The Million Dollar Challenge – September & October 2016

These AMAZING challengers leave me inspired EVERY month. Here I am, struggling HARD CORE to get back on a budget and push ourselves financially and you all are rocking your finances! You all are INCREDIBLE!

Can you believe only TWO months left of the challenge??? How crazy!!!

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.”

Getting to Know the Challengers Question:

What have you personally benefited from participating in the $1,000,000 Challenge?

  • Accountability… We declared Debt FREEDOM!!!
  • We fall off the wagon but it makes us keep coming back
  • More focus on my finances
  • I love the motivation, it helps keep me going
  • I love the community. Sometimes, it makes me feel bad for doing so little
  • Just getting to brag on progress helps keep us motivated to go above and beyond!
  • Better control of my money
  • A monthly reminder of my priorities!
  • Accountability
  • Keeping track of our debt dropping – watching it carefully has kept us from getting into more debt and has motivated us to pay things down faster
  • This is year #2 for me participating in the $1,000,000 challenge. I have developed the discipline of updating my net worth each month, paying down my mortgage as quickly as possible, and increasing my % contribution to company’s 401K plan. It gives me a sense of peace to know exactly where I am financially. Last year I had my right knee replaced and it cost $14K when lost income is factored in. I just had my left knee replaced in September and estimate it will cost $18K since the new health insurance has a higher deductible. I’m able to afford both surgeries thanks to having money saved. I am deeply appreciative that you started this challenge Nichole (Too Sweet of You! Hope you are on the mend and feeling much better from your surgery! Wishing you the very best! -Nichole)
  • Seeing progress and helping keep focused
  • It helps me be more accountable. I’m more motivated to save money and it helps remind me to invest more.

 

 

September & October Update

Debt Paid Off

September: There were 19 challengers who reported financial progress this month, 12 of those who paid off debt. Those 12 people, paid off…$20,190.19!!! That is an average of $1682/person! WOW! Well done!!!

October: There were 17 challengers who reported financial progress this month, 14 of those who paid off debt. Those 14 people, paid off…$21,429.35!!! That is an average of $1530/person! We have some INCREDIBLE debt slayers in this group… many of you are knocking on debt freedom’s door and I can NOT wait to celebrate with you! 🙂

We have paid off an UNBELIEVABLE amount of debt! Take a minute to think about the impressive figure below. Our small group has paid off more than $350,000!!! In most of America, this buys a really, REALLY nice home. WOW!

Total Debt Paid in 2016: $352,652.95

 

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Savings

September: There were 13 challengers who reported saving towards an emergency fund, vacation fund, or some other large purchase. Those 16 people, saved… $37,043.03!!! That is an average of $2849 per person. WOW!!! I’m sensing there were some bonuses in there or something because that is many people’s take home pay.

October: There were 9 challengers who reported saving towards an emergency fund, vacation fund, or some other large purchase. Those 16 people, saved… $10,591.73!!! That is an average of $1177 per person. Impressive!!!

Total Savings in 2016: $306,049.59

Wow, we have saved more than $300,000 and paid off more than $350,000… we are definitely NOT your average broke American. YAY for us! So proud of this group.

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Investments

September: There were 15 challengers who reported investing towards retirement, children’s college education, or other investment accounts. Those 15 people, invested… $37,405.39! WOW!!! A few of you had some impressive investing this month! CONGRATS!

October: There were 13 challengers who reported investing towards retirement, children’s college education, or other investment accounts. Those 13 people, invested… $10,568.58! 

Total Investments in 2016: $238,339.94

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Total Progress for September: $94,638.61!!!

Total Progress for October: $42,589.66!!!

CONGRATS on TWO incredible months!!!

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Total Progress in 2016: $897,042.48!!!

A small group of us have changed our finances by just shy of ONE MILLION DOLLARS! Can you believe it? I’m in shock. It looks like we may just conquer this challenge once and for all. I’m in awe! Keep pushing to the finish line fellow challengers!

Congrats to all of you for your continued hard work and determination. 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!




$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

2 thoughts to “The Million Dollar Challenge – September & October 2016”

  1. $897,042.48! in 10 months – epic! Without my accountability to your challenge Nichole I wouldn’t know where my money was going to.

    This has encouraged me to try harder for the rest of the year, to keep focused and not let Christmas dent my financial progress. It’s going to be tight but my goal of paying off a specific amount of my mortgage this year is becoming a reality – may have to raid some of my 3 – 6 months living expenses fund that I have been building up this year but I think it will be worth it to hit that goal.

  2. Wow. It is great to see the so much progress but even better to hear from you! Hope everything settles soon.

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