By his 30th birthday, Todd Baldwin had been a self-made millionaire for about five years. One of the key factors that helped him get there: a frugal lifestyle.
As of 2020, Baldwin and his wife, Angela, saved around 80% of their six-figure income from both their full-time jobs and real estate ventures in part by refusing to spend money on certain items, he told CNBC Make It at the time.
Baldwin avoided paying for entertainment and leisure, such as going to the movies or out to restaurants, because he could do those things for free as a secret shopper. He also made sure none of his bank accounts or credit cards charged fees.
Another portion of Baldwin’s wealth could be attributed to “house hacking,” which can take a number of forms. It might mean renting a 3-bedroom apartment and finding roommates who will pay you slightly more than the total rent, or it could be buying a single-family home and renting it out by the bedroom, which Baldwin did several times over.
Today, the couple still lives somewhat frugally, but a number of things have changed. While Baldwin, now 31, continues to avoid banks and accounts that charge fees, the pandemic shut down a lot of the secret shopping programs he used to participate in.
Additionally, their income has gone up. The couple earned $1.4 million in 2021, and around the same in 2022. Their combined net worth is over $4 million.
Baldwin retired from his full-time job and has taken a step back from house hacking, but lives in a duplex with a tenant in the other unit and a renter in the basement apartment, which makes it so he and his wife only pay around $700 a month on their mortgage.
Baldwin says he’s always looking for another property to buy — whether to rent out by the room or list on Airbnb — but he hasn’t seen anything on the market that’s captured his interest in a while.
When CNBC Make It spoke with Baldwin back in 2020, he said invested almost all of his earnings back into his real estate business. These days his priorities…
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