J from Budgets Are Sexy started a Million Dollar Club for those of us who want to have that amount to retire. In order to join, you have to list the steps you are going to take to build up your wealth so that you can grow to have one million dollars.
I have found that writing your goals down makes it easier to reach them so here are my steps for getting my One Million Dollars:
1. Save a dollar a day
2. Pay off credit card debt completely
3. Pay off car loan
4. Pay off personal loans

1. Save a dollar a day
It might not seem like much but if I can put a dollar a day into my Never Go Back To Fresno Fund then at the end of one year I will have $365 in there before interest. Since interest rates fluctuate so much I am not going to even try to calculate what the value of this money will be but will just be happy with the fact that by doing nothing else I have put away $365.

2. Pay off credit card debt completely
I am well on the way to being completely free of credit card debt after creditcard.jpgcarrying debt on various cards for almost 10 years. I will be finished with the LASIK card this year in December and will only have the balance on the Citi card to worry about. Currently this balance is $2695 and based on my current payments I should be finished paying it off in August 2011. Now this is obviously a ridiculous time frame so I plan on having that card paid off before my birthday in July. So I will have to put any additional money towards a snowflake payment to that credit card so I can say happy birthday to myself next year with absolutely no credit card debt.

3. Pay off car loan
The balance on my car is about $6,000 and my snowball calculator says that based on my current payments I should be finished with it in October of 2011. I am not going to be too aggressive on this one but I would like to be debt free in 2010 so I am trying my hardest to see if I can get apply extra money to the car loan after I have paid off the credit card debt.

4. Pay off personal loans
I do have two small personal loans that I will be increasing payments to in the new year as well, after I have paid off the credit card debt, which has a higher interest rate.

Those are my goals for 2010 and the savings of not paying interest on those debts will help me to get closer to my goal of One Million Dollars…and beyond.