By the time he was 25, Todd Baldwin became a millionaire, thanks to his serious savings habits.
By 2020, he and his wife, Angela, were able to save 80% of what they earned from their jobs and real estate investments, avoiding unnecessary spending, as Baldwin shared with CNBC Make It.
He cut down on expenses like going to the movies and eating out by being a secret shopper and avoided bank fees.
Baldwin also increased his income through “house hacking,” where he rented out parts of his house to pay off his mortgage or earn extra money.
Despite living simply, Baldwin had to adjust to changes, such as less work as a secret shopper because of the pandemic and an income increase to $1.4 million a year by 2021 and 2022, raising their net worth to more than $4 million.
Now at 31, Baldwin has quit his day job and does less house hacking. Living in a duplex, he and Angela pay just $700 a month for their mortgage by renting out part of their place.
Baldwin is constantly on the lookout for new investment opportunities. He has come to appreciate spending money on services that save him time, particularly after the birth of his son in July 2022.
Eager to spend more time with his family and on earning money, Baldwin hires help for house cleaning, car washing, and lawn maintenance.
