Todd Baldwin hit millionaire status by 25, a feat he accomplished by saving a lot. By 2020, he and his wife, Angela, managed to save 80% of their earnings from work and real estate, keeping away from spending money they didn’t need to, Baldwin told CNBC Make It.
He avoided costs on things like movies and eating out by becoming a secret shopper, and he made sure he didn’t pay bank fees. Baldwin also made extra money by “house hacking,” renting out parts of his home to cover his mortgage or even make more.
Even with a simple way of living, Baldwin adjusted to life changes, including less work as a secret shopper due to the pandemic and a big jump in earnings to $1.4 million a year by 2021 and 2022, boosting their worth to over $4 million.
At 31, Baldwin has left his regular job and scaled back on house hacking. By living in a duplex and renting out space, he and Angela only spend about $700 a month on their mortgage.
Baldwin is always looking for new properties to invest in. He’s started to see the value in paying for services that give him more time, especially after having a son in July 2022. Wanting to be there for his kids, Baldwin pays for someone to clean the house, wash the car, and take care of the lawn, so he has more time for family and making money.
