[CNBC] Todd Baldwin’s net worth crossed $1 million when he was 25.Today, at 27, he brings in $615,000 annually ($305,000 after business expenses) thanks to a mix of income from rental properties, his day job working in commercial insurance sales and the extra cash he makes as a secret shopper.
The majority of his revenue comes from the six rental properties that he owns with his wife, Angela: They earn $460,000 per year in rent. After expenses, including mortgage payments, taxes, insurance and utilities, they keep about $150,000 of that per year.
"Although our net worth is seven figures, we don’t do a lot of the typical things that most people envision millionaires doing. We are super frugal," says Baldwin, who wears a $12 rubber wedding band and shares a 2009 Ford Focus with his wife. Because he keeps his expenses so low, he’s able to save more than 80% of his take-home pay.