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.

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Okay, what are they? To clarify, they are not mutual funds, but they can HOLD mutual funds. They are akin to the States’ 401 K.

Think of it as a grocery basket. Mutual funds, GIC’s (guaranteed income certificates), stocks, bonds all go into this grocery basket.

A non-registered account is like another grocery basket that holds the same items, BUT the downside is that any income you make on it is fully taxed.

I know I know, you’re thinking “hey but I’m only 24, why the heck do I need to think about retirement?? You may not be thinking about retirement now, per se, but you can start thinking about buying a home (Home Buyer’s Plan) OR going back to school (Lifelong learning Plan) in which case you can withdraw $25,000 from your RRSP for FREE- as long as you pay it back within 15 years (we’ll talk more about this later– stay tuned).

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