Waterloo man aims to make $1 million — so he can help his mom retire

Corey Wadden, 24, hopes to be a millionaire by January 1, 2014.

The Waterloo, Ontario, entrepreneur's generous reason for his goal: he wants to help his mother retire.

Wadden is working on a documentary called "Millionaire by 25" — he's seeking funding at Indiegogo — that will feature conversations with "existing millionaires for mentorship and guidance" as he works toward his goal.

He plans to earn every dollar of the money that will help his mom, who turns 50 this November, retire.

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Wadden writes that when he realized his mother, who raised Wadden and his brother on her own while his father battled alcoholism, didn't have a retirement plan and was at risk of losing her job, he abandon his original dream of acting professionally to help ensure financial freedom for his family.

"What if I decided to take 2 years of my life to do everything I could to retire my family and attain financial freedom. After watching documentaries like Capitalism, A Love Story, I realized that there are a lot of people struggling to get by financially and who feel helpless. If I documented the entire process, I'm sure I would learn a lot of valuable knowledge on how people can get out of these types of situations and take control of their lives. That knowledge could prove very helpful to people in need. That was it, and so it began," he writes.

Since embarking on his journey to $1 million 18 months ago, Wadden has launched several start-up businesses including some apps that are proving to be successes. He has interviewed nearly 20 millionaire mentors and has guest-lectured at McGill University.

To make his goal, he needs to see his business grow significantly. According to his website, he's earned just under $80,000 so far.

He shares some specific goals with GOOD:

"On either Christmas or New Years this year, I’m aiming to buy my mom a house, her dream car (this old 1972 Saab), and send her on a world trip (she’s never traveled). I want her to travel with a friend, and visit her periodically along the trip. She turns 50 this year and I want these years to be the best of her life."

He adds, "With this film, I aim to inspire 18 to 24 year olds to set ambitious goals, find mentors, and go after dreams. I’m planning a college speaking tour in the first and second quarter of 2014. Beyond that, I would like to start investing in, and advising young entrepreneurs who are looking to make a positive social impact."

Follow Wadden's story on his blog.