Millionaire in Training

We would all like to be millionaires. When I was growing up, it was the epitome of the American Dream. If you go to school, get good grades, work hard, then maybe, just maybe, you could become a millionaire.

These days, there are literally millions of millionaires. People who have hit the seven-figure mark aren't even considered particularly wealthy these days. With wealthy businessmen like Bill Gates, Donald Trump and Warren Buffet worth not millions, but billions, being a millionaire doesn't seem like it is outside of the realm of possibility anymore.

But what if you are getting a late start at being a millionaire? What if you are like...well, me? I'm 42 years old, still working on my college degree, and worked for more than 20 years at a series of not-so-well paying jobs in television and radio. I have a wife and two kids, we rent our home and we live paycheck-to-paycheck. My wife is disabled, so she cannot work. We depend on my salary, which is about $40,000 a year, give or take. Is it still possible for me to become a millionaire, or has that ship sailed, as the saying goes?

That's what I am going to find out. I am embarking on something of a social experiment, but one that I am determined to have pay off. I am tired of living paycheck to paycheck, telling my kids "we can't afford it" when they ask for something and generally living in the lower middle class. I am determined to become a millionaire. Not only that, but I have set a goal for myself to retire at the age of 55. That is just 13 years from now.

I have $5,000 in an IRA account, my credit cards are maxed out, I owe money to the IRS for back taxes and numerous hospitals for medical bills, and I have about $20 in my savings account. However, I do have two things going for me: desire and a willingness to work hard. We have all been told that is all you need to succeed in America. I am about to put that theory to the true test.