My Millionaire Pledge

I recently stumbled upon The Million Dollar Club over at BudgetsAreSexy. Basically, beginning with the founder, J. Money, bloggers from all over the web are committing to saving a million dollars. Each member decides and posts their own steps on the path millionaire status.

I instantly knew that I wanted to join. But I had an instant inferiority complex. I wanted to have a legitimate plan, and I figured it would take some serious planning. My goal? Accumulate a million well before my 65th birthday. I don’t want high living, just security.

I headed over to the CNN/Money Millionaire Calculator, as J. Money recommended. I plugged in my current savings balances along with my very modest savings schedule and a 5% return rate. This was just a starting point to get myself headed in the right direction.

The result? 56 years and 8 months. AKA when I’m 81.

Ho. Lee. Sheet.

Yes, I want to do better than 81. But I expected my first millionaire projections to come in somewhere around my 512th birthday. I know I can keep up my current savings rate (honestly, I know I should be saving more). Assuming my earning power increases, I’m set. Hell, I’m set even with inflation! So rather than the hard-and-fast stats some members love, I’m opting for more general millionaire commitments.

Jamie’s Millionaire Pledge:
1) Spend less than I make
2) Be careful with debt. Only take out loans if the joy of the purchase is greater than the pain of the interest payments.
3) Contribute to my 401k and emergency fund each paycheck
4) Remember that a rich life trumps a fat bank account, and save accordingly.

And two take-away messages:
1) I basically get paid in saltine crackers, so this proves that ANYONE can do it.
2) Haters can talk, but being a Boomerang Kid worked for me!!