J.Money from Budgets are Sexy created the Million Dollar Club about 10 or 11 years ago. The purpose of the club is to create a “millionaire to-do list” of habits and plans you pledge to adopt in order to reach the million goal.

Well, since the million goal is in fact my goal too…

… Guess what?

I’m joining in! yeee!

Million Dollar Club

Joining the club has been in my mind for some time. But since my plans will depend broadly on where we live, I thought that it was a bit pointless to write down a list which I didn’t know how long I could follow for.

But as J.Money says we gotta start from somewhere if we wanna figure out how to become a millionaire, right?

So, that’s exactly what I am going to do, start from somewhere, assuming that we settle in the UK for an indefinite period, and keep updating my list according to new changes or knowledge acquired along the way.

Also, he reached the 7 figures in August 2019, he made it after 11 years and 139 updates! Which is very inspiring if you ask, so that helped me to join as well.

Here’s my millionaire pledge list and how I’m gonna make it happen:

  • Keep living frugally but not in an extreme way. Have a balanced life where I don’t extremely sacrifice the present moment, but I am still in control of my money and my happiness.
  • Always ask myself whether I really need whatever materialistic object I am planning to buy.
  • Mind my spending and keep my saving rate within targets of 30%-50%.
  • If the savings ratio gets out of control, I’ll start tracking my spending in a detailed way. (probably after having kids or buying a house).
  • Invest as tax efficiently as possible allocating most of the new generated money in a Stocks and Shares ISA to buy index funds or ETF’s. Focus on maxing my ISA out (20K per year). Set automatic monthly contributions.
  • Keep the Euro side of my portfolio invested in P2P lending European companies to generate passive income.
  • Build an emergency fund in Pounds to cover 3 months of expenses while renting a property and 6 months of expenses if we buy.  My current one is in Euros, but I’ll need to have one in £ if we settle in the UK.
  • Never borrow money except to buy a house (unless it’s free of interest, of course!).
  • Keep learning about the topics of finances, business and investing (online courses, blogs, books, videos and podcast) and keep developing skills that can potentially increase my income (engineering, leading a small team of design engineers)
  • Create more sources of income besides my pay slip. That may include side husles like teaching Spanish? or others like blog income or match betting)
  • Post monthly and net worth updates in the blog to help me being accountable.
  • Hope that the Pound and Euro won’t fall against the Dollar forever? – It’s Brexit’s fault! 😉
  • Interact with like-minded people and keep a healthy and constructive relationship with them.
  • Assist my first meet-up? (Aaaarggg! I don’t know! I’m scared of this one! But I guess I should, right?)
  • Read and reread good books like The Millionaire Next Door, The Automatic Millionaire or Think and Grow Rich. I’ll especially keep rereading the last one until I have cumulated 1m.
  • Write a clear and concise statement of the amount of money I intend to acquire, naming the time frame I need to get it, stating what I plan to give in exchange and describe clearly the plan through which I intend to accumulate it.
This is THE attitude, isn’t it? Hopefully I’ll able to keep it for the next 10 years though! 😉

The last point should be in fact the starting point and it’s partly what this post is about.

It’s the way Napoleon Hill describes on his book “Think and Grow Rich”. He says you need to write an statement and read it out loud twice per day.

I will post it in my blog once It has been written, so I will have it handy (if WIFI available) and hopefully can inspire others too at the same time?

The Million Dollar Club refers to Net Worth, which is not the same as my active investment portfolio or FI pot.

So, at the time of writing (14/09/2019) and with a current conversion rate of 1 EUR = 1.12$, my Net Worth is 457,928.9 $.

The progress will be posted on my Net Worth Page, located at the top menu bar.

I am always mentioning my lovely future million in the blog, so no worries, you will definitely notice when that’s been achieved as I will shout it out as loud as an Spanish person can possibly shout (and that’s extremely loud I CAN TELL YAA THAT!)

Now, I just need to sit tight and wait for 10 years, right?

I’ll see you all back then, on the meantime keep yourself healthy! 😉