The Million Dollar Challenge – June 2016

We are half way to completing The Million Dollar Challenge of 2016!!! All of you challengers are AMAZING and had an absolutely INCREDIBLE month!!!

If you would like to join the sixty courageous challengers who have taken on this challenge. Please Join HERE!

The Challengers

The majority of challengers are married and in their 20’s and 30’s. Most challengers started their financial journey within the past year and have a household income below $50,000 and a net worth below $50,000. If you are interested in learning more about the challengers, please check out “Meet the Challengers.”

June’s Getting to Know the Challengers Question:

What has been your greatest financial achievement so far in 2016?

I am soooo thrilled I asked this question!!!

All of your answers seriously gave me goosebumps and had me grinning from ear to ear.

I am so proud to be part of this challenge with you all, who continually inspire me! Keep up the AMAZING, although CHALLENGING work! The following answers are proof to just how hard you are working and how focused and determined you are to accomplish your financial goals. Thank you for sharing!

  • Paid off credit card debt!
  • Reduced emergency fund and paid down mortgage. Read Total Money Makeover by Dave Ramsey (very motivating).
  • Cut out unnecessary expenses.
  • Started a Roth IRA!!!
  • Set a realistic savings goal to pay for a future home in CASH!
  • My net worth has changed by over $14,000 so far this year!!! (some has been increase in home value, some in a stock market boost, but most has been hard-core saving and paying down debt).
  • Increased mortgage principal payment from $400 to $5oo and increased 401K contribution from 5% to 7%.
  • Saved $500+ to travel to Baltimore with my boyfriend and saving $2000 so far for a car down payment.
  • Paid off mortgage!!!
  • Traveling a TON and not going into debt thanks to budgeting!
  • Funding a PhD without any loans!
  • Moving with less than a month’s notice without incurring any debt!
  • Both of us working full time.
  • Just getting started. (Nichole: that’s the hardest part! Congrats! Can’t wait to hear what you accomplish by the end of the year. 🙂
  • Paying off over $30,000!!! 🙂
  • Paying down $13,718 of mortgage principal so far.
  • Paid off my student loans!!! Also saved enough to start living on last month’s income.
  • Saved $10,000!!!
  • Bought a boat with CASH and paying extra every month on our mortgage!
  • Sticking (for the most part) to my allocated weekly food budget.
  • The fact that I managed to save at least 300 Euros each month is pretty amazing!
  • Paid off $11,000!!! (I had NO idea that it was possible for me to do!)
  • Established a workable budget that has us debt free in 5 years, even with spouse’s job change!

June Update

Debt Paid Off

There were 23 challengers who reported financial progress this month, 16 of those who paid off debt. Those 16 people, paid off…$38,325.13!!! Well done all you debt slayers!!! Keep up the amazing work! That is an average of $2395/person! WOW!!!

In only six months, we have paid off an UNBELIEVABLE amount of debt MORE than a quarter MILLION DOLLARS!!! CONGRATS Challengers! Will we pay off half of a MILLION dollars by the end of the year? Would that not be just CRAZY?

Total Debt Paid in 2016: $267,390.25

 

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Savings

There were 19 challengers who reported saving towards an emergency fund, vacation fund, or some other large purchase. Those 19 people, saved… $55,214.02!!! WOW!!! We beat last month’s savings, which was our highest savings month for the year by MORE than $13,000!!! Congrats to all you Super Savers!

Total Savings in 2016: $178,875.41

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Investments

There were 17 challengers who reported investing towards retirement, children’s college education, or other investment accounts. Those 17 people, invested… $37,686.37! Just like our savings, last month was the most we had ever invested and we beat it by MORE than $9000!!! INCREDIBLE!!!

Total Investments in 2016: $120,128.41

If we invested our total investments in 2016 for 30 years at 8 percent returns, we would end up with just over $1.3 MILLION!!! That’s AMAZING! :)

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Total Progress for June: $131,225.52!!!

CONGRATS on an incredible June, Challengers!!! Each month I am blown away by how ~25 challengers can change their finances by SOOO much! Keep up the challenging but rewarding work!

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Total Progress in 2016: $566,374.08!!!

WOW!!! We blew right on by the HALF A MILLION DOLLAR mark! How mind boggling is that??? A small group of us who are determined to change our finances have done just that in epic proportion… by more than $500,000! Just think how we have changed our futures, our families futures, and future generations by doing something about our finances TODAY!

Congrats to all of you for your continued hard work and determination. I am so proud and thankful to be part of this AMAZING group of challengers. You all inspire me to push harder and achieve more. THANK YOU!!!

Facebook Group The $1000000 Challenge

Facebook

If you are a challenger or planning to become a challenger we would love for you to join our Facebook Community that is solely dedicated to The $1,000,000 Challenge. You will find inspiration and encouragement from your fellow challengers. Inspiring and informative articles. I also post “Questions of the Week” which if you answer, provides extra entries into the $100 Amazon Gift Card Giveaway!

2016 Million Dollar Challenge

The $1,000,000 Challenge of 2016

Are you inspired by the INCREDIBLE progress of these challengers? Are you ready to be the one who improves your finances by $10,000, $20,000 or do I dare say $50,000???

Are you ready to dramatically change your finances? If you are ready to join the challenge that will push you to PAY OFF MORE DEBT, SAVE MORE, and INVEST MORE than you EVER thought possible. I encourage you to make 2016 YOUR YEAR and Join The $1,000,000 Challenge TODAY! Plus this year, there is a $100 Amazon Gift Card up for grabs!










$100 Amazon Gift Card GIVEAWAY

  $100 Amazon Gift Card Giveaway










You May Also Enjoy:

Emergency FundCalculate Your Debt Free DateHow Investing Small Amounts of Cash can Pay Of in RetirementHow to Spend Your Tax Refund Wisely

One thought to “The Million Dollar Challenge – June 2016”

  1. Loved reading about everyone’s greatest financial achievements this year. So amazing that we cruised on by the $500k mark too!

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