Skip to main content

Is millionaire status in my future?

As I listen to Dave Ramsey talk on his podcast, I often wonder if I would ever consider trying to become a millionaire. I mean, it would be pretty sweet to be a millionaire, but I'm not sure if I have the right smarts to invest or do anything that he suggests to do with Roth IRA’s, real estate, or the stock market. I understand a little bit about what he's talking about, but I'd be so afraid to mess up with the stock market or choosing the wrong real estate property, that I don't think it would be worth it.

 I read a book called The 30-minute millionaire by Jeff Cox and Peter Tanous and that did clear up some stuff about the stock market that I was a bit
confused about. There is so much chance in the stock market that I'd rather just put money into my 401k and have my company match that or set up a Roth-IRA. A Roth-IRA seems the less risky move because if I dumb it down for myself, it’s a fancy savings account that I can’t touch until I'm 60.
 Real-estate, to me, is too much of a gamble. Will I be able to sell the property for a profit? Is this a money pit? Will I find people willing to rent my property? So many questions that I'm sure I could learn over time, but in order for it to pay off, I feel like I would have to buy a lot of properties.

 I did do some digging on the “what ifs” when I get out of debt and pay off my house. And my net-worth will be about half-a-million dollars. So that's exciting, but net-worth doesn't really mean a lot to me. In my opinion, net worth is just a title. Just because I have a net worth of half-a-million dollars doesn't mean I actually have half a million dollars in my bank account, it just means I have assets that equal half a million dollars. I'd personally rather half-a-million dollars in my bank account, but beggars can't be choosers.

 My debt-free Journey only consist of me trying to get out of debt. That's my first step, if I become a millionaire after the fact, then that's just a lucky strike extra. What are your goals? Are you trying to become a millionaire or are you just trying to get out of the ditch you dug yourself into? Tweet me @DitchinDebt on twitter!

Comments

  1. Shelly October 26, 2019 at 5:17 AM

    Totally just trying to get out of the hole for me!! For now anyway, who knows what the future may bring x

    ReplyDelete

Post a Comment

Popular posts from this blog

Unemployment: The struggle is real

After five years at the same company, I was laid off. It came as a real shock, but I was getting the feeling something bad was going to happen. I was asked to come to a meeting room and two people from HR were there with a folder. They gave me information about cobra and asked if I had any questions. Obviously, I was still in shock so I said no. They asked for my badge and told me I had to leave and couldn't go back to my desk, which was filled with pop toys, my 8-month-old basil plant, and pictures of my daughter. Just like that, I didn't have a job or income. That happened on the 19th of February. A week has gone by and I'm getting into a rhythm of breakfast, games, applying for jobs, lunch, cleaning the house, repeat. But I'm really missing going to work. There's a saying, "you don't appreciate something until it's gone." and I feel that.  Being laid off also threw a huge wrench in my "get out of debt" plan. The plan is being ...
Post a Comment
Read more

Weekly report: Monetizing my blog + Social Media #5

This week we focused on staying on budget. I also applied and was accepted to an affiliate program which I'm very excited about! I'm looking up a lot of information on affiliate marketing and best practices. Some of the info I've learned is how to market the products on Pinterest. I plan on doing most of the affiliate marketing on there, and maybe sprinkle some cool products on twitter and the blog. Right now I am using ShareASale to find affiliate links to try and make money. My strategy is to find programs that will help people get out of debt. So far I am doing affiliate stuff for a Cashback website called DollarDig ( https://shareasale.com/r.cfm?b=569535&u=2292638&m=51865&urllink=&afftrack=  ) and a discount jewelry store called Balla.  (https://shareasale.com/r.cfm?b=785753&u=2292638&m=52317&urllink=&afftrack= ) For those of you interested, the way I can make money with these company's is if you click on the links and register ...
Post a Comment
Read more

Weekly Report: Vacation plans while paying off debt #4

This week was crazy for us. We are officially refinanced (which took what feels like an eternity) and this is our first week paying more for a whole week of daycare because my father, who normally watches my daughter on Thursdays, had surgery and is out of commission for a month or so. We are a bit worried about money this week because we've been paying so much debt the past three weeks. I think we went a little too hard but we'll be ok! So this week we didn't pay anything off, but we did start our taxes! We're expecting a lot for our tax return which we're hoping will make a nice dent towards our last credit card and our Disney trip we have planned. I know you're not supposed to go on vacation while doing this whole get out of debt journey but let's be real. As much as I love listening to Dave Ramsey every morning, he would say not to go on vacation until all my debt is paid off. But, I'm not a super hardcore Ramsinite who follows EVERYTHING he ...
Post a Comment
Read more