Becoming a Millionaire from Zero
I just finished reading this article that just blew my mind (typically I dislike long articles but this one went by like a breeze. Only realized how long it was after I finished reading it). Apparently, it is possible to accumulate a million dollars in portfolio by saving at least 50% of household income. Immediately I thought “Cannot I do that too?”
All of a sudden the landing path to the millionaire’s club cleared up of clouds and I could now descend my family plane there. Currently, I make about $86,000 without bonus, after tax that is about $60,000.
My monthly expenses are about $2,700 or $32,400 annually. Basically, we can save about $28,000 annually. If my wife can get a $50,000 job then we could up our saving to $50,000/year. If this amount grows with compounding at about 5% we achieve $650,000, far short of the million that I expected after reading the article. Therefore this plan helps get close but does not really cut it.
So I will keep exploring and thinking how I can truly save up 1 million in 10 years.