• Start Here
  • Work With Me
  • Parenting
  • Kids Activities
  • Working Moms
  • Productivity Tips
  • Number of items in cart: 0

    • Your cart is empty.
    • Total: $0.00
    • Checkout

Fab Working Mom Life

A Working Mom Blog: Let's thrive as working moms.

  • Blog
  • Motherhood
    • Breastfeeding
    • Parenting
    • Pregnancy
    • Kids Activities
    • Working Mom
  • Lifestyle
    • Finances
    • Food
    • Health
    • Home Life
    • Military
    • Organize
  • Resources
    • Blogging Resources
    • Working Mom Life Resources
  • About
    • About Julie
    • Disclosure Policy
    • Privacy Policy
    • Terms and Conditions
    • Subscribe
  • Work With Me
    • Advertise Here or Hire Me
    • Guest Post Here
    • Link and Image Policy
    • As Seen On
  • Freebies
    • Affirmations for Working Moms
    • Monthly Budget
    • Nanny Interview Questions Checklist
    • Start a Blog? email course
    • Printables
  • Shop
    • Budget Workbook Planner
    • Nanny Contract Template
    • My Zazzle Store
    • My Amazon Store

Note: posts contain affiliate links, earning me a commission. By using this site, you agree to our use of browser cookies. Read our disclosure and privacy policies for more details.

6 Ways A Mom Can Become A Millionaire Before Turning 45!

March 23, 2020 by Julie 1 Comment

If you're new here, you may want to subscribe and join the tribe. Thanks for visiting!

How a mom can become a millionaire by age 45

guestpost

“Focus on where you want to go, not where you are” – Anthony Robbins

Are you planning to become a millionaire before hitting the age of 45?

If yes, that’s great, girl!

At first, it might seem difficult to you. Especially, if you are a single mom, planning to become a millionaire before 45 might be a distant dream.

But with the right mindset and focus towards building wealth can help you to become a millionaire before turning 45.


Here are some of the best possible ways you can follow for financial independence. Let’s start!

how a working mom can become a millionaire by age 45

Start saving money early

The baby step to becoming a millionaire before 45 is starting to save money at the earliest opportunity. At the same time, you have to invest your money in an appropriate way.

Eventually, you can earn compounded interest. That means your interest is earning interest. So, the earlier you save and invest your money, the more your money can grow!

You can also stash your money in a high-yielding savings account. Usually, you will find these types of accounts in online banks like Ally, Chime, etc. They offer comparatively higher interest rates than that of brick-and-mortar banks.

 

Pay off your high-interest debt(s)

Your goal of building wealth can be compromised if you have any debts. And especially, the unsecured debts like credit cards!

The incessantly high-interest rates can be an obstacle to your financial goal. Besides, using a credit card might lure you to spend more than you earn.

Don’t let the high-interest rates grab a large share of your paycheck every month. This turns out to be an obstacle to becoming a millionaire before hitting the age of 45. So pay off those high-interest debts quickly.

Expand your income sources

Only working a usual 9 to 5 job won’t help you to become a millionaire before 45. Buddy, you need to think big! Multiple income streams are the key to financial independence.

Your full-time job might help you generate income to invest. But if you want to become a millionaire, you need to do some side hustles for an extra income. Yes, you heard it right!

Recommended Post:  Breastfeeding: 5 Things You Need to Know to Prepare

Maybe after some time, your side hustle income will generate more revenue than your regular job. Look for business ideas that cater to your area of interest. 

Here are some side hustle ideas which you can try, like:

  • Tutoring
  • Childcare
  • YouTube Video Host
  • Zumba instructor

So, don’t wait! Engage yourself in a side hustle and pave the way to becoming a millionaire by 45!

 

Follow the 50/30/20 budget

Are you still following the traditional budgeting method? If yes, then what about trying a new budgeting method?

Well, I am talking about the 50/30/20 budget rule! It can help you earmark funds once you get your paycheck!

Allocate 50% of your income to your needs like groceries, rent, utility bills, etc., and 30% of your income goes for your “wants”. It includes going to restaurants, mobile bills, movie dates, fancy clothes, etc.

But I believe the most important part of this budgeting is allocating 20% of your income for savings! Save on your emergency fund, retirement, and invest to build your wealth!

If some dollars in your necessary and luxurious expenses remain unspent, you can dedicate that money to your savings as well!

Live within your means

“Rich people stay rich living like they’re broke. Broke people stay broke by living like they’re rich!”

If you’re living with a motto of “treating yourself”, it can lead you to unnecessary debts and liabilities!

You might be enticed by the things you want to have. You know what? That’s quite normal! After all, you work hard and might think that you deserve to buy those things!

Many people fall prey to these temptations and use credit to purchase what they want. And ultimately, they end up being debt trapped!

So, if you want to be a millionaire by 45, you have to live within your means. Only buy the basic things you need in your life. And focus on what you can afford! If you need something which is not affordable right now, save money for it before you buy it!

Recommended Post:  Your Easy Guide to Creating a Family Meal Plan

It might be harder during the initial months. But once you start saving money by changing your lifestyle, you will feel good!

 

Invest your money in various ways

You need to start putting in dollars into a 401k right away! Plan to make the highest contribution possible. 

Invest your account in equities. What does it mean to invest in equities? That means you are purchasing shares of a company’s stock in the stock market. It can give you an annual return rate of about 10%. In fact, it has been the average return rate on the S&P 500 for the past 90 years!

If you are self-employed like a freelancer, you can opt for a solo 401k. But you have to own a business without any employees.

You can contribute up to $57,000 in 2020 as a solo freelancer. As an employee, you can contribute up to $19,500 in 2020. It can be more if your employer offers a matching contribution.

And as the employer, you can make an extra profit-sharing contribution of 25% of your net self-employment income (gross income less allowable deductions for that business).

Next, you can invest in an ETF(Exchange-Traded Fund). You can describe an ETF as a basket of securities like stocks, bonds, commodities, etc. that you can buy and sell through a broker. Usually, ETFs are cheaper than mutual funds with an average expense ratio ranging from about 0.30% to 0.90%. 

ETFs don’t have minimum investment requirements like mutual funds. You can purchase as little as one share!

So, what are you waiting for? Start planning to build your wealth at the earliest. And become a millionaire before turning 45!

become a millionaire by age 45

mom become a millionaire by 45

Author Bio
Valentina Wilson is a personal financial blogger. She loves to analyze personal financial matters and help others manage their finances in a better way. Traveling is also her passion. She loves to travel and explore different places by herself.To connect with her, go to her Facebook | Twitter or visit Bestdebtconsolidation.org

 

Categories: Finances, Guest Posts, TopPosts

the PAST
the FUTURE

Join the Working Mom Tribe

Join the Working Mom Tribe and get support and tools to help you thrive! Tribe members get access to my library of resources and printables.

Thank you for joining the tribe! Now check your email to confirm your subscription.

There was an error submitting your subscription. Please try again.

Powered by ConvertKit

Comments

  1. Chevelle says

    June 7, 2020 at 1:53 pm

    Great tips! The income component is very important. You will never become a millionaire by skipping your morning latte. Earning more income is key!

    Reply

Comments are held for moderation. Links are no follow.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Comments are held for moderation.

About Julie

Julie of Fab Working Mom Life Welcome! My name is Julie :) I am a Texan living in Hawaii (military life). I'm a mom, a blogger, and also work full-time in environmental compliance. I write about being a working mom to help myself and other working moms in our journey to find a balance between our family, responsibilities, and hobbies. I do this because we moms need a support network to thrive both at home and at work.

Follow us

  • email
  • instagram
  • pinterest
  • facebook
  • twitter
  • linkedin
  • youtube
  • bloglovin

Note: posts contain affiliate links, earning me a small commission at no additional charge to you. This site uses browser cookies to store information on your computer: some are essential to make this site work, others improve your user experience, and track behavior and user patterns (for advertising purposes). By using this site, you agree to our use of cookies. Read our disclosure and privacy policies for more details.

Join the Tribe!

Grab these Affirmations for Working Moms when you Join the Working Mom Tribe!

Join the Working Mom Tribe

Join the Working Mom Tribe and get support and tools to help you thrive! Tribe members get access to my library of resources and printables.

Thank you for joining the tribe! Now check your email to confirm your subscription.

There was an error submitting your subscription. Please try again.

Powered by ConvertKit

Pin with me!


Follow my Pinterest blog board

Most Popular

The Perfect Evening Routine Checklist for Working Moms

Tips to Help your Toddler Develop Language Skills

full time working mom life hacks

How to streamline busy life as a working mom with these time-saving tips

Featured Posts

  • 25 New Year's Resolutions That Will Bring You More Joy
  • Smart Ways to Save Your Money This Year as a Family
  • Tips for Dealing with Grief During the Holidays
  • How to Prepare for your Child Losing First Tooth
  • 7 Easy Dinner Ideas For Kids
Christmas gifts guide

Fab Working Mom Life Hot Topics

productivity tips for working moms
5-things-you-need-to-know-to-breastfeed-baby-sliderthings-to-do-to-prepare-for-baby-for-first-time-moms-slider

Link to Fab Working Mom Life

Membership


Memberships page.

Join the Working Mom Tribe

Join the Working Mom Tribe and get support and tools to help you thrive! Tribe members get access to my library of resources and printables.

Thank you for joining the tribe! Now check your email to confirm your subscription.

There was an error submitting your subscription. Please try again.

Powered by ConvertKit
  • Start Here
  • Work With Me
  • Guest Post Here
  • Disclosure Policy
  • Privacy Policy
  • Link and Image Policy

Note: Posts contain affiliate links. Should you choose to purchase a product, I will receive a small commission for the sale at no additional cost to you. Fab Working Mom Life is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com and affiliated sites.

Protected by Copyscape DMCA.com Protection Status

Copyright © 2021 · Fab Working Mom Life· Hello You Designs

Copyright © 2021 · Sweets Blog on Genesis Framework · WordPress · Log in

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.