Hello Sophisticated Spenders!
Check out my update on this post from April 2016. My updates will be in italics.
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). I’ve still been buying more stocks but never set up that account for something bigger. My sewing business ended up being my “something bigger.”
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. Still putting away 8%.
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! Still traveling and still not saving as much as I’d like but still traveling!
4: “$0 Credit card debt.”-I pride myself on not having any credit card debt. It’s STILL not easy, but I somehow manage. This sewing business has been a HUGE financial drain.
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. Donated 3 huge trash bags full of stuff this month. Plan on getting rid of more in the next few weeks!
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. Still plan on keeping all of my properties (maybe). Only paying extra on one of them.
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! I will ALWAYS attend FINCON (Financial Bloggers Conference). I will try to add a sewing conference in the mix…next year.
How are you getting into the Millionaire Club???