Aspiring Millionaire shares the journey of a culturally and linguistically diverse blended family working towards financial freedom, using what we have, and getting resourceful.
Our goal – to create financial freedom and stability for ourselves, my kids and future generations.
Ideally, we will be in a position to retire fully if we want to within 10 years (2031).
Neither of us comes from wealthy backgrounds, but we have similar values, goals and interests. A combination of business, real estate and investing is how we are building a legacy for our children. We are determined to ensure our children have a happy, healthy and wealthy life.
About Our Family
We are a culturally and linguistically diverse family of 7.
Ms Aspiring Millionaire (me): 36-year-old Caucasian Australian woman. I work mainly in marketing but am fairly flexible, taking on projects I enjoy rather than working constantly. Family is everything to me so I structured my life to be flexible around us and what we want.
Mr Aspiring Millionaire: 31-year old Ni-Vanuatu man. Having spent most of his life in Vanuatu and the Solomon Islands, he had a very different life. Now, he is a commercial diver earning 10x his previous annual wage.
Our kids are a mixture of mine, his and ours with Maori, Tongan, Ni-Vanuatu, Solomon Islands and Caucasian ancestry.
We spend our time between Australia, Vanuatu and the Solomon Islands.
Why Aspiring Millionaire?
The real goal is total financial freedom. $1,000,000 is easy to track and a goal many people have. This $1,000,000 will be income-generating assets mostly, not $1,000,000 cash. Although, if we cash it all out it would be worth $1,000,000.
We won’t retire when we hit $1,000,000, instead, we will continue to grow and invest as ideally, we want to leave a legacy, help more people and ensure our children know the value of building an empire.
I had a website called Aspiring Millionaire years ago, achieved millionaire status then had to use most of it in court against my ex and to get my daughters the help they needed (speech therapy, autism diagnosis, psychology etc).
So I wiped it and revived the name for this new goal.
How Will We Do It?
Most of what is shared on this site will be about the doubling money challenge. Starting with $2, we are doing things to double our money until it is over $1,000,000. Updates for $2 to $1,000,000 here.
Separate to that we have other plans too though.
Clearing debt while also investing is the first step. Shares, business and real estate are all part of our investment and retirement plan. Our ideal retirement includes a lot of travel, supporting our kids through higher education and teaching them to invest while working on charitable projects that matter to us.
Financial independence and early retirement is about choices and lifestyle. Being available for my kids, spending time as a family and enjoying our lives instead of working 24/7.
Most of our debt is interest-free so it makes sense to invest and gain interest/have shares increase in value/utilize compound interest now at the same time as clearing our debt.
Mr Aspiring Millionaire has 3 properties but they must remain in the family and will be passed to our son. Right now, one has a rental property and the other two lands are used by the family. I am involved in ownership and development as it relates to the kids.
We previously had larger share accounts. Due to a series of unfortunate events which cost a fortune, we need to rebuild this. It’s easy to invest in shares. Right now, we invest small amounts that will be increased as our debt decreases.
Over the years I have both been involved in businesses in different ways including founding then selling some. Currently, I am building some online. Business is something I love as you can expand it, have other people run it, create multiple incomes and you aren’t limited by your wage.
What we WON’T be Doing
We love our lifestyle so are not willing to give up much. Weekly family activity, travel, our hobbies such as diving etc. Our home is small so we don’t pay much to live where we do. The beach is a few hundred metres away as is the kid’s school and everything we need most of the time. So we spend in other areas that are important to us such as experiences.
Cutting back and living off noodles is not our idea of a good life. Living super frugally is great for some and at times a necessity. It’s not for us and since he grew up in poverty and my mother died at 37, we are both motivated to enjoy our life as is.
Did you Know that Doubling Your Money 20 Times Will get you $1,000,000 if you Begin with $1?
$1 x 2 = $2
$2 x 2 = $4
$4 x 2 = $8
$8 x 2 = $16
$16 x 2 = $32
$32 x 2 = $64
$64 x 2 = $128
$128 x 2 = $256
$256 x 2 = $512
$512 x 2 = $1,024
$1,024 x 2 = $2,048
$2,048 x 2 = $4,096
$4,096 x 2 = $8,192
$8,192 x 2 = $16,384
$16,384 x 2 = $32,768
$32,768 x 2 = $65,536
$65,536 x 2 = $131,072
$131,072 x 2 = $262,144
$262,144 x 2 = $524,288
$524,288 x 2 = $1,048,576
If you start with $100, you only need to double it 14 times to get to $1,638,400. Obviously, in the beginning, it is easier to double your money than it is in the end. That doesn’t mean it is impossible. I have just started dabbling in this a little again. My first was purchasing a book for $2 and then selling it for $8. That’s more than doubling my money instantly.
Alternatively, create something to sell. With a $1 profit if you sell 1,000,000 there is your $1,000,000. With a $100 profit you only need to sell 10,000. If you have a $1,000 profit per item, you only need to sell 1,000 of them. See how doable it can be with the right product or idea?
Even more, if you then invest the money you are making to either generate more business, buy shares or real estate. Always be looking for ways to make your money work for you.
How To Double Your Money
To start with, I’ll be looking at buying items to resell. I’ve done this before with great success and have read a lot more about doing it. It’s been a while since I’ve done it, so it will be interesting to see how it goes.
Later, I plan to flip websites and then real estate. At the same time, I am looking at ways to start making money from nothing. For example, writing eBooks, creating courses, dropshipping etc. All those things can be created for nothing and sold with good marketing.
We also have some opportunities elsewhere through family we are looking into.