Millionaires are on the rise

Stack That Dough And Become A Millionaire! Seems like billionaires are being minted every week now. But you have to become a millionaire first! And Millionaires Are Built Saving $20 Bucks At A Time. Here Is My Scrappy Millionaire Wish-List…

By Miriam Joy

Welcome to the Millionaire Lounge! I’m your blog hostess with the mostest GBM. This is for all you folks out there like me that are pulling yourself up by your bootstraps and making a $1 out of 15 cents. Millionaires know how to turn every dollar into two. If you ever want a dream to come true, you first have to WRITE IT DOWN!

The dream is to become a millionaire. That’s the goal. Your girl has learned that you must not only visualize, but see your goals written down if you want them to come true. 90% of goals are achieved if they are written down.

I am making a list and checking it twice. See my Millionaire goals wish list and see how I plan to become a millionaire!

And if you are with me, just leave a comment below and I will add you on the VIP guest list to the lounge. Now let’s get grinding and stack that dough!

And let us not forget…

$19,500

Employee 401(k) contributions for plan year 2021 will once again top off at $19,500 with an additional $6,500 catch-up contribution allowed for those turning age 50 or older.

$6,000

For 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can’t be more than: $6,000 ($7,000 if you’re age 50 or older), or. If less, your taxable compensation for the year.

I, GBM, plan to become a millionaire by doing the following:

• Max out a 401(k) – $19,500 max limit
• Continue living frugally – $2,500 monthly
• Max out Roth IRA – $6,000 invested > index funds > Vanguard

Using the Money Chimp compound interest calculator, that would mean putting in $25,500/year. If I could make that happen, with a 10% return, I would have $1 million in 9 years!

That means I would be a millionaire in my 40s!

Want to be on the beach sipping Roscato and on the VIP guest list of upcoming millionaire with me? Just drop me a line and I will add you and your blog (if you have one) to the list here.

I’ll also keep you updated on my progress here as well.

2007: Ground zero. Ladies and gentlemen start your engines. $0.

2008: Making some progress. Employer giving me 50 cent match for every dollar I put in. $5,000.

2009: Got laid off. My 401(k) went down from $8,000 to under $5k because I was not 100% vested. Major bummer!

2010: Got a new job! Started putting money in my retirement account right away.

2011: Still grinding.

2012: Got introduced to blogs. Became obsessed with Budgets are Sexy by J$ and Financial Samurai by Sam. My 401(k) has $25k. I’m still watering my tiny seed to grow into a giant plant!

2013: Got hooked on personal finance books. I am now reading multiple finance books a month.

2015: I crossed the $100k mark. I know have multiple retirement accounts. Also, got introduced to a website called Millennial Money and Grant inspired me to start saving 25% of my income.

2016: I decided to toss my ring in the hat and started a blog called Greenbacks Magnet! Still stacking that dough.

2017: Still keeping multiple retirement accounts at Vanguard and T. Rowe Price. Below is a snapshot of just my Vanguard account.

2018: Still working on turning every dollar into two! Savings rate is up to 40% of my income. And heard about a financial conference called FINCON. Decided to go check it out. So went down to Orlando FL for Fincon18. One of the best decisions I ever made. Started cranking out content on the blog.

2019: Still grinding. Still reading personal finance blogs and books. Stock market is moving like Superman…up, up, and away!

2020: COVID-19. The world stops. Stock market comes crashing down. Losses pile up. Trying to triage the damage and stop the bleeding! Lost at least $20,000+ in one month! Ouch!

2021: The stock market lives again! The market came raging back and record highs again are upon us. I have moved well past my initial goal when I opened my first 401(k) in 2007 of $100k. I flew past $200k. Then past $250k. Became a 401(k) Quarter of a millionaire. No time to rest on my laurels. I’m still grinding.

2022: My end of year stocking stuffer. The stock market has crashed and burned and come back from the dead again more times than the zombies on the Walking Dead! Made it to $285,000.

2023: Inching closer to one-third of a million at $333,333. My 401k is so bright, I have to wear shades. Made it to $303,980.45. Let’s ring in 2024 with $350,000 shall we?