Welcome to Millionaire By Forty (MBF), a personal finance/entrepreneurship blog where we set lofty financial goals, and then achieve them.
Taking the first step in any endeavor can be challenging. I have stared at the computer screen, blankly, trying to think of what to say (and what to save for later) in this first post. So, I decided that the good ol’ fashion “5 W’s of Journalism” would be an appropriate and succinct start:
- Who: I am a healthcare professional. I spent 8 years in college pursing a bachelor’s degree and doctorate to do my current job. I am married (no kids yet) to a beautiful software engineer who is WAY more intelligent than I am. We have two cats, a tortoiseshell and tabby, both of whom are just the right blend of sweet and evil. I come from a working class family — my father is a mechanic and my mother is an insurance auditor. We never went hungry, but our financial situation was never better than “getting by.” This led me to learn some very dangerous financial habits, and I became obsessed with looking like I was doing better than I actually was. My wife, on the other hand, was raised by two genius software engineers who retired before their 50th birthdays. She has always been frugal, and has excellent financial habits. During our first few years of marriage, our only major arguments were about one thing: money. I decided to make a change.
- What: Having been in college for 8 years straight, on top of some very poor financial decisions, I managed to amass nearly $110,000 in debt. Student loan debt made up the majority, but credit cards, auto loans, and other payment plans only added to that burden. Even though my wife and I were making a combined $160,000 a year (before taxes, deductions, etc.), our debt repayment rate was dismal. Lifestyle inflation is very real, and keeping up the image of success is a very expensive habit (more on that in later posts). We were basically treading water.
- Where: We live in Houston, TX. Pros: Abnormally high incomes for a Southern city (thanks, oil and gas), and strangely cheap cost of living (thanks, urban sprawl). Cons: Oh my God, this may be the most hot and humid place I have ever been in my life. Seriously, it’s like an armpit (smell included). We are originally from Austin, but we moved here for work after I finished school in 2015.
- When: I guess I should define this a bit better. The “when” is now (obviously). So, let’s flesh this out a bit: I want to have a net worth of $1,000,000 by my 40th birthday, which is February 12, 2029. We obviously have a long way to go. You can keep track of our progress by visiting this page, where we will have a running countdown and a weekly updated net worth tracker.
- Why: We decided to do this not for a lust of money, but because we want to achieve financial freedom. That doesn’t mean retirement in the sense that we won’t work anymore at all, but rather to have the ability to say “F%#@ this” and leave if we are ever unhappy. Even after a few years of working for “the man,” we are both itching to move around and pursue other things in life. As it stands now, we must stay at our current positions, regardless of whether we are happy or fulfilled. Yes, having money doesn’t always bring happiness, but it gives the holders options to pursue whatever it is in life that makes them happy.
We have a ton of topics that we would like to address in this blog, but at the end of the day, our blog is only as good as our readers think it is. That being said, please drop us a comment below and tell us what you would like to see, or drop us a follow on Twitter or Facebook, where I will be much easier to contact.
Thank you for reading — we cannot wait to start this journey together.