Hello everyone! Welcome to my blog!
Allow me to introduce myself.
I am a 26-year-old single male who has recently embarked on a journey to a million dollars. I plan on attaining my first million dollars in the next 10 years. With a current net worth of exactly $0 dollars, this is a tall order indeed, but I believe my goal is very achievable with the right mix of discipline, focus, persistence, and diligence.
Why a Million? And why in 10 Years?
Good question! The thing I value most in life is freedom- freedom to spend my time as I please, freedom to travel the world, and freedom to think for myself. While I know money won’t buy me happiness, it will give me a measure of freedom I don’t have now- and that’s priceless.
The 10-year million dollar plan is somewhere between doable and utterly insane, which is where I feel any goal should be. I love pushing myself to the limits and dreaming big in all that I do- so why should my money goals be any different?
Ok, so now let’s get to the nitty gritty of exactly how I will attain my first million dollars!
This is an obvious one. In order to achieve my financial goals, I know how important it is to pay myself first. As such, I currently save 30% of my net income. I know it’s crazy, but I want to get this number up to 40% of my net income while I’m still single.
For a young male in a big city, saving money is one of the hardest things to do. All of my friends my age spend- and they spend freely. It’s hard to stay focused on the future and my long-term financial goals while everyone around me has different motivations, but I somehow manage.
2. Earn More Income
I am currently working on building multiple streams of income so that I can escape the 9-5 life once and for all. I have some income coming in from another blog, and perhaps this blog will end up being another source of income. But for now, this blog is meant to simply document my journey.
My goal in the next month is to find part-time work, and to save 100% of the money I receive.
3. Invest Wisely
While saving is undoubtedly the foundation to any million dollar goal, investing wisely is what will determine how quickly I get there. The recent economic recession has battered investors throughout the globe, and I am sure many “paper” millionaires have disappeared. I don’t want to be merely a paper millionaire with a ton of assets, but no cash flow. I want to build a fortress that will weather any storm.
I invest tons of time in my financial education. I am an avid reader, and I am confident the knowledge I have gained will assist me on my million dollar journey.
With the capital I hope to accumulate, I plan to invest in cash-flow producing real estate as soon as the market turns up. I plan to slowly grow my real estate empire in the next 10 years to the point of receiving at least $10,000 dollars in passive income a month.
4. Be Diligent!
To me, diligence means working hard and working smart. It means making sure I’m not wasting an inordinate amount of time on fruitless activities (like watching TV). It means waking up and working even on the days that I don’t want to.
Diligence is one of the hardest things to learn since it goes against human nature. It’s so easy to fall into the trap of doing just enough to get by and not to follow your dreams to their conclusion. One of the main reasons I started this blog is to hold myself accountable and to motivate myself to be diligent throughout this long journey.
Let the Journey Begin!
I know the journey to a million dollars will be filled with naysayers who think it is not possible to achieve this kind of wealth in this short of a time frame. I’m out to prove the naysayers wrong.
I hope you all join me in my journey so we can learn and grow together. This is going to be fun!