Getting inspired by CNN money’s Millionaire in the Making series, Future Millionaire from Saving Savy and I decided to trade financial info and write a profile for each other. You can see my profile on her site.

Is Future Millionaire really going to be a millionaire someday? Sure looks like it, assuming she keeps up the good work!

The present:

Future Millionaire is 25 years old and single with no kids. She puts savings at a high priority. With a base pay of $58,000 plus bonuses she has been able to put $15,000 in an emergency fund as well as put aside $57,000 for a down payment on a house. She plans to continue to max our her retirement accounts with the full $20,500. If she is able to do this for the next 30 years she expects to have $3.5 million for retirement.

How has she done so well so early? She keeps her expenses relatively low by sharing a two bedroom apartment with a friend. Her monthly expenses are about $1,300 a month plus $500 a month to charity. She has no debt of any kind. Making sure she is earning interest, almost $3,000 a year, rather than paying it has helped her bring her net worth to $104,854.

The future:

She plans on purchasing a house in the next 5 years. And has plans for a baby or two “in the distant future”. She plans on continuing in the construction field indefinitely and would like to retire at age 55 with the $3.5 million she will have in her retirement accounts.

What I think:

Future Millionaire is off to a fantastic start. I’m sure she will hit the 7 figure mark someday. But even with such a great start there is still a lot of uncertainty ahead. She is still young and the future is wide open. Getting married and merging her life with another may set her back. It’s entirely possible that Mr. Future Millionaire hasn’t been such a good saver. They might spend a few years getting his retirement account up to par. And motherhood can derail even the most thought out plans. Who knows what a family could bring? Her current job consists of long hours and lots of hard work. Would she be able to keep that up with a baby or two in tow? No one will know until the time comes.

But even so, lets say life gets in the way (as it so often does) and she contributes the full $20,500 that she intends for the next 5 years. If she earns 8% she will have $73,466. We’ll say that by age 30 she has a husband, a house, and a kid. Families are expensive and lets say she decides to reduce her retirement contributions. She will only have to invest $9,000 a year to reach a million by her desired retirement age of 55. If she wants to put retirement on hold til 65 she would only have to invest a mere $2,000 a year to reach a million.

So I think it’s a pretty safe bet to say that Future Millionaire is indeed a future millionaire.