youngandthrifty joins the “Million Dollar Club”

One of my favourite personal finance bloggers is Budgets are Sexy- he makes personal finance well, sexy and fun. He started a Million Dollar Club where you can pledge your mini-goals to reach the ultimate goal of a million dollars.  So I decided to join the Million Dollar Club.  Nothing like having your goals out in the public eye to make you stick to them, right?

Besides, that badge is really cool looking- so I wanted it on my sidebar. Kind of looks like the Fred Perry logo that they have on those $75 golf shirts, maybe Budgets are Sexy can start a new brand! The Million Dollar Club (catchy, huh?)

Because I’m 20-something and of the generation Y blood, I don’t want to be working until I’m 65. I want to have it all- enjoy life, save money, spend it on things that give value to me (e.g. TRAVEL!) and also as Rich Dad Poor Dad says: make my money work for me, not work for my money.

So without further adieu, here is my pledge in order to reach my goal of $1,000,000 net worth. Man, when that day comes, you better believe that I’ll be enjoying a good drink (maybe some Silver Patron?) to celebrate! (I must have TI’s You Can Have Whatever you Like in my head). In the meantime, I’ll be livin’ it up to Having Whatever I Like, Weird Al Yankovic style in order to work hard, spend less, and achieve my goal of achieving millionaire status.

Young and Thrifty’s Million Dollar List:

1. Max out my TFSA every year ($5000 contribution every year)
2. Track my net worth every month (This is one of my 2010 Resolutions too)
3. Max out my RRSP’s every year
4. Continue to track my investments regularly with Questrade
5. Pay off my credit card every month and use a reward based no-fee credit card
6. Invest in a good first home that will hopefully provide a good return on home equity (max out my Home Buyers Plan first)
7. Continue to automatically contribute into my High Interest Savings Account (and not to touch that account unless for investment purposes e.g. put money into the TFSA)
8. Continue to aim for “No Spend Days” as well as avoid the Latte Factor that the Automatic Millionaire talks about- not to spend $5 a day on coffee/ lunch at work

There you have it.  Please feel free to ream me out if I’m not “on track” with this pledge!  Sometimes I need a good kick in the backside to realize that I’m not practising what I preach!

Do you want to join the Million Dollar Club?  Head on over to Budgets are Sexy’s page and submit your pledge!  Also, signing up for frugal tips from yours truly wouldn’t hurt either.

You might also want to check out these posts:

1. If You Had a Million Dollars…
2. youngandthrifty book review: The Automatic Millionaire by David Bach
3. youngandthrifty Net Worth Update: January 2010
4. youngandthrifty 2009 Year-End Net Worth update

Tags: goals, million dollar club, retirement

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