Here’s How a 27-year-old Millionaire with Six Properties Spends his Money!
It was the lifelong dream of Todd Baldwin to make loads of money since he was a kid. He watched her single mother working four jobs to raise her kids. Todd said that his mother was always worried about money, and he always felt her demand.
Baldwin never faced the same financial issues when he grew up, as he started a job at the age of 12. The first job he ever took was shoveling manure for $3 an hour. One day upon reaching home, Todd counted all of his quarters, and they summed up to six dollars. At that moment, he realized that he had to make more money so that he would never have the need to worry about such things anymore.
Eventually, his goal was achieved at the age of 25 when he gained a net worth of $1 million by investing money in real estate with his wife. With everything aside, he spends most of his time selling commercial insurance and makes extra cash as a secret shopper too. He annually brings $615,000. After cutting out the real estate costs, the net income that he makes is $305,000. His wife, Angela, also gets another six-figure income from her day job, a paycheck without any cuttings and costs.
Let us have a look at how he is managing his budget!
Out of $41,883 that he earns per month, he spends $22,903 on business expenses, which includes mortgages, property insurance, and government taxes. A considerable proportion of it goes toward the savings side, which sums up to $17,192 while his personal expenses sum up to only $1,188.
Here’s how he saves his money!
Baldwin put almost 80% of his finances in several accounts, including a highly rewarding savings account for real estate purchases in the coming future. He also saves $5,000 in a separate retirement fund. He has even maxed out two 401(k)s for his wife and himself.
The amount of money that he is making from his real estate investments is helping him chase his dream. He has plans on hitting a net worth of $10 million. To save more money, he and his wife have put all of the fun things on hold and are sincerely looking forward to hitting double digits.
Baldwin has said that, although both his and the wife’s net worth is $1.5 million and they could probably retire now, his dream is yet incomplete, and he has no plans on retiring early. He further added that he isn’t the type of person who will ever retire in the traditional sense.
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