Today, I decided I would join J.Money‘s Million Dollar Club. The purpose of the club is to commit to a list of habits and plans to bring you to the first million. Since your chances of success increase dramatically when you surround yourself with like-minded people, I decided to join the challenge. I already mentioned that I wanted to retire by age 35 but now I am publicly committing to it, I will be a millionaire by age 35.
I want to retire in 10 years. (With a million dollars)
I pledge to:
- Always save at least half my income.
- Always max out my RSP every year. (401k)
- Always max out my TFSA every year. (Roth IRA)
- Always pursue multiple income streams.
I live below my means and try to automate most of my savings to put away at least half my income. I invest systematically, every paycheck, into low-cost, diversified, index funds to maximize my long-term prosperity. You can see my actual portfolio in my Open Book series.
Within my investment strategy, cutting taxes is one of my biggest priority. I pledge to max out the registered accounts available to me and again, invest them into low-cost, diversified, index funds.
In addition to savings, I am committing to constantly work on multiple income streams. I pursue multiple hobbies that might (or might not) become profitable one day and I never want to stop trying. Increasing my income is part of the formula to financial independence and I am committed to staying active in the side hustle world.
Thank you and best of luck to everyone in the Million Dollar Club! Xyz.