Become a millionaire at 25 thanks to maximum savings

By his 25th birthday, Todd Baldwin became a self-made millionaire, with a key driver being a frugal lifestyle.

In 2018, Baldwin was worth $1 million at age 25. He and his wife Angela earn six figures from their full-time jobs and real estate ventures. Both before and after becoming millionaires, they shared the same view that they should save as much of their income as possible. Since 2020, the couple has always had about 80% of their income left over. The biggest secret is knowing how to say no to spending money on certain goods and services.

Baldwin avoids paying any money for entertainment and leisure activities, such as going to the movies or eating out. Instead, he chooses to work as a secret shopper — a job in which he evaluates the performance of a company's sales and service department by posing as a regular customer. He also makes sure he doesn't incur any banking or credit card fees.

The self-made millionaire rented a three-bedroom apartment and found a roommate. By signing the lease and managing the house, he was able to charge a higher rent for the remaining rooms than he would have paid in total. He also ran a business by taking out a mortgage and renting out the bedrooms.

Todd Baldwin with his wife and son. Photo: CNBC — Todd Baldwin with his wife and son. Photo: *CNBC*

But since the pandemic, many parties have limited the implementation of secret shopping survey programs. Baldwin has been more steadfast in avoiding banking services that charge fees. But the couple's income has increased. The couple earned $1.4 million in 2021 and the same amount last year. Their combined net worth is more than $4 million.

Baldwin quit his full-time job selling insurance. The couple now lives in a duplex. They only use one floor, renting the rest of the space and the basement. That way, even though they have a mortgage, they only pay about $700 a month.

Baldwin is always looking for another property to buy, then rent out by the room or entire house via Airbnb. "I haven't seen anything on the market that has caught my interest in the past," the self-made millionaire says. In 2020 alone, he invested nearly all of his earnings into real estate.

After leaving his 9-to-5 job, Baldwin began consulting with clients who wanted to learn about the same business he was in. He taught them how to start investing in real estate on their own with pre-recorded online tutorials. To date, the business has brought in a total of about $10,000.

Sharing space with strangers has helped Baldwin build his fortune, but he and Angela plan to upgrade their lifestyle, especially after having a baby last July. They bought land and began designing their dream home. The mansion will have a bowling alley, sports courts, and an indoor movie theater. Despite his frugal ways, Baldwin still wants to "throw a lot of money" into his future home.

“This is our dream home that we will live in forever. I don’t want to build something haphazardly and then spend money on repairs in 10 years,” he explains.

Baldwin said the house was both a worthwhile investment and a top priority. In addition to the main house, he planned to build a small house on a corner of the property and welcome his mother to live there. The young millionaire also used the money to pay off her credit card debt and pay for his brother to get dental implants.

Aside from his dream home, Baldwin isn't interested in spending money on expensive luxuries. "There aren't many things that I spend money on. Walking in the park with my wife and son makes me happier than a brand new Rolls Royce. Why spend $300,000 if it doesn't bring me the same joy?" he shared.

At 30, Baldwin is pretty successful, but he's still looking to buy more properties and continue building passive income streams. "I just want to do what I can to take care of my loved ones and inspire others," Baldwin said.

Xiao Gu (according to CNBC )

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