Set Yourself Up for Success and Join The Million Dollar Club

Don't just stand there
Having a plan could really help me! / (Jeff Sheldon)

Reaching the 1M$ net worth is actually a very simple game and most people in America
could achieve this goal. There are almost 10M of those millionaires in the US alone! When you make it to 1M$, you become part of the top 10%.

But much more importantly, you’ll be welcomed to the J.Money Million Dollar Club and be part of this 163 members strong Club. The Double Comma Club.

To give myself the most chances to join the Club, I need a plan. And a commitment.

The Pledge : In order for me, Nick at TheMoneyMine, to become a millionaire, I pledge to stick to the following game plan

The 1 Million $$ Game Plan

To reach the 1M$ mark only requires a simple strategy, even if it is not easy, but with time and perseverance it is definitely within reach of many many people. Here’s my plan:

1. Tame those expenses

My wife and I recently got married and one of the first steps we are taking as a married couple is to merge all our finances. We already know that 80% of our spend goes into 4 categories that are : housing, travel, restaurants and groceries. If we can focus on those categories, we should be able to generate great results quickly (the 80/20 rule).

We’ve already cut on restaurants by not going out to lunch every day, which has increased our needs for groceries. We buy them in bulk from local organic producers, which is much cheaper and interestingly, more convenient for us. Our costs have been cut in half, which is amazing. The housing and travel buckets are next.

To manage those expenses, we track our Savings Rate. It currently stands at about 50% but we will need to wait until the end of year to get a reliable 12-month baseline. We’ll set our 2016 goals based on that baseline.

As long as this Savings Rate remains between 50% and 70%, we’ll be on track with our plan.

2. Set Investments on Auto-pilot

Our jobs offer some great opportunities in terms of investment: a 401k with an employer match, a Company Profit Share, an Employee Stock Purchase Program at a discount and an individual performance yearly bonus.

So much free money, we cannot NOT max-out everything! Our goals here are the traditional:

  • Max-out 401k contributions,
  • Max-out Company Stock purchases,
  • Invest 100% of our bonuses.

With our post-tax accounts, we plan to deploy our remaining cash into :

  • index funds with Vanguard (mainly VTSMX),
  • diversify with Prosper / LendingClub now that they are available in Texas,
  • potentially more real-estate investments.

This year is the first that we have started maxing out everything and I am pretty happy with the results so far. Our cash flow took a hit, but it forced us to reconsider some expenses. Another example that we strive under constraints.

3. Grow income

Even if the (vast) majority of our current income comes from our day jobs and that the Oil & Gas industry is going through a crisis, we have several opportunities for income growth:

  • Side hustle is one of the leads we are following and we might have found an opportunity to start growing our income. Maybe $100 – $200 / month at the beginning, it’s something we want to pursue to see how far this can go.
  • Real-estate is another source of income that should grow, as we have recently re-financed our investment home.
  • Day work is still where the main growth is and we could grow our income by getting an international assignment in the next few years when the industry recovers.

This is definitely where we have the most potential and the most work to do (and the most fun!), as the first 2 steps are mostly on auto-pilot now.

Stairway to the Club

I am very optimistic with this Game Plan. If we get a stock market crash in the next 12-months, as it is due to happen, this should even help us long term as we’ll invest in the dip.

With a combination of high Savings Rate, investments mostly on auto-pilot and opportunities to generate more cash, I feel confident that I’ll reach the Millionaire Dollar Club in 2020, when I will be 39 (2016 update) 2018, when I will be 37. But to be sure, I’ll track progress once a year, as I track my progress towards my Financial Independence Day.

There are currently 163 members and 4 millionaires in the Million Dollar Club. Join us! Who’s dreaming big? 🙂




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  1. Hey Nick,

    Is you break it down in 3 simple steps like this, then the membership of the Million Dollar Club should indeed be feasible. I especially like the automation part. this is what we do as well: hassle free, each month, we contribute to the F-money fund!

    Staring the journey and having a plan is doing 80pct of the work.

    Good luck with the journey

    • Completely agree with you AmberTreeLeaves, starting the journey and having a plan is the most important.
      Automated savings and investment are the best and before you know it, the F-money fund has grown to 7 digits 🙂
      Good luck with your own journey on the other side of the pond!

  2. Love the plan. As you said, it is so simple.

    Wish I still had a employee stock purchase progam. It was a great source of FREE money. I maxed that baby out every time.

    Something I don’t have in my plan specfically, but that could play a significant role in reaching the double comma club sooner is stock options at my current company. Starting in January next year I am supposed to get some stock options. We will see.

    • You’re right, stock options can definitely help reach the double comma club 🙂
      I have not included mine in the plan because it is such an unreliable source of income. If everything turns out ok it will be great help, but when things turn sour like this oil crash, they become almost worthless.
      If your company has great growth prospects and you plan to stay with them for at least 4 to 10 years, options are great. Get as many as you can!

  3. This sounds about right. The steps are simple, but not necessarily easy. Good for you for outlining a plan of attack. I’m hoping to eventually be in the double comma club myself. It will likely take me a little longer than age 39 though 🙂 Keep up the good work!

    • Thanks Bearded Dragon! When I put this together, I didn’t realize how simple it actually is. I’m a firm believer that having a plan is 80% of the work, the rest is automation. Thanks for the support and looking forward to follow your own progress toward FI!

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