Reply to why do so few people have two million dollar 401ks/IRAs?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]When I was 25 and switching jobs I cashed out my measly $4k 401 k… I used it to pay off a credit card … I had horrible personal finance skills. I often wonder what I would have now had I not done that. I started saving again at 29. I had an employer match til 39, and have worked for myself for the past 18 years and now have $1.2m.[/quote]
Same here except I had no debt but I needed the money  to pay for living expenses when I got laid off.  I also started saving at 28. Also was self employed for 15 years so didn't have a lot of employee match growth.    Now have 1.5mil at 56.  Being self employed with an llc or s corporation means you can contribute  both as the employee and employer.  At one point I was able to save 60k per year.[/quote]

Well, I have two kids, one with special needs and spent a lot of my salary on OT, PT, Speech and social therapy and I never made more than $100k. So saving 60k was out of the question.[/quote]

Sure, but why can't you just be rich?[/quote]

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