This article has been in my blog drafts section since January 2018. With the New Year fast approaching, I took another look on it, and despite the goal sounds a bit scary to me now, I decided that January 1st, 2019 is a great day to publish it. As they say, there is no better date to make a wish. Here you go - my New Years resolution - a plan for the next three years.
I'm 33 now, and I have a goal to have in saving account a million dollars by the time I will turn 60, in 2045. I started my wealth building journey just two years ago in 2017, and by now I've managed to save ~ $20,000. On average that's about $10,000 a year.
To make it to $100K in the next 3 years, it would ask me to save $80,000 or about $26K a year. With my current savings rate, I could barely reach $50K by the end of 2021.
Now, that's why I decided to boost my goal (Which is just a small step from the bigger goal) - frankly speaking, from today's perspective, looking - I have not a single clue, how to double my savings rate on a yearly basis.
On the other hand, there are a couple of options I'm considering now - like earning more (still just around $20K a year) + investing in value growth stocks and cryptocurrencies.
Take a look at my previous investment goals:
- Investment Goal #1 - $100/mo from Dividend Payments
- Investment Goal #2 - Trade Bitcoin from 0.033 to 0.05 (Altcoin Flipping)
- Investment Goal #3 - Build up Starter Emergency Fund $1,000
- Investment Goal #4 - Minimum $550 Purchase for US Stocks
Now, I have said it load, no way back. $100,000 in savings account by the end of 2021. I will be then 36/37 years old. For a guy in his late thirties that amount of money sounds reasonable to have.
How about you? Think it's possible to save $80K in just 3 years? What would be your investment strategy? Let me know in the comments section, readers and I would love to hear!
Happy New Year 2019!