Nice to meet you!
Hello and welcome to the Millionaires by 2030 blog – I’m glad you decided to stop by! I hope you spend some time reading and commenting and join us on our journey to financial independence.
I’m creating this blog as a way to stay motivated and track my progress to achieve Retirement Account Millionaire Status by the year 2030 and eventually achieve financial independence. Reaching the $1,000,000 would provide us with “F-U” money where we would never have to feel tied down to our jobs. If we needed to, we would be able to withdraw a safe amount of money without having too much risk of it running out (using the 4% rule). It would also set us on the path to reach our ultimate retirement goals (which will be outlined in a later post).
How it Began
I started reading finance blogs and books a few years ago – but really became engaged with them over the last year or so. Eventually, I took control of my Roth IRA that was started for me when I was 16. It was so disappointing to see the lack of contributions I made during this decade long bull market. We can’t be 10 years down the road and saying the same thing we are saying today: “I wish we had contributed more.”
Over the last year, my wife and I have really tried to increase the amount we are saving. One of the best ways of doing that is to decrease the amount we spend. I’ve also tried to make some extra money by selling our old/outdated/unused furniture, electronics, etc. We started a budget (I’d grade us a D for how well we stick to it), did some math on which of our debt to pay down fastest/first, increased my 401k contribution so I’ll hit the max for the first time ever. We started a Roth IRA for my better half, and have maximized the contribution for the first time ever. Lastly, I finally started maximizing my Roth IRA.
My Past Spending Habits
Up until this point in my life, I was a fairly consistent with how I saved my money. I saved up enough to blow it all on something big, then started over again. When I got my first job in high school, I saved my money until I had enough to spend it all on building a PC for myself.
When I was in college, I saved my money for an engagement ring. Once I had enough for the ring I wanted to buy, I spent it all.
After we were married, we saved our money for an amazing vacation. Once we had saved enough, we spent it all.
We overpaid on our mortgage for the first 5 years. We needed enough equity to eliminate PMI ASAP and to take out a Home Equity Loan. One of the biggest pains was our outdated kitchen. Once we had enough equity, we used up (almost) all of it to remodel the kitchen.
Very close representation of our kitchen
Tell That Voice to “Shut Up”
I always had a little voice in the back of my head that told me I didn’t really need to devote extra work to saving for retirement. “A couple thousand in the IRA this year, skip a few years, no big deal!” “I’ve got plenty of time!”. “I don’t need to save above the work contribution for my 401k, I can use that extra money now on things I need.” “We can save money for retirement when we grow up, when we’re a bit older.”
I could use those excuses for the rest of my life.. Think of where we could be if we had gotten serious 10 years ago. Even 5 years ago we would have shaved YEARS off of our timeline. This blog could be called Millionaires by 2026 if I had spent the last 5 years maximizing my 401k and ROTH IRAs.
I am committed to looking back in 5 years time and saying “Wow, thank goodness we decided to prioritize our savings.” My next few posts will cover some of the specifics of what we have, what we want, and how we plan to get there. I hope you’ll join us on our journey to achieve Millionaire status by 2030; the clock is ticking – 4,375 days to go.
Me in 2030
I’m excited you’re here – if you’d like to stay updated on our progress, sign up to receive emails whenever I have a new post. I am looking forward to seeing you here.