Todd Baldwin became a millionaire by age 25, largely thanks to his habit of saving. By 2020, he and his wife, Angela, were setting aside 80% of their income from jobs and real estate, carefully avoiding unnecessary expenses, Baldwin shared with CNBC Make It.
He skipped out on costs like entertainment and dining out by becoming a secret shopper and ensured his banking was fee-free. Additionally, Baldwin boosted his income through “house hacking,” which involved renting out parts of his property to cover or exceed his mortgage payments.
Despite maintaining a frugal lifestyle, Baldwin has adapted to changes, including the pandemic’s impact on secret shopper opportunities and a significant increase in income, reaching $1.4 million annually by 2021 and 2022, pushing their net worth beyond $4 million.
Now 31, Baldwin has retired from his day job and reduced his involvement in house hacking. Living in a duplex allows him and Angela to pay only about $700 monthly on their mortgage by renting out part of their space.
Always on the lookout for new investment properties, Baldwin’s focus has shifted. He now values spending on services that save him time, especially after the birth of his son in July 2022. Determined to be present in his children’s lives, Baldwin outsources house cleaning, car washing, and lawn maintenance to free up time for family and income-generating activities.
