Is anyone NOT a 401k millionaire?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP if you are going to troll, at least educate yourself on the topic first.

+1

But yes, I’m a 401k millionaire in my early 50s.

Nice! 🙌

[Anonymous]

Anonymous wrote:https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here

Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class?

Troll. With annual 401k contribution limits of 23k, this is mathematically impossible after only 6-7 years in the workforce. Even if your employer offers a generous match and even if you chose to do a backdoor Roth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here

Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class?

Troll. With annual 401k contribution limits of 23k, this is mathematically impossible after only 6-7 years in the workforce. Even if your employer offers a generous match and even if you chose to do a backdoor Roth.

Wrong. 23K of NVDA 6-7 years ago is worth $700K today. It is actually very easy for someone in their late 20s to have $1M+ in a 401k. Well done, OP!

[Anonymous]

Anonymous wrote:Lol I’m 35 and have been maxing out my 401k since I was 23/24, with an 8% employer match. I’m not a 401k millionaire and without a very aggressive portfolio don’t understand how anyone younger than I am could be

It’s called active trading. Only dimwits dollar cost average into the market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here

Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class?

Unless you started making bank at eight-years-old and maxed out every year after that, I don't see how this is possible.

Thank you

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lol I’m 35 and have been maxing out my 401k since I was 23/24, with an 8% employer match. I’m not a 401k millionaire and without a very aggressive portfolio don’t understand how anyone younger than I am could be

It’s called active trading. Only dimwits dollar cost average into the market.

401ks don't offer active trading. Sure, some IRAs do, but Roth is not a 401k.

I was a *multi-millionaire* before 25, but had maybe 30k in a 401k at that point because there was no point. No employer offered matching until I was 40. At almost 50 I have $550k in a 401k after a decade with a 9% match. I've maxed out for the last 7 years and will be doing catch-up contributions starting next month.

anyway, yes, millionaires are a dime a dozen, and so OP will be stuck grinding away in Elon's bit mines until they are old and desiccated. I don't make the rules, sorry.

[Anonymous]

Anonymous wrote:https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here

Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class?

No, it is not. NEXT

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here

Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class?

Troll. With annual 401k contribution limits of 23k, this is mathematically impossible after only 6-7 years in the workforce. Even if your employer offers a generous match and even if you chose to do a backdoor Roth.

Wrong. 23K of NVDA 6-7 years ago is worth $700K today. It is actually very easy for someone in their late 20s to have $1M+ in a 401k. Well done, OP!

Whose 401K allows individual stock selection? Some offer “company stock” to employees but most are target date funds. Individual stock selection would be nice but most people would muck it up and lose money. Hence target funds so they take appropriate risks

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here

Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class?

Unless you started making bank at eight-years-old and maxed out every year after that, I don't see how this is possible.

Yeah, I call bullshit too.

haha, we posted at the same time. DCUM is overrun by trolls. The math doesn't add up, and more people should have seen that right away.

Some people had a headstart with daddy’s money. that’s all that is if even

Who puts Daddy’s money in a 401K?

[Anonymous]

Anonymous wrote:While I do think it's a troll, in THEORY, with above average growth and maxing the defined contributions limits entirely, he could get there, defintely in combined values as a couple.

The harder part is having a company that will throw in 40K + a year in profit sharing in addition to the employee max

He said they individually each have $1M so still impossible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lol I’m 35 and have been maxing out my 401k since I was 23/24, with an 8% employer match. I’m not a 401k millionaire and without a very aggressive portfolio don’t understand how anyone younger than I am could be

It’s called active trading. Only dimwits dollar cost average into the market.

401ks don't offer active trading. Sure, some IRAs do, but Roth is not a 401k.

I was a *multi-millionaire* before 25, but had maybe 30k in a 401k at that point because there was no point. No employer offered matching until I was 40. At almost 50 I have $550k in a 401k after a decade with a 9% match. I've maxed out for the last 7 years and will be doing catch-up contributions starting next month.

anyway, yes, millionaires are a dime a dozen, and so OP will be stuck grinding away in Elon's bit mines until they are old and desiccated. I don't make the rules, sorry.

Some 401(k)'s offer self-directed brokerage accounts, which do allow purchasing and trading individual stocks and a wider variety of mutual funds and ETFs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here

Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class?

Troll. With annual 401k contribution limits of 23k, this is mathematically impossible after only 6-7 years in the workforce. Even if your employer offers a generous match and even if you chose to do a backdoor Roth.

Wrong. 23K of NVDA 6-7 years ago is worth $700K today. It is actually very easy for someone in their late 20s to have $1M+ in a 401k. Well done, OP!

Whose 401K allows individual stock selection? Some offer “company stock” to employees but most are target date funds. Individual stock selection would be nice but most people would muck it up and lose money. Hence target funds so they take appropriate risks

One of our employers offers a SDBA (see my prior comment), although we don't use it.

[Anonymous]

Anonymous wrote:Not everyone has a great match either. That really helps. For instance Fannie and Freddie has an 8 percent match.

Sweet. I've never worked anywhere that matches my contributions.Definitely grab that as a quick way to double your savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:While I do think it's a troll, in THEORY, with above average growth and maxing the defined contributions limits entirely, he could get there, defintely in combined values as a couple.

The harder part is having a company that will throw in 40K + a year in profit sharing in addition to the employee max

He said they individually each have $1M so still impossible.

It’s not, 7yrs of making 55k + in contributions on average with very concentrated positions and returns. I’m not op but it’s not unbelievable. They both could have worked for a tech company and their share prices have soared in the last decade

[Anonymous]

Anonymous wrote:I am not a millionaire in any sense of the word or term. I am 48 and don't even have a quarter million dollars to my name. I will rent until the day I die and work until I die. Retirement is for rich people.

You represent the typical American. This forum is full of people who not only live in a bubble but are also very arrogant.