By 25, Todd Baldwin became a millionaire, mainly by saving diligently. Come 2020, he and his partner, Angela, were putting away 80% of their earnings from their jobs and real estate investments, avoiding spending on things they didn’t need, Baldwin recounted to CNBC Make It.
He cut out expenses on entertainment and dining out by secret shopping, and ensured he wasn’t paying any bank fees. Baldwin also increased his earnings through “house hacking,” where he rented out sections of his home to pay off or even profit beyond his mortgage costs.
Even with his economical lifestyle, Baldwin adapted to changes, like the pandemic affecting his secret shopping and a significant rise in income to $1.4 million yearly by 2021 and 2022, raising their net worth to above $4 million.
Now at 31, Baldwin has stepped away from his regular job and dialed down on house hacking. Living in a duplex, he and Angela pay just about $700 a month on their mortgage by renting out part of their home.
Looking for more properties to invest in, Baldwin now prioritizes spending money on services that save him time, especially valuable after his son’s birth in July 2022. Aiming to be an active parent, Baldwin hires help for house cleaning, car washing, and yard work to spend more time with his family and on projects that earn money.
