Jan 6, 2021
Our Interview Today With one of the youngest millionaires ever!
Todd Baldwin has always wanted to make a lot of money. “I was raised by a single mom, and I watched her struggle working four jobs to try to feed three kids,” the 27-year-old self-made millionaire told CNBC and us how he made It.
“She was worried all the time about money. I saw it. I could feel it.” Baldwin didn’t want to experience the same financial stress when he grew up, so at 12, he started working. His first job was shoveling manure for $3 an hour: “I came home one day, and I counted up six dollars worth of quarters. At the time, it was more money than I had ever seen.
Since that moment I was like, I’ve got to make millions of dollars.” He achieved that goal at 25 when his net worth crossed $1 million, thanks to smart real estate investing with his wife, Angela. Today, he brings in $615,000 annually thanks to a mix of income from rental properties, his day job working in commercial insurance sales and the extra cash he makes as a secret shopper. After real estate expenses, his take-home pay is closer to $305,000. Angela brings in another six figures from her 9-to-5, a paycheck they almost entirely save.
The Baldwins live “very comfortably,” he says. But he still has lofty money goals: By 35, he wants his net worth to hit $10 million. That’s one of the reasons he and Angela live well below their means. “Although our net worth is seven figures, we don’t do a lot of the typical things that most people envision millionaires doing,” says Baldwin, who wears a $12 rubber wedding band. “We are super frugal.”
They have roommates, drive a 2009 Ford Focus and their monthly food bill rarely exceeds $25, thanks to all the free meals they get as “secret shoppers.”