David says the Egglestons will be well on their way to becoming millionaires if they pay themselves first and invest half of their additional income every year. After taxes, that comes down to about $3,000 that the couple can apply towards their 403b retirement plan. With an annual interest rate of 8 percent, the Egglestons will earn $375,000 in 30 years:
Extra income = $8,000
Extra income after taxes = $6,000
Invest 1/2 annually = $3,000
30 years at 8% = $375,000
Dan and Sally are on track to earn an additional $8,000 this year and that means they've grown their income by 10% in less than 60 days, but they can't stop now. "Summer's going to be very, very profitable for us and we're going to pay off at least three more [credit cards] in the next year," says Dan.
More from Oprah's Debt Diet