Don’t quit your daydream.

It’s a simple statement at face value, but when you dig a little deeper, it’s packed full of meaning. My daydream is to fulfill my passions. To love what I do and do what I love. Part of following my passions is to have the financial freedom that allows such liberty. So my husband and I set a goal that sounds unrealistic but feels totally attainable with a solid plan.

I want to have a million dollars in assets, despite liquidity, less liabilities by September 3, 2020. Here’s how I’m going to do it.

How to Become a Millionaire Before You’re 30

My plan involves aggressive investment in our retirement accounts (matched up to 7% by our employers), real estate investments, and entrepreneurial income.  

At this point, between cash, 401Ks, Roth IRAs, investment in a lending club, our daughter’s college fund, and our real estate assets, we’re at a net worth of about $410,000. Only about 40% of this total is liquid or semi-liquid, so we are heavily invested in real estate at this time.

Cash

I am very intentional about saving money and finding deals wherever I can. I stockpile household goods (paper towels, toilet paper, shampoo), purchase gifts months ahead of time while I can get good prices, and make many other creative moves to save money on everyday bills. Just ask my daughter – we can’t buy any extras at the grocery store unless they’re on sale.

My husband and I both work full-time corporate jobs, and we save, save, save! We invest in our 401Ks completely up to company match (7%!!), invest in IRAs, and then we save some more!

It’s critical we both work in corporate America to maintain our base salaries. We work hard and play hard. When we’re at work, we’re 100% devoted to doing a great job. In fact, we both received promotions just last week! When we can continue to build our salaries with raises, we’re only further guaranteeing that millionaire status.

Some might argue that you have a better chance of becoming a millionaire if you devote all of your time to your own business and working for yourself, but I disagree for a couple of reasons. First, it’s not as if I’m wasting my time. I’m gaining valuable business knowledge (plus, the company paid for my MBA!) and I’m giving myself a non-risky source of income. I use that income to save but also to reinvest in my other businesses. It’s a critical source of reliable income for us.

Real Estate

In addition to our primary residence, we currently own 4 rental properties. This investment is two-part. We take home $200-350 each month in net cash flow from each rental property, and we’re also paying down the principal on our homes. We’ve been strategic about the areas we’ve chosen to purchase; we have 1 home near 2 colleges and the other 3 rental homes are in a city that is experiencing tremendous growth.

My husband is a real estate agent, so we have instant access to MLS listings and can request showings whenever convenient for the two of us. Further, we get 3% of all sales since he is the agent, so we take full advantage of that discount!

Whether landlording or flipping, real estate offers the opportunity to make intelligent, hands-on investment decisions. Ready to get started? I’m a huge fan of the Bigger Pockets blog. Pro tip: they also have a podcast, so use your time wisely and listen while you’re on the go.

Entrepreneurial Ventures

Welcome to Kandy Apple Mama, the blog I co-own with my stepdaughter’s mom. Between our affiliate sales, brand partnerships, and product sales, I expect tremendous growth for our business in the next 3 years. I plan to invest aggressively in this business so we can reach as many people as possible and spread our co-parenting example. Additionally, my husband runs his realty business, and I own a tutoring company in northern Dallas.

Entrepreneurial ventures provide unprecedented opportunities for financial freedom. There are blogs, creative businesses (like Etsy), small businesses, podcasts, and so many other options I can’t even detail them all for you. If you’re interested in learning more, I highly recommend checking out Side Hustle Nation and Smart Passive Income.

How I plan to be a millionaire before I'm 30

If All Goes According to Plan…

In 3 years, if all goes according to plan, we will have added $650,000+ to our net worth, putting our collective net worth just shy of 1,100,000 – over one million dollars! 

This is certainly not meant to brag. I want to inspire you to plan for your future! Without a map, you have no way of knowing where you’re headed. By creating a clear plan of where I want to be in 3 years, I can reach for clearly defined goals. I’ll know if I’m missing the mark and will miss my goals or if I’m right on track.

What has my goal and subsequent plan inspired you to push for? What will your next steps be to reach financial freedom or your designated financial benchmark?

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