1 Million Dollars

Saturday, November 1, 2014

Updated Millionaire Plan November 2014

We now have $24150!  We are only $850 short of our goal of $25,000.  $25,000 is my gross income and it is also the minimum expenses we have for a year, excluding health insurance, work related expenses and daycare.  Given that we put aside over $1300 a month that means that by next month I should be reporting to you that I have a full year of expenses all set aside.  I can't wait!  Let's hope the market does not screw this up for me.  :)

So where do I go next?  My next goal is to add COBRA to my year of invested expenses and that costs about $600/month so I need to save an additional $7200 for a total of $32,200.  Looking at what we put aside I could get that saved in less than six months, if the market does not crash.  So let's also think about my next goal which will be my husband's higher salary of $41,700.

Things are starting to come along, but we are in a weak spot here.  Either jobs goes and we can't save this amount.  We are lucky to have low expenses and multiple streams of income (2 jobs and our rental), but to me they are not enough.  I am going to keep working on decreasing our expenses and increasing our income, both with adding streams of income and increasing our wages.  I am in the process of working on a grant that would increase my income from $25,000 to $30,000 if I get it, but who knows if I will.  But if I get the grant, I lose access to both my 403b and my pension so we are considering front loading the 403b and leaving more room in my husband's.  But that is a story for a future post.  See you soon and keep saving!

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