Making Me a Millionaire

My Millionaire List

So I was looking around the web at personal finance blogs today to see what good advice is out there.  I came across a posting that was made well over a year ago but is such a good idea I decided to participate.  J. Money at Budgets Are Sexy proposed that we create a millionaire to do list that lists the steps that we need to reach our goal of becoming a millionaire.  Well, since my blog is centered around my efforts to become a millionaire, this was a no brainer.

And even if you have no intention of becoming a millionaire (and what sane person would not want to be one?), this is a great idea for any goal whether it be getting out of debt, saving up for a house, running a marathon, learning another language.  You get the idea.

So here’s my list….

1. Max out our retirement accounts. That means my husband’s 401k, and both of our Roth IRAs.
2. Save $400 a month. And put it into either our emergency fund or stocks.
3. Take advantage of what his company offers us. This means participating in the Employee Stock Purchase Plan and buying discounted stock.  It also means contributing to a Flexible Spending Account for our health care costs.
4. Carpool to work. My husband carpools with a nearby coworker everyday.  Not only are they saving money on gas but saving time by being able to ride in the HOV lane!
5. Never take out a loan for a luxury car. I made this mistake last year.  I am paying for it and I will never ever ever do this again.  I will never buy myself a luxury car unless I can afford to plop down cash for it after having done my part in saving and investing.
6. Limit the amount of debt. I vow to decrease the amount of debt I have.  If I have a car loan, I will do the best I can to pay it off faster than I have to.  I will also try not to make purchases that require me to borrow money (except for a house).
7. Ask myself “Do I really need this?”. This actually works!  I have saved myself hundreds of dollars this year by simply asking myself this question every time I pick up a cute shirt at the mall.  I even ask my husband this whenever he decides to come with me to Costco and randomly picks up every other item there and about 99% of the time he puts it back on the shelf.
8. Exercise & eat well. OK this may seem irrelevant but it’s not!  Healthcare costs are so high right now.  I truly believe that by taking are of my health, I am saving myself thousands of dollars in the long run.  I pledge to exercise for at least 30 minutes at least 5 days a week and to eat nutritious home cooked meals as often as possible.

OK, so I’m going to leave it at that for now and add to this list as life goes on.  I think it’s a good start and as long as I follow these steps I should be well on my way to becoming a millionaire.