Today was a big day. I accepted a new job at a new company. This means I also gave notice at my current company (yay!). I’ve been less than thrilled with my job for a while, which ultimately lead me to find the Financial Independence (FI) community (so it wasn’t all bad).
I don’t know the average age of FI members; however, I am fairly confident I’m older than most. I’m 48. I enjoyed my job for the first 20 years of my adult working life, so it didn’t cross my mind I wouldn’t want to work until the normal retirement age. Now I want the option to retire early.
The new job brings new focus. It seems to me to be the perfect time to join the “Million Dollar Club” that J. Money from Budgets are Sexy founded. I’m joining nearly 200 bloggers in the pursuit of a seven-figure net worth.
In order to join, I pledge to do the following in the pursuit of a MILLION DOLLARS:
- Track my net worth monthly
- Be mindful of expenses
- Pay off my car loan and credit card debt
- After #3 is complete, pay off credit cards each month
- After #3 is complete, increase my savings rate
- Roll my 401K into an IRA and invest in VTSAX
After #6 is complete, continue to add to my IRA(See 11/24/2017 update below.)
- Continue to educate myself on personal finance
- Improve my health, to minimize future health care costs
- Keep getting better!!
According to CNN Money’s Millionaire Calculator, at my current savings rate and 4% average return, it will take me until 2029 to hit a million. That’s too long! My goal is to have a million by the time I’m 55 (in 6 1/2 years). It’s time to make this a reality!
Update: 11/24/2017: While walking my dog this morning I listened to a Stacking Benjamin’s podcast. They pointed out the accounting will be tricky to open an IRA with pre-tax dollars and then add to it with post-tax dollars. SO – changed my mind on #7! Thanks for not teaching me anything on your podcast Joe and OG!