Reply to Does everyone on DCUM max out retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

[b]No but I think a good UMC lawyer should have built enough wealth and an ability to continue to generate income when he/she is old.[/b]
If they are worrying about maxing out retirement, then they are just simple worker bees like most poor and middle class folks.

[/quote]

LOL.  You’re funny.  Unless you make partner at a big name firm, most dual income attorney families are making 500-700k which goes almost entirely to a mortgage on a nice but nothing crazy house, private schools, nanny, UMC lifestyle etc.  They are rarely creating such significant wealth that they don’t have to concern themselves with a 401k!  [/quote]

There are different categories of people:
1- The good employees: They go to college. They graduate and find a good 9 to 5 job. They are happy to be employed and earn a paycheck. They work and save some money from their paycheck for retirement. When they retire, they start withdrawing money from their retirement savings to cover their living expenses.

2- The entrepreneurs: They don't go to college or they drop out of college. They hate working for someone else. They start a business and build wealth and a fortune.

3- The hybrids: They go to college. They graduate and get a job. They work regular jobs but start a business on the side or other activities that generate passive income. This allows them to build true wealth. They may eventually transition to full time entrepreneur (category 2)

Most people on DCUM fit into category 1. They are good workers. hey worry about retirement a lot because they don't have anything that can generate income outside of their savings.
People in category 2 and 3 don't worry about 401k and such. While they still save, they are more worried about creating sources of income.

If you are making that kind of income (500-700k) for a long period of time and you can't leverage it to build true wealth as category 2 and 3, then I'm sorry because you are doing something wrong.
You are just a "poor" good worker.

[/quote]
PP again.
I made the switch from category 1 to category 3 a couple of years ago. I'm no longer contributing to a 401k. I took out half of my 401k saving to invest in a commercial and residential real estate business. I have 20 properties in my real estate portfolio and we are entering the real estate developer field. I still have a 9-5 job.
I feel more comfortable with building wealth rather than putting money in 401k.[/quote]

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