Millionaire Monday with Queer Money!
When will you hit millionaire status, and how did you get there?
We're on our way to millionaire status, just crossed the $900,000 mark with this recent pick up in the market. To be clear, that doesn't include any real estate. We hope to cross the $1,000,000 mark before the end of 2020 with the combination of our stock investments and our businesses.
If you could share a lesson or advice with others who are looking to achieve millionaire status, what would it be?
With this question or any version of it, our advice is always to get 100% crystal clear on what you want in life – what you hope to achieve and experience. Too many of us, us included, are conditioned to think there's one path to success, that a diversion from the norm means failure.
Go to college, get a degree, get a job (hopefully high-paying with proportional stress), get married, buy a house, have children and take two weeks of vacation a year until you die. If you need to feel better about your life choices or lack thereof, buy a car or a house you can't afford and everyone will think you're fabulous.
When we figure out what we want – not what our parents, friends or society want for us or what we think they want for us – we can align our spending with our values and reach true happiness. Is it always easy? No, but it's authentic.
You'll never be a millionaire until you join the invest class. The math just doesn't work any other way.
The longer you're a part of either the Leveraging and Spending classes, the longer it'll take to join the Savings and Investor classes. Figure out how to stop leveraging your lifestyle with credit card debt, student loans, mortgages, HELOCs, auto-loans, and "small" monthly payments, and reduce your spending to 75% or less of your income. Put 10% into your emergency savings until you have three to six months' worth of living expenses saved (more if you're in a marginalized community like the queer community) and the rest toward real estate, stock market, and (your own) small business investments.
Where can people find you?
That's the mission of debtfreeguys.com and the Queer Money® podcast is to help those in the queer community talk about personal finance. You can find us online, subscribe to our podcast, or follow us on Instagram @debtfreeguys.
First image credit: Studio Lemus
YOU MIGHT ALSO LIKE:
Secrets of Financially Healthy Couples