Is anyone NOT a 401k millionaire?
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Anonymous
| Some of us have access to a 403b and a 457b. Typically no matches, but it can allow us to save about double the normal 401k individual max. Most are better off adding to a Roth IRA. |
Anonymous
^clearly a troll. You do not have 5M in a roth 401k. A roth 401k wasn't even an option until 2006 and most employers didn't adopt them until much, much later. |
Anonymous
Why not? I opened a Roth IRA in January and the stock I bought in it went from $50 to $500 in 2024. I don't know the rules for 401k and how easy or hard it is to buy and sell stocks, but definitely doable in other accounts. The stock is mstr and we are in bitcoin up cycle. Not difficult at all. I have owned several stocks that went did 10x in short time- Novavax, Zoom, Palantir, Tesla, Clsk, Mara, Riot, Sol just to name a few. |
Anonymous
You shouldn't even know this. Get you head out of your daughter's a**. |
Anonymous
| I hit a million in my 401(k) last year at age 51. I've been contributing to it since I started working at 28 (did some Army before college) and pretty much maxing my 401(k) out each year until very recently. However, because a 401(k) is tax sheltered, I decided to have all my taxable brokerage account money in the S&P500, which I've contributed to basically over the same time period but not as much per month as my 401(k)...started out at $50/month and got as high as $2200/month. Now I'm $500/month. But because my brokerage account was 100% stocks, my 401(k) held a large proportion of bonds and also high dividend paying mutual funds, REITs, etc. So...maybe didn't do it the best way but I do have over a million in my 401(k) now and I just crossed a million in my brokerage this year. I was/am too scared to go into individual stocks, Bitcoin, etc so it was all dollar cost averaging mutual funds....for almost 25 years. Still a long way to go I feel. |
Anonymous
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I know plenty of 50 year old teachers who aren't 401k millionaires.
It depends on how much money you make early in your career, and a lot of us over 50 didn't make that much early on. |
Anonymous
Assuming you have a college education, you had no more than 7 years of compounding with statutorily limited contributions. Why do people come on here and lie? Its far more believable to say you have over 1M invested but to say its in a 7year old 401k is a big tell. |
Anonymous
Two people in their 20’s each having more than a million $ saved for retirement already? Not common at all. |
Anonymous
Didn’t read the whole thread, so maybe this was addressed? Someone in their 20s can surely be a millionaire, but how can one be a 401k millionaire at that age? You can’t invest enough to reach millionaire status at that age unless you really hit on a couple of stocks. |
Anonymous
Should have read the thread because literally that's EVERY response! |
Anonymous
Why is every naysayer on here just following the established norms within a 401k and picking low cost index or target date funds and then just blindly contributing over time? Of course you won’t have $1M accumulated in < 10 years with that strategy. That set and forget philosophy is now the losing strategy. AI and accessible retail trading platforms have changed everything. Most millennial and Gen Z investors are actively buying and selling within their 401k, IRA, and other investments accounts. This is the new key to making big money. Capitalizing on extreme volatility. |
Anonymous
Yeah also a great way to lose everything in a bear market. |
Anonymous
401ks also aren't where you should be doing this type of investing so thanks for giving horrible advice. |
Anonymous
Dammit no edit function but *shouldn't. And clearly you're also just trolling - it's easy to beat the market 
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Anonymous
Exactly! |