Dear, dear Reader,
I'm back! I am taking J$'s Millionaire Pledge.
In order for me, Into the FIRE, to become a millionaire, I pledge to do the following (each year):
Max out my 403(b) - $19,500/year
Max out my Roth (or traditional) IRA - $6,000/year
Using CNN Money's Millionaire Calculator (which can be found here: https://money.cnn.com/tools/millionaire/millionaire.html ), they calculated it would take me 8 years and 3 months until I attain millionaire status.
I also used a conservative estimate of 4% interest per year.
This means I'll be a millionaire when I'm 43. That's exciting, but it would be even more exciting if I was able to reach this before age 40.
Note the calculator also adjusts for inflation, and they said if I include inflation, it will take 14 years and 7 months. Whew! That means I wouldn't be a millionaire until age 49... That just seems like eternity right now!
Once I get accepted with this pledge, and once I reach a millionaire dollars, I'm really looking forward to posting that badge (code)! :)
Ever yours,
Into the FIRE
Hi, Thanks for adding me to your list! I have no doubt you'll achieve your goal ahead of time. First step is to become obsessed with tracking your net worth like J$ and I did. Last step is to believe!
ReplyDeleteHi Millionaire Before 50, thank you for stopping by! And thank YOU for being part of the list! I am definitely tracking my net worth on the first of every month. Can't wait until I break that million! :) As the Journey song says, "Don't stop believing'"
DeleteHaha.. I love the song too, especially the Arnel Pineda version.
DeleteAh! I’ve listened to that just now, it’s great. I read about Arnel Pineda and that story is so interesting! I think Steve Perry’s story is interesting too. I didn’t realize Randy Jackson was a Journey session musician! What a rabbit hole the internet is :)
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