The Frugal Gene family is pretty late to the party but thankfully this party is on a non stop roller coaster and we’re totally psyched!
Hey, who doesn’t want to be a millionaire?
This is a response to J$’s Million Dollar club via BudgetsAreSexy. There are now 189 club members and it’s alllll because of the shiny looking badge you get from that mohawked man with the shiny coin collection. Neat huh!
I am a firm believer that anyone can become a millionaire. In fact, I have a pretty good feeling that most people can become multi-millionaires if they tried. This is a mindset problem, not a money problem, you know what I mean?
People say, “when I get a million dollars, then I’ll be happy because I’ll have security,” but that’s not necessarily so. Most people who acquire a million dollars want another and then another. Or they could be like a good friend of mine who made and lost every dime of a million dollars. It didn’t bother him a bit. He wasn’t excited about it, but he explained to me, “Zig, I still know everything necessary to make another million dollars, and I’ve learned what to do not to lose it. I’ll simply go back to work and earn it again.” – Zig Ziglar
You need a learned skill set to build wealth and have enough dexterity in your character to keep the wealth. The timeline and method doesn’t matter. The stock market doesn’t matter. They can help. What’s important is the promise you make to keep hustling and saving. Everything else is just a matter of time. There is security in nothing else. None. You know the phrase castles in the air? It means at one point or another our dreams are far more rooted in fantasy then execution. We’re all ‘castles in the air’ before we learn there’s nothing & no one else to bet on but ourselves.We’re all castles in the air before we learn there's nothing & no one to bet on but ourselves. Click To Tweet
In order for us to become millionaires, we pledge to the following for as long as our brains and bones are whole:
- Employees sponsored 401K
- IRAs x3
- Solo 401K x2
No better hobby like maximizing your contributions. Everything above should total out to be about $60K a year that we have to throw in. Bye bye money, see you later hopefully.
There is Jared’s work bonus (an annual grant of $20K if the hubby is good). I’m keeping an eye on AirBnB and making sure that this winter I will have a higher occupancy rate than last winter. It was only 95% last year because I adjusted my calendar’s way too slowly. Plus last winter was particularly snowy in the Pacific Northwest. Hoping for better luck this year!
I also need to step up in the passive income department thanks to Passive Income MD who has opened my eyes on the real challenge at hand. 7 streams!
Never Pay Retail
The last time I paid full retail price for something was 7 years ago. There’s no cable bill or anything frivolous like that. You can see our budget here – it’s pretty bare boned already.
PAY THE MORTGAGES
My husband snuck an extra mortgage payment in last year because he’s on team ‘paying it off early.’ We have a pretty good
4.5% 4% interest rate so I’m not set on paying it early yet. We don’t really have a mortgage thanks to AirBnB. I can understand his thought process though. Thankfully now that we have enough equity that even if the market tanks 30% like it did in the last miserable bubble – we’d still be in neutral.
MOre Credit Cards
Nope, not a typo! We churn so the extra pledge here is to churn responsibly. Never shall we leave a balance unpaid at the end of the month. Never shall we leave the fine print of a credit card…unread. (Seriously, read the fine print on all those offers and screenshot it for proof later if something doesn’t match up! They can be sneaky.)
This is the section we’re just not very excited about. I am fully behind the mind-set of what Rocco’s motto, “just set it and forget it.” That’s because I don’t know what else to do with it but #TeamBogle. The exception is I take about $20K a year that is my play money and I throw it into fun stuff I don’t care about like BPT and TZOO. I tend to think of wealth beyond what we sack away in retirement as something that will forever be ambiguous.
I wake up every morning with everything I hold dear near me. My sweet brilliant rising star genius angelboy of a husband is next to me and Grace is curled up on the foot of the bed like a snarly toothed angel. What I can work on that has no ambiguity is my love for my two idiots: the hub and the pup.
More Dumpster Diving
Heh…heh…we’re a family of scavengers… This past weekend Jared found two solid wood tables and my dad found a beautiful wardrobe in wonderful condition all within 3-4 blocks from our house. We’ve been hoarding the things we find hoping to restore it for either profit or use. That’s how we got our little dining set. Staining furniture is relaxing!
My husband Jared is amazing. He fixed the towel bar that an AirBnB guest pulled off the wall. He fixed all the leak and drains in our plumbing. Not to mention, he fixed a gasket on the roof and the shower three times on three different properties! He installed Nest thermostat after getting it new for just $50 (instead of the usual price of $200.) I’m totaling close to $800-$1000 he has saved us in the past year from DIYs alone.
JARED PRUDHOMME, YOU ARE AMAZING.
Oops, I have seriously sidetracked haha.
NW: 800K with ETA to 1 mil in 2019.
You can become a millionaire with the set of things I listed above (…minus dumpster diving. That’s up to you.) You can see the Groovies picking up trash and you’ll see me rummaging through trash. Mostly the same 😛
It’s me! Trash panda Lily!^
The skill set required to be a millionaire is just as important as the long journey to getting there. If we save the knowledge, hold the intent and the build the character – buddy, buddy everything will be just fine.
Yes? No? What do you think it takes to be a millionaire?