Millionaire By Forty (MB40) is a blog dedicated to chronicling the journey from broke to having a net worth of $1,000,000 by my 40th birthday (February 12, 2029). Our hope for the site is to inspire people to grow financial knowledge and savvy, and to make friends along the way.
I spent 8 years in college, pursuing a doctorate and racking up debt along the way. This would allow me to land a nice job out of school, but the poor financial decisions I made put me in a jam. Between my wife and I, we were making enough money to make some progress on debt repayment, but it seemed like things just “kept coming up.” A car repair here, a flight to a wedding there, eating out, drinking — it all added up to living far outside of our means and making no real financial progress to show for all of our hard work.
So, I decided to make a change.
Taking from George T. Doran’s “There’s a S.M.A.R.T. Way to Write Management’s Goals and Objectives,” I decided to set a lofty goal using his criteria:
Specific: Have a net worth of $1,000,000 by my 40th birthday.
Measurable: Net worth is objective and easy to measure using various software (more on that later).
Assignable: Myself and my wife will complete this goal.
Realistic: This is going to be the most challenging part. At the time of writing, January 28, 2017, we are currently worth $-30,760 and have 12 years, 14 days, 8 hours, and 45 minutes until my 40th birthday. That means we must increase our net worth by an average of $85,623 every year. This may prove to be quite challenging, but even if we fall short of this goal, we will have developed strong financial habits and grown beyond what we would have if we didn’t change anything at all.
Time-related: I turn 40 on February 12, 2029. So, we have a nice, hard deadline to reach this goal.
Thank you so much for reading!