So I’ve Decided to Join the Million Dollar Club

J. Money over at Budgets are Sexy has club going for aspiring millionaires and I’m joining it as of right now. Below are the steps I’ll follow to get there. Most of these steps are pretty specific to my own situation, but others are more broadly applicable to anyone who wants to increase their wealth. Here are the 10 steps I’m following to get to the million dollar mark in invested assets:

  1. The biggest step we need to accomplish in order to join the million dollar club is to pay off the cabin mortgage in 5 years or less. We set this goal in February of 2017. At that time we refinanced the cabin to a 20 year mortgage with an interest rate of 3.875%. We started with a balance of $157,100 and as of November 5, 2017 we’ve brought it down to $125,845.
  2. Put 100% of any non-recurring influx of cash (tax refunds, bonus pay, birthday/Christmas money) towards the cabin mortgage.
  3. Once the cabin mortgage is paid off, apply the cash flow that was going to the cabin payments to our retirement and other investment accounts. In other words, we will not succumb to any lifestyle inflation once we’re free of the cabin mortgage. The big “raise” we’ll get once the cabin is paid off is all going to investments.

    Two curcurbits contemplate the view from the cabin deck.
  4. Apply 100% of any salary increases to pre-tax retirement accounts.
  5. Stay the course with stock market investments. Over the past eight years we’ve all enjoyed the 2nd longest bull market in history. That’s bound to change at some point. When it does we’ll stay the course and enjoy buying shares at deep discounts.
  6. Continue to update our monthly charts for net worth, invested assets, cabin payoff, and income vs. expenses. The monthly charts give me something to look forward to every month and help motivate me to make spending decisions  in line with our goals.
  7. This one goes without saying on a financial independence blog, but I’ll say it anyway: pay off credit card balances every month.
  8. Continue to exercise and eat well in order to stay as healthy as possible for as long as possible. Both of my parents are diabetic. Both of my grandfathers died at age 64 from heart disease. Both of them were also diabetic. We don’t get to choose our genetic makeup but we can take an active role in playing the hand we’re dealt.
  9. Practice being patient. I acknowledge that I can sometimes be impatient when trying to get somewhere. I try to remind myself that each day is another step towards my goals.
  10. Enjoy the journey. Have you ever thought about the fact that we only live in the present? We can (hopefully) learn from the past and plan for the future, but our lives only take place in the present moment. If we can’t find happiness and fulfillment in the present moment, right now, right this minute, then having a million dollars at some point in the future isn’t going to change that. Whenever the day comes that our accounts reach a million dollars or more we will all still only be living in the present.

    Our dog, Maximum, hanging out on the bridge over our creek and reminding me to enjoy the journey.


  1. Welcome aboard, good sir 🙂 Loving that you own a cabin!


    1. Thank you! Wow, you’ve got some big news. Congratulations!


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