Nearly 30 years ago, back when it was Norwest, Mark Oman began his Wells Fargo career as manager in the consumer finance department.  Since then, he has worked his way up to nearly the last rung on the ladder.  Today, as the Senior Executive Vice President, he oversees Wells Fargo’s Home and Consumer Finance Group.  This group is comprised of Wells Fargo Home Mortgage, Wells Fargo Financial, and Card Services and Consumer Lending divisions. 

During his tenure, Mr. Oman has been recognized are a powerful leader, a man of integrity and excellent businessman.  Actually, he holds the honor of being a member of the Iowa Business Hall of Fame.

And to his credit, he was wise enough to limit Wells Fargo from finagling in the subprime mortgage lending.  While nearly every other major mortgage lender is scrapping by on pennies, Wells Fargo’s financial strength sustains.  Five years ago, their shares were trading at $25, today there are trading at $30.  Countrywide should have taken a lesson from this guy.

Anyway, next year, Mr. Oman will call it quits.  After 30 long years of triumphs and successes, he’s retiring.  But what intrigues me most about Mr. Oman… well, besides the fact that he is worth millions… he’s only 53!

53, retired, and a multimillionaire… who hasn’t dreamed of that?  I know I do all the time.  Forbes has this series called Millionaire in the Making. I read it religiously. They profile all of these regular people who are on their way to living my dream. 

According to some figures I ran, if I save $2,200 a month then I can be a millionaire by 53.  When I start making $6 million a year like my old buddy Mark… socking away $2,200 a month would be a breeze.  But since that ain’t about to happen no time soon… for now, I have to do the best I can with what I got. 

And so to be a Milli by 53… I present to you the best plan I got

Max out my 401K contributions - This is an easy one.  Most employers match an employee’s 401K contribution up to a certain percent of your income.   I have seen the match range from as low as 25% to as high as 200%.  (Rumor has it that Exxon matches 300%!)  But whatever the match, I’m taking it!  It’s free money!  I’m promised a 25% return.  What other investment can promise that?  Plus, the IRS gaves me a tax break.

Max out my IRA contributions - After I max out the 401K, then I start piling on the IRA contribution.  Why?  Cause with this little doggy, I get tax free compounding interest. Compound + Interest, toss in a dash of tax free… now that is the perfect recipe for becoming a millionaire

Find ways to generate passive income - Which means, I make money without working, now that is my kind of gig!

Or to get the cash flow moving more quickly, I can…

Become a rapper

Or better yet, a skateboarder

Sell short shares of SunTrust Banks, Inc

Find an alternative use for the trailer at work such as… ummm… turning it into my personal punching bag

Get in the mortgage fraud business

Take advantage of not so on-the-up-and-up tax shelters 

Rob a bank (or two)

Ok, well… maybe I do need to work on this a little more… but at least I’ve got a plan, right?