The Millionaire To-Do List

Ahhhhh to be a millionaire! Dont you just wish that was a reality?

Well, maybe it can be......

The gals over at Lean with Green posted goals to make sure they have $1M in the bank by the time they retire. I thought these were really good goals to strive toward, so I thought it would be fun to analyze "how I measure up." I rated myself 1-10 in each of these areas, with 10 being the best.

1) Open a Roth IRA this year and max out on contributions annually (that's 5K a year)
How I measure up: I just checked my Roth account and I'm very close to this goal. I currently contribute just enough to receive my full employer match each quarter. My score
is 8.

2) Establish an emergency fund (around 12K) and put it in a high-yield savings account or a no-penalty CD.
How I measure up: I'm getting there. I developed a savings plan this year to get me a safe cushion before Jake and I have to move. My score is 5.

3) Remain credit card debt-free
How I measure up: This is my weakness right now. My credit card balance is much higher than I'd like it to be. My interest rate is super high too. My next goal is to get my savings up to a high enough amount to pay off my credit card balance and still have my cushion mentioned in number 2 above. My score is 0.

4) Up my 403b contributions to 10% of my take home pay
How I measure up: Honestly, I just had to Google this to see what it was. The 403(b) is a tax deferred retirement plan available to employees of educational institutions and certain non profit organizations as determined by section 501(c)(3) of the Internal Revenue Code. I obviously do not qualify for this. My score is n/a.

5) Put any additional income (raises, bonuses, lottery winnings - ha!) into savings/retirement
How I measure up: I am also weak in this area. Most of my bonus this last year went to paying off my student loan and the rest went into my savings. While I'm glad I dont have that loan payment anymore, I wish I could have saved more. My raise this year is going straight into savings! My score is 5.

6) Continue to monitor my spending and my budgets
How I measure up: I am actually a big dork in this category. I keep track of my spending and my budget in an excel spreadsheet. It is color coded and everything! It really helps me find patterns in my spending and enables me to stick to my savings goals. My score is 10.

7) Continue to live within (or below) my means and not spend impulsively
How I measure up: Another weak area of mine. I feel like I am constantly spending money on trips, clothes, going out to dinner, etc. I try to be budget-wise, but I also want to have fun! It is a constant struggle for me. My score is 5.

8) Talk with my husband at least once a month about our money so we're both on the same page
How I measure up: Considering the fact that I dont have a husband, I will modify this one. Jake and I do talk about money a lot and we have joint accounts. I feel like we keep each other in check as much as possible. Jake works at the bank, so its hard not to talk about money! My score is 8.

9) Start a "vacation fund" so I can have fun and not feel guilty about it - it can't be all work and no play!
How I measure up: Really well! Jake and I have had a vacation account for about 2 years now. We recently used our years savings to pay for our flights to Australia and for some of the hotels there. We put in the same amount each pay check and plan out what vacations we will spend the money on. Currently, we plan on using our funds in Aspen at the end of next month. My score is 10.

This gives me a 64%. Not too bad I guess. I hope to re-evaluate these goals in 6 mos. and 1 year and hopefully improve upon them.

Thank you for tuning into this episode of "Who Wants to be a Millionaire!"