Joining the Million Dollar Club

Million Dollar ClubMy wife and I are at the beginning stages of building investment wealth. We will reach financial independence before hitting the $1 million in net worth milestone, but hitting the big round number is an obtainable goal that we want to shoot for.  With this post I am joining the Million Dollar Club, started by J$ at Budgets are Sexy, and anticipate hitting $1 million in total net worth in 2032 at age 46 and $1 million in paper assets (not counting home equity and cash) in 2035 at age 49.  How will I get there?


  1. Continue to increase my value to my current employer(s) and future employers.
  2. When the kids are older Mrs.C will work more and substantially increase our combined earnings
  3. Contribute 10% of our yearly income to our HSA (or max whichever is lower)
  4. Contribute 10% of our yearly income to tax advantaged retirement accounts, and any amount from line 3 that is over the max for the HSA (To make a total of 20% going into these accounts).
  5. Pay off the house early, by paying $200 extra per month and a large lump sum at the end of the year of everything extra we saved. Aim for at least 10% of yearly income to go towards this.
  6. Once the house is paid off shift that savings to retirement accounts.
  7. With gross income increases, leave our budget unchanged and invest the difference.

As of 3/31/2014 We are 12.5% of the way to $1 million in total net worth and 1.6% of the way to $1 million in invested paper assets. It’s a long road ahead! I read that the First $100,000 is the hardest, and I certainly hope that is true. The last 9 years has been a difficult journey, but now we are in a place where we can really move the needle.   With this plan my goal is to show that a couple with kids, earning a modest income (about 15% over the median US family income in 2013, our best year ever), can become wealthy.  I wear a hardhat and steel toes to work, and I want to help other people in the “working class” join the “investing class”.

I will periodically update our progress, most likely on a yearly basis.  I do not see $1 million as the destination, but it will be fun to see the big round number roll over. It’s like watching to odometer in the car roll over to 300,000 miles; it’s a nice round number, but its the journey that got it there and the mountain ahead of it that matters.

“You have brains in your head, you have feet in your shoes, you can steer yourself any direction you choose” – Dr. Seuss

million dollar club work

We may get there earlier if our income increases substantially, but for right now we are in a good spot with work/life balance. Another way to get there early is if the Federal Reserve wants to run the printing presses full blast. In the Home Equity calculation I did not put in anything for appreciation, I simply put in the difference between what we paid for them and what we owe, If there is real appreciation, as it happens I will adjust the expected achievement dates above.   We may also get there later if we have setbacks, which can happen, and often do.

Now if we are looking at Zimbabwe dollars, I am WAY ahead of the curve. I’m a hundred trillionaire!

Million Dollar Club? This is the Trillion Dollar Club!

Million Dollar Club? This is the Trillion Dollar Club!


John C. started Action Economics in 2013 as a way to gain more knowledge on personal financial planning and to share that knowledge with others. Action Economics focuses on paying off the house, reducing taxes, and building wealth. John is the author of the book For My Children's Children: A Practical Guide For Building Generational Wealth.

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