Hello Sophisticated Spenders!
So this weekend, I was introduced as follows:
Person A: I’d like for you to meet the Sophisticated Spender and she’s gonna be the next millionaire!
Person B: Oh really! What’s your plan?
Me: Blank stare for what felt like an hour-then my brain woke up and said: By being smart with my money. But you can check out my blog to read more about my plan.
That was terrible right!!!
I can’t believe I didn’t have a pitch ready!
I’m supposed to have my plan memorized because I’m following it every day, right?
So today, I thought I’d give you guys My Millionaire Club update! (Here’s the link to my millionaire club post!)
1: “Put money away for income producing assets.”-I’ve been buying more stocks (ones that pay dividends of course). I still need to set up an account so that I can buy something bigger (another piece of property).
2: “Contribute the max that’s matched in my employee retirement plan.”-This one is pretty easy because this means I pay less taxes every year and I also increased that amount by 1%. So now I’m putting away 8% of my income into my retirement funds.
3: “Live within my means.”-I’ve been going on lots of vacations so I have not been saving as much as I’d like to. But I’m only doing and buying things that I can pay for in cash!
4: “$0 Credit card debt.”-I pride myself on not having any credit card debt. Last month my credit card bill crept up to $3,000!!! But I paid that sucker off!
5: “Donate used items.”-I’m still working on this goal. I actually have a huge pile of clothes that need to be donated in the middle of my bedroom floor. I’ve incorporated walking around them into my daily routine now.
6: “Pay extra on mortgages so that they will be paid off by age 40.”-I’m only doing this one because I don’t plan on selling my properties. It is recommended that you NOT do this if you plan on staying in a home for less than 5 years.
7: “Attend blogger conferences to improve my blog.”-This one is funny because a friend asked if I’ve implemented all of the stuff that I’ve been learning at all of these conferences. And she got a blank stare too!
What are you doing to join the Millionaire Club???