Mr. Millionaire School Teacher

I believe today, I have set a new, challenging goal: becoming a millionaire, while still being a school teacher.

Specific goal: My wife’s and I’s net worth, >= $1,000,000.

Current Net Worth(3/26/21): $69,000

The best way for me, to hit millionaire status, would to be increase my income and increase my contributions to my retirement accounts.

Income

Wife’s: $50,000/yr

Mine: $50,000/yr

Side business: $10,000/yr

Other income: $20,000/yr

Total income(before tax): $130,000

Net income: $95,000

Assets:

Savings: $10,000

Retirement: $6,000

Cars: $11,000

Roth IRA: $12,000

Business: $30,000

Potential other investments, real estate, Index fund, and another business.

Debts

Student loans: $74,000

Credit card: $2,000

Car loans: $9,000

I need to work on killing off debt, and increase investment contributions.

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