Challenge: Create a Plan to Build a Net Worth of $1,000,000
Start Date: April 1, 2018
If you’re here with the goal of making $1,000,000 in 30 days on this Challenge, think again! Nope, this Challenge offers a step-by-step strategy that you can follow to craft a personalized Plan that will become your beacon to a net worth of $1,000,000. A million dollars isn’t what it used to be, but it’s still a nice sum of money. And it’s an achievable goal. Now it might take 3 years or 30 years for you to hit that mark, depending on your income, expenses, your health, and luck, but it CAN be done! And while there’s no magic behind the $1,000,000 goal, the act of planning and making conscious decisions and smart moves to grow your net worth will entrench lifelong habits that lead you to financial freedom.
What’s the point if money can’t buy happiness?
Time and time again we see lottery winners, star athletes, and billionaires fall into debt and struggle with life. And we know that money can’t buy happiness. In fact, the latest research shows that there’s a threshold at which your income level no longer brings happiness – and that’s $75,000. So why focus on building a net worth of $1,000,000 if it will just lead to despair? Well, it turns out that it’s HOW you spend the money that’s the secret to happiness. Spend it on yourself and you won’t be nearly as happy as if you spend it on others. So once you reach millionaire status, give back to create a happier and more fulfilling life.
Watch Michael Norton’s TED talk on “How to Buy Happiness”
Are you sure this is a realistic goal?
Yes! And I have the story to prove it. My life took a turn on the dark side when I was 30 years old. I was laid off from a nice job and even with my shiny new PhD, I found myself in a dismal state of affairs – I was jobless, under-employed, and finally, teetering on the brink of homelessness. It would take me 5 states and almost 3 years to get back on my feet. I owned nothing but an old “beater” car and was $25,000 in debt. Fast forward 20 years, and my net worth reached $1,000,000. How did I do it? The old-fashioned way. I earned a respectable income and saved like a fiend. Yes, it took me 20 years, but I did it on one income as a single mom and never inherited a dime. So you can do this too!
What do the experts say about building net worth?
That’s a great question! So for this Challenge, I’ve asked the most popular personal finance bloggers in the country to share their BEST advice, their worst MISTAKE, and their all-time FAVORITE blog post. You’ll be treated to a variety of perspectives that may just lead to new ideas on how you can move forward with your dreams. Trust me…you’ll enjoy reading responses from finance celebrities like J.D. Roth of Get Rich Slowly, the Financial Samurai, Paula Pant of Afford Anything, and J. Money of Budgets are Sexy fame. You can read a recap of their responses in Million Dollar Advice from 15 Personal Finance Bloggers.
What do I need to join the Million Dollar Challenge?
The good news is that you don’t need money! But this Challenge demands that you do a bit of homework. Because after all, money doesn’t grow on trees! By the end of this Challenge, you’ll have a personalized plan on how YOU will build a $1,000,000 net worth.
You’ll start by listing your assets and liabilities today. And you know what…it’s okay if you’re starting out with nothing but debt to your name. Logistically, you can complete this Challenge with the provided Internet resources, Excel spreadsheets, and Word. But there are a lot of tools available online that you can tap into for this Challenge and beyond. Here are some of my favorites:
- Personal Capital – online software that helps you calculate and track net worth
- Betterment – offers a low-cost way to easily invest in the market
- Vanguard – the king of low-fee and high-performing funds
- Capital One – a good place to stash your short-term savings
Can you give me a template to craft a millionaire plan?
Sure thing! As part of this Challenge, you’ll be creating a personalized document called My Millionaire Plan. In this document, you’ll list your purpose, money habits, priorities, and identify specific goals to help you pay off your debt, build your savings, accumulate retirement, and put money aside for a dream fund. Here’s the template in both Word and as a PDF.
The Challenge is closed. Now what?
I’m bummed you missed out on the Challenge! Just sign up below and I’ll let you know if we run the Million Dollar Challenge again. Don’t want to wait? Then jump right into the Challenge by ordering the Kindle guide.
See our Kindle Guides page.
Dog Gone It! You missed the Challenge
But don't worry! Sign up and I'll let you know when we run the 30-Day Million Dollar Challenge again. And of course, you can save yourself the wait by purchasing the Kindle guide.