Millionaires in the Making - The Dickinsons
Recently I have gotten back into CNN Money’s Millionaires in the Making articles. A couple of years back I became irritated that they seemed to continually use people making $125,000+ and had property that appreciated 20%+ per year. Now they seem to have come back to earth to examine how the “average Joe” does it.
Their most recent entry from early July was a San Leandro, California couple making a combined $86,000 per year. The highlights from their journey to become millionaires:
- Contribute $10,000 per year into a 401(k) with a $3,000 match from the employer
- Put $230 per month into a bond fund for emergencies
- Pay extra towards their mortgage to accelerate its payoff
- Spend only $400 per month for food
All in all their expenses are approximately $1,600 per month. It’s amazing what a bit of frugality can do for wealth accumulation.
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