Histori Personale

The 27-year-old millionaire saves 80% of his income and never spends on these 2 things

The 27-year-old millionaire saves 80% of his income and never spends on these 2
Todd Baldwin's net worth exceeded $ 1 million when he was 25 years old.

Today, at age 27, he earns $ 615,000 a year ($ 305,000, excluding business expenses) thanks to a mix of rental income, his day job working in commercial insurance sales, and the extra money he earns. does as a secret buyer.

Most of his income comes from the six rental properties he owns with his wife, Angela. They earn $ 460,000 a year in rent. After expenses including mortgage payments, taxes, insurance and utilities, they are left with about $ 150,000 a year.

"Even though our net worth is seven figures, we do not do many of the typical things that most people think millionaires do. "We save a lot," said Baldwin, who owns a 2009 Ford Focus with his wife. Because he keeps expenses low, he is able to save more than 80% of his income.

The millionaire refuses to spend money on certain things such as restaurants and movies, not because he saves a lot, but because he has managed to get paid for it as well.

Baldwin is a "secret shopper" and gets paid to eat out, go grocery shopping, watch movies and even visit hotels and casinos.

"There are many businesses that want to know how their employees are doing and how the market is reacting to their products," he explains. "So those companies hire mysterious firms to find independent contractors like me to go into their business as a regular customer, buy the product or service and then report on it."

He has earned about $ 30,000 since he started mysterious purchases years ago in college. The surveys he completes after the experience do not require much time and for this reason, he finds it difficult to go and spend his money in bars and restaurants.

"If a friend wants to go to a bar or someone wants to go see a movie, I usually try to wait until I get a job," he says, "because if I go there anyway I can have fun for free and get paid. . ”

Thanks to this work he and his wife spend only about $ 25 a month on food.

"Another thing I never spend money on is unnecessary bank account fees or credit card fees," says Baldwin. This does not mean that he does not use credit cards - he has 13 - but he does not delay payments to avoid late fees.

Baldwin, who was raised by a single mother and started working when he was 12, gets a thrill from saving. "It's a real pleasure to be able to buy something, but to choose not to buy," he says.

He thinks about all his purchases, especially the big ones: “My wife and I want to start a family in the next two years and I thought we could get an SUV. "I was looking at what was about $ 60,000." However, after some analysis they decided to use them before elsewhere. "We bought another property for rent."

Eventually, rental income "could pay for four of those SUVs I liked," he said.

The only thing Baldwin likes to brag about is his wife, "My wife saves more than I do!" he says. "A few years ago, I bought him a gift, a branded bag for about $ 500. But when she saw it, she took it immediately, exchanged it for a $ 60 bag at Macy's, and then we invested the rest. "