401k millionaires...

[⠀X ⠀]

401k’s work best when you start young.

Just mess with the calculator, and see the difference in starting in your 20’s vs your 30’s or 40’s.

401(k) Calculator | Bankrate

 

[Vandelay]

Don't listen to that shyt. Keep stacking. Don't take financial advice from people 100% guaranteed having to work until they die.

I max my 401Ks, HSA and IRA.

I'm not doing something on a whim, but I know my 401k isn't certain in this economy. It's just gone gangbusters in the last couple years and it's time to diversify.

 

[RageKage]

Another rule I heard recently that I never heard before but did anyway, "one house, one spouse"

 

[jerniebert]

I max out on my 401K and have been with the company I work for 19 years.

 

[desjardins]

I'm a 401k millionaire
My 401k accounts are managed by the same company as my personal taxable investments so when it shows total portfolio that shyt be looking lovely . useful if you looking to finesse a gold digger


a friend of mine liquidated his 401k accounts to buy investment properties. I don't ask him how his repayment is going but it is an option. I need to research how that works in case shyt gets spooky in this country. having the option to "borrow" against your own 401k and dip with the money to a country without extradition may be a thing some ppl explore. especially closer to retirement age

 

[Xyrax]

I prioritised my individual investment account over 401k. I still have one, but we have both crossed 1 million in our individual while our 401ks are a third of that. The issue is with the lack of flexibility. Now back when I was 20 I had no way of knowing the markets would be so incredibly good to me over those years that the match from an employer wouldnt really be "missed" when it came to hitting retirement goals. But I did understand the benefit of control.

Now HSA? Thats that shyt I don't play with, I keep that filled out to cover all deductibles and out of pocket maximums. And I have my parents to thanks for putting me on game with that at a young age. My wife wasn't doing shyt with hers back then, she just ignored it and I had to have her start changing that when we were younger.

 

[MasterOfAllHeSurveyz]

I'm not doing something on a whim, but I know my 401k isn't certain in this economy. It's just gone gangbusters in the last couple years and it's time to diversify.

So what? You're not Warren Buffet or Jim Simon. Quit trying to time the market. You're fighting almost 200 years of math that the best minds in finance can't beat.

You don't quit driving your Toyota because the price of gas falls.

 

[Vandelay]

So what? You're not Warren Buffet or Jim Simon. Quit trying to time the market. You're fighting almost 200 years of math that the best minds in finance can't beat.

You don't quit driving your Toyota because the price of gas falls.

Because I believe assets will become more important than liquid cash shortly. Again, I'm not doing this on a whim.

 

[MasterOfAllHeSurveyz]

Because I believe assets will become more important than liquid cash shortly. Again, I'm not doing this on a whim.

But, it is a whim . . . literally. But, first of all, how the fukk are you going to withdraw from your 401K without the penalty and tax hit? The math doesn't even work with a Roth 401K.

If you withdraw 100k, that's a 10K penalty haircut to Uncle Sam before you see a dime with another 24k haircut, minimum, on top for taxes you initially deferred.

If it's a Roth, you can only withdraw contributions. If you want to touch the earnings, you can't if you're under 59½ without paying the penalty and taxes from something that's designed for tax-free growth.

This is absolutely the dumbest thing you could possibly do.

 

[Red11]

Because I believe assets will become more important than liquid cash shortly. Again, I'm not doing this on a whim.

The biggest issue is if that asset class dies the economy dies with it anyway. Real estate went right along with stocks. Stocks, Bonds, real estate, precious metals? Hard to beat 10% return per year.

 

[I'm Blackman]

Don't listen to that shyt. Keep stacking. Don't take financial advice from people 100% guaranteed having to work until they die.

I max my 401Ks, HSA and IRA.

this. most advice on thecoli is horrible lol.

 

[I'm Blackman]

I was shocked when I logged into my 401k. I’ve been ignoring it for years. I had 10 times more money than I thought I’d have in it.

the magic of compound interest bruh.