This month was made for a challenge – or two!

See, there are some challenges I’ll gladly sign up for. And others, I’d stay clear of. For example, J-Money at Budgets are Sexy proposed the Millionaires Club. This challenge comes as a great time for me as I just recently revisited my lifetime goal to become the first millionaire in my family. I created one ‘medium sized’ mini goal and that is …..

to be able to NOT have a full time job by the time I am thirty

In other words, I would like to have enough passive income, income that I do not need to get out of bed to earn, to cover household expenses, eating, and a basic quality of life. If I need a part time job, that’s ok. But no 9AM – 5PM here for me (or there for me in the future).

I need a plan, man!

I basically have six years to achieve my goal but need to figure out how to do it now. Any suggestions? One thing I know for sure is that working for the ‘man’ until I’m sixty is definitely out! This just isn’t for me. Boss man if you’re reading, I’m very thankful for my job but I know that I will not be fulfilled in working at a position in which the end all is just a check.

A more fulfilling position is one in which I am of course the Queen B of all matters.  But I’m apparently a little A.D.D. when it comes to entrepreneurial endeavors and have objectively noticed that my true passion has not been discovered. For years I’ve been accumulating tools and various resources and through this process I thought my passion would be revealed. Yet it lies dormant within. Miss New Money is a constant work in progress and one activity that I enjoy doing. However, in its current state, I ain’t quitting no job anytime soon.

The Millionaire Real Estate Investor

Then there’s real estate. I told you that I am currently in the process of buying a new home, one that I will live in for a little while at a significant decrease to my current monthly costs.  In saving for this home, I have created Challenge #2….

to save 1/2 of all monthly income

Last month’s budgeting resulted in a hefty surplus. This got me to thinking that saving more of my take home pay every month is in fact highly doable and therefore I will have enough money to cover the costs of purchasing a home (and by my deadline too.) if I saved at most half of my monthly pay.  This is good news as this house has a much greater purpose: it will serve as the all important first property that kicks off my rental property portfolio. Now from there, it’s all about momentum. I’d like to continue to purchase and continue to collect rental income AKA passive income. You see how we brought it full circle!

In six years, I’d need enough money generated to live a life; maybe not one of luxury just yet, but one that covers all of my life’s expenses and frees up my time. Time can be worth more than gold, ya know. With this time I will develop The Almighty’, the master plan to earn me my luxurious lifestyle; my purpose filled, life’s work; what will carry me into old age and through the gates of heaven; what will drive me to wake each morning and to stress about each night: My very own business.

As for a challenge I will not be participating in, “SS4BC” over at Small Steps for Big Change proposes “345 Days of No Eating Out”. I love to eat out! Love it! And while I have cut back on going out to dinner, it is still something that I love to do and am not willing to completely give up on. This would make me miserable and only lead to a binge – make that binges: eating out binge (which does more harm than good) and  a buying binge….no good. With challenges, it needs to have some hint of ‘doability’ (ok-now I might be pushing it with the English vernacular).

What personal challenges have you created for yourself? Were you able to overcome?

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3 Responses

  1. Hahaha – Yah my challenge is definitely not for everyone. The key is finding something that is challenging (obviously) but that also can benefit your life.

    I still can’t believe I’m doing an entire year, but lemme tell ya, the first 6 weeks have gone by in a FLASH!

  2. More power to you! Eating out is one of my simple pleasures in life (and quite handy when you’re feeling lazy). I feel I would be setting myself up for failure though if I took this one on. So I trimmed the fat (pun intended) and without setting budget limitations or restrictions I’ve cut down on overindulging and taking this pleasure to the extreme. I’ll keep checking SS4BC for updates! Thanks for checking me out!

  3. […] This month was made for a challenge – or two! […]

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