The Frugal Gene family is pretty late to the party but thankfully this party is on a nonstop roller coaster and we’re totally psyched! This fledgling’s pledging for The Million Dollar Club founded by J.Money. Rock on!
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 all 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 skillset to build wealth and have enough dexterity in your character to keep the wealth. The timeline and method don’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. Do 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.
⭐ Related Reads:
- 3 Signs When Being Frugal Doesn’t Work & What To Do About It
- Why Rich People Penny Pinch When They Don’t Have To?
- At What Age Does Being Broke Stop Being Cute?
In order for us to become millionaires, we pledge to the following for as long as our brains and bones are whole:
1. Fully Fund:
- Employees sponsored 401K
- Solo 401Ks
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.
2. Sell Stuff We Don’t Need Anymore
Everyone has purchases they regret right? Yeah, buddy me too. I have an entire closet of regrets. I have an $800 electric unicycle (trial and error of living car-free)…a cotton candy machine (are you really surprised I have one? Do you know me at all?!)…and I would say about 25 dresses that I do not wear (because I have nowhere nice to go.) Craigslist has been my savior so far because I can sell things without a merchant fee or shipping fees. I need to make time to start selling that stuff!
3. Work Smarter & Earn More
There is Hubby’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!
4. Continue To Never Pay Retail
The last time I paid the full retail price for something was 7 years ago. There’s no cable bill or anything frivolous like that.
⭐ Related Reads:
- 7 Reasons You Shouldn’t Feel Embarrassed To Attend Community College
- How I Paid Off $20,000 In Student Loans Working Part-Time
- 15 Money Things Young Adults Overlook That Matter
5. Continue Paying the Mortgage
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% interest rate so I’m not set on paying it early yet. We don’t have a mortgage thanks to Airbnb.
I can understand his thought process though. Hubby is risk-averse and I am more bratty with my cents. If I can get a higher return on a dollar, I will. Thankfully now that we have enough equity that even if the market tanks 30% as it did in the last miserable bubble – we’d still be in neutral. Hmm, I’m definitely not set on paying it off, I believe our local market in Seattle is driven by visual signs of the fundamentals.
✏️ Related Reads:
- The Hefty Financials Costs Behind Owning a McMansion
- The Confessions of a Houseporn Addict
- 30 Tried-and-True Hacks To Lower Your Electricity Bill
6. More Credit Card Reward Hacking
Nope, not a typo! We churn credit cards 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.)
7. Save More Money To Invest
This is the section we’re just not very excited about. I am fully behind the mindset 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.
8. Stay Married 🙂
I wake up every morning with everything I hold dear near me. My sweet brilliant rising star genius angel boy 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.
(My husband and I have no children (yet) – but we will by March 2020 if this pregnancy goes well, ha!)
⭐ Relevant Reads:
- Frugality Is a Lifestyle That You Might Be Doing Wrong
- Facebook Bragging Can Be Annoying – And Ruin Your Finances Too
- Download Our Free Google Budget Sheet 📝
9. More Dumpster Diving & Thrift Shop
Heh…heh…we’re a family of scavengers… This past weekend Hubby 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 to either profit or use. That’s how we got our little dining set. Staining furniture is relaxing!
10. Learn To Do More House DIYs
My husband 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-$10,000 he has saved us in the past year from DIYs alone.
⭐ Recommended Reads:
- 10 DIYs For The Most Common Insect & Pest Infestation (On The Cheap)
- DIY Solutions To Common Plumbing Problems to Save Money
11. Focus More On Blogging & Online Projects
Blogs very rarely make good money, the majority of blogs do not make even a quarter. It takes a lot of effort and time to do it “professionally” by which I mean building a brand, gaining trust with readers and offering valuable content.
I pledge to keep The Frugal Gene and all of my other projects online trucking on until I’m old and gray!
I think I can offer value and even The Frugal Gene never gain traction when I’m a millionaire toothless 90 years old, I would be pretty amused to read the ramblings of a once young me!
You can become a millionaire with these set of things: correct mindset, handwork, money smarts & leverage….dumpster diving optional. That’s up to you.
⭐ Recommended Reads:
- How I Made Over $2,400 on MTurk With This Survival Guide
- 11 Real Ways You Can Make Money With Your Car🚗
- Can Being a Friend-For-Rent Really Make Extra Money? – Rent A Friend Review
The skillset required to be a millionaire is just as important as the long journey getting there. If we save the knowledge, hold the intent and the build the character – buddy, buddy everything will be just fine.