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.
Emilio Gargano 