Good list, JackJester. I have a few small tweaks to add.
1) Be DINKS. Of course, you can reach 1M with kids, but it just takes longer ($250K to raise a kid to age 18).
Or be a SINK, like me. The "NK" part is the part that counts.
2) Work as much OT as you can when Mega Corp allows it.
I was on a straight salary most of my working years, so no paid OT possible.
3) Always max out to the company matching 401K. Free $
agreed.
4) Work to pay off your mortgage in 15 years vs 30. Do smart refinancing and pay a little extra each month.
I did a refi in 1992 which, along with the booming 1990s markets, enabled me to pay it off in 9 years.
5) Cook most of your meals. Including making your morning coffees. You’ll eat much healthier and save lots of $.
agreed, although I am not a coffee drinker.
6) Pay most of your expenses on your credit card, and pay the balance off each month so there is 0 interest owed. Plus, you can earn airline miles to allow for cheaper vacations.
Paying the balance in full each month is the key part.
7) Monitor and track all expenses in a spreadsheet so you know where you're spending your $; especially when you start to focus on FIRE ...FIRECALC is your friend
I didn't hear of FIRECALC until after I ERed. But the monitor and spreadsheet parts are spot on.