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Millionaire Chef

Millionaire Chef: Goals in 2021

Self-made millionaires are frugal and diligent; they have good habits and they stick to their goals.

Habits are formed by a goal-oriented lifestyle. Creating a budget or setting a goal is to avoid deprivation and encourage happier spending. Though life gets hard, habits help me stay on track and avoid impulse buying.

Here are my goals for 2021.

  • “Fun fund” , $210.00 monthly
    • I set up a “fun fund” to cultivate hobbies and feed my curiosities. This is money I set aside every month to eat out, buy wines and books.
  • Household spending, $200.00 monthly
    • This budget is for groceries mostly. I occasionally go over the budget if I had to purchase other household goods, such as toilet paper or paper towels. I sometime allocate some of the “fun fund” to support my household spending.
  • Investments, 350.00 monthly
    • This is an amount I could either invest in the stock market or set aside for later use.
  • Emergency savings account, $100.00 monthly
    • I have a 4-month emergency fund tucked away in a high-yield savings account. Anything more is a bonus that could help me pay for any unexpected expenses.
  • Acorns, $7.00 daily
    • Acorns does a great job helping me invest. I recently upgraded my risk tolerance to “moderately aggressive”. My current saving and investment are predicted to reach $300,000 by the age of 65.
  • Roth IRA contribution, $500.00 monthly
    • My goal is to max out my Roth IRA contribution every year, which is $6,000 for singles who earn $140K or less. My Roth IRA account is predicted to reach $790,000 by the age of 65.

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