I have been given the opportunity to write for The Financial Blogger about when I expect to become a millionaire. Mike asked me to write about this topic as to complement his article on when he expects to be a millionaire.
Some of you may already know me, but for those who don’t, I am the blogger behind Million Dollar Journey. I’m not on any Million Dollar Journey though, my goal is have a net worth of $1 million by the age of 35 which is approximately 7 yrs from now. Lets do a financial check up to see if I’m on track.
On a monthly basis, I write do a quick and dirty net worth update to see how I’m doing. Below is the April 2008 net worth summary:
Total Net Worth: ~$ 294,930
In terms of growth over the next 7 years, lets make a few assumptions:
Total Net Worth: ~$ 846,872
There are some big assumptions that I”m making, especially with the short time frame of 7 years. Depending on how the markets go, and our ability to increase or save our income, will most likely result in a different outcome than projected.
Based on the assumptions, it doesn’t look like I’ll quite meet the $1 million mark in 7 years, however the projection also doesn’t account for future real estate projects or other business ventures that I will most likely be involved with. Hopefully, I’ll still be blogging about it at that time to report back.
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