Future Millionaire

My Vanguard account has gone over the $800,000 mark. That’s an exciting milestone. Of course the market is going crazy good this month, Feb 2017;  the run may not last, but it is fun to see. Since I am self employed, I opened a solo 401K in 2016 and put in the max allowed, $24,000.  I’m approx $150,000 shy of my net worth hitting a million. (not counting the value of my house). I wonder how I’ll feel when I have  $1,000,000? It will be exciting at first.

I don’t think 1 million will be enough to retire on, especially since I will probably live to my 90s as both of my grandmothers did. I’d like to be a snowbird and have my house here in the Chicago suburbs and another in Arizona or some other warm place. I also like the idea of traveling during the first 10 years of my retirement.

In this blog I plan to share how I got here. A few things that were key:

Living below my means

Getting into a lucrative career I enjoy

Staying in the same house for 25 years

Starting long-term saving at 30

I didn’t start out with a plan to be a millionaire. My goal was to save enough money to feel ‘peace of mind’. If some sort of emergency came up I wanted to know I had the money to handle it. Gradually I saved more and more. At some point I remember having saved  $65,000 and feeling l I had a good amount of ‘peace of mind’.

Do you feel stressed about money? Would having money in the bank give you some peace of mind?  Start saving. Saving will reduce your stress, increase your health and help you feel more in control.