Holy Ship. I’m going to kill myself.
So….I did a very conservative calculation using CNN Money’s Millionaire Calculator
This is what it told me:
Time until your nest egg is $1 million:
27 years and 9 months
Inflation adjusted:
37 years and 6 months
GULP
I’ll be damn near 60 (or 70 w/ inflation) years old before I’m a millionaire? That can’t be right!!!
And it isn’t right.
Because: A) I didn’t include savings outside of my retirement accounts and B) my financial situation will improve and my contribution to the “nest egg” will grow as years go on… But still…I’m having a heart attack today anyway.
Oh…what brought this on?
J. Money from Budget’s are Sexy (he’s getting a lotta play in my blog these days) has a Million Dollar Club and I’m making this post as my entry into the “club. “
In order to get to my million dollar nest egg I VOW to do the following:
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Continue to live below my means
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Max out my roth IRA annually (starting 2012 cuz who knows how this year will go financially)
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Put all future bonuses 1/2 to savings and 1/2 to retirement accounts
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Put all freelance income 1/2 to baby savings 1/2 to retirement accounts (this will change once I am working only for myself)
I decided to do a slightly more aggressive retirement savings calculation and I got:
Time until your nest egg is $1 million:
24 years and 3 months
Inflation adjusted:
31 years and 7 months
Yay I’ll only be pushing 55! <– I really hope you heard the sarcasm on that one.
How long until you get there? Will you join J. Money’s club?
You can doooooooooooooo it!!!!
Girl you inspire me. I am so impressed. Oh to that question you left on my blog: yes he is, we both are–just different specialties :). That all sounds great and confusing. I'm so not a money/finances person but I want to learn. But I also don't overdo it with spending either. Anyway, you can do it. I think you'll have a million put away waaaaay before 55.
Mrs K – I NEED to talk to you. Bigtime.
JS thanks you can toooooooo!!!
Hey, I found you from J. Money's blog. I love your blog. I had a heart attack when I saw how long it would take me to get to a million too. This has forced me to rethink about some of my choices and make some changes. I also made some minigoals for myself to help feel accomplished. I will pass by my first minigoal this year, but I am not sure when I'll hit my next minigoal.