FinEngr Joins The Million Dollar Club
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
Welcome to the club good sir! It’s all about putting that game plan in action
What a great ultimate goal… I have the same! I want my retirement to come early and for my standard of living to remain the same!
Also nice points. I’d say your definitely on your way with those objectives!
.-= myfinancialobjectives´s last blog ..The Ultimate Motivator: Compounding Interest =-.
@ 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.
Great Building Blocks!
.-= Evan´s last blog ..Evan By The Numbers March 2010 =-.
That was a great post over there at Eliminate the Muda! Good for you on joining the club. I don’t think I am in quite the position to join yet. Let me lift my NW and then I will definitely consider.
.-= Money Funk´s last blog ..ING Orange Saving Account =-.
@ 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?)
yay you joined the club!!
Hopefully we’ll be official members soon =)
.-= youngandthrifty´s last blog ..One Up on Wall Street by Peter Lynch Book Review and Giveaway =-.
@ Young:
Yup! On my way…
Only problem is I’m having issues installing the badge on my theme… :/
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.
.-= Darren´s last blog ..Use Math To Alleviate Fear Of Stock Market Volatility =-.
@ Darren:
Awesome – welcome to the club (blogging & $1M)! Like the title of your latest blog – I’ll be stopping by later on. Best
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.
@ 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.