At 25 years old, Todd Baldwin already had a net worth of $1M. It was his lifelong dream to make loads of money since he was a kid, as he watched her single mother worry about it and work four jobs to raise her kids. Let’s find out how exactly he was able to reach millionaire status and where he puts his money into!

Starting Young

Baldwin never faced the same financial issues as his mom did when he grew up because he started working early on, specifically at the age of 12. The first job he ever took on was shoveling manure for $3 an hour.

One day, upon reaching home, Todd counted all of his quarters, which added up to six dollars. At that moment, he realized that he had to make more money so that he would never have to worry about it anymore.

Reaching A Million

Eventually, his goal was achieved at the age of 25 when he gained a net worth of $1M. How? Well, he invested money in real estate with his wife, Angela. He also spends most of his time selling commercial insurance and makes extra cash as a secret shopper too.

Now that he’s already 27, he brings home $615K annually. But if you cut out his business expenses, the net income that he makes is $305K. Also, the six rental properties that he owns with his wife makes them around $460K each year in rent. After deducting expenses—like taxes, mortgage fees, insurance, etc.—they set aside around $150K of that amount yearly.

How He Manages His Budget

You’ll rarely see this millennial millionaire spending his money on a few things. For starters, paying for entertainment, such as restaurants and movie theaters, is a no-no for him. After all, he knows how to get paid for those kinds of luxuries. As we have mentioned, Baldwin is a “secret shopper,” so gets paid for eating out, doing grocery shopping, watching movies, and even checking out hotels and casinos.

One more thing that he vows never to spend cash on is unnecessary fees for his bank account or credit card. That doesn’t mean that he doesn’t pull out his credit cards—which he has 13 of, by the way. However, Baldwin never winds up with a balance and makes sure to pay on time to dodge penalties.

What Does He Spend On, Then?

It’s sweet that Baldwin will only splurge his hard-earned money if it’s something for his wife—if she’ll let him, anyway. According to the young millionaire, his wife is even more frugal than he is. He once surprised her with a designer bag worth around $500, but she quickly brought it back to in exchange for a $60 Macy’s purse. After that, they invested the remaining amount. That’s how frugal the couple is!