always negotiating purchases

Never worrying about price, but always concerned about value

Spend money to earn money by focusing on high ROI projects (training, certifications, classes)

Continually pursue education, both professionally & financially

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12 Responses
    1. Fin Engr

      @ MFO. Great! Go ahead and swing by budgetsaresexy.com and make your own goals known!

      **I’m surprised no one’s commented on the cage fighting bit.

    1. Fin Engr

      @ Money Funk.

      Thanks! It’s nerdy, but I’m all about this new page I was introduced to – Firecalc.com Gives a TON of information re: retirement info.

      Hey, don’t rule it out yet! With what you’re accomplishing now, it will be the same principles in reverse (I think that makes sense…same but opposite?) :)

  1. Nice site and cool list. I’m a fairly new blogger and ran accross this club at J Money’s blog too.

    I have somewhat similar goals too, and am considering joining as well.

    1. Fin Engr

      @ Darren:

      Awesome – welcome to the club (blogging & $1M)! Like the title of your latest blog – I’ll be stopping by later on. Best

  2. I’ve been monitoring firecalc for the last few years to figure out when to pull the plug. $750k plus working about 200 hours a year will do it, so I’m pulling the plug now. If I had a spouse, I’d need or want a higher amount.

    I think a broad number is good to go for but I’ve also noticed with many people lately that they are either having to or wanting to go the semi-retirement route that I am. You might find that’s the case as you get closer to actually reaching your goal.

    1. Fin Engr

      @ Jacq:

      Congrats on finding your exit strategy & impressed you’ve been monitoring it for years. Yes, very much agree with semi-retirement as see many benefits – staying intellectually engaged, security of additional income, & passing along your skills/knowledge to younger workers to name a few.

      There will always be a swing range on the exact amount, but how big do you want that V? Taking your index/pinky vs. index/middle finger – I’d feel much better with the 1st/2nd finger range.

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