Comments on: How I Became A 401(k) Millionaire

By: Alex Vibin

Alex Vibin — Sun, 05 Jul 2020 08:00:44 +0000

Your post is amazing. I have started early in my 22 years. I have some savings and investments. It is growing a little bit. Each and every month I am investing on stocks. While starting it looks like too small. But now I have a little bit higher amount. I am also increasing multiple streams of income one by one. Thank you so much for this blog post.

By: Joel

Joel — Fri, 19 Jun 2020 18:50:13 +0000

In reply to Ricardo Tunnissen. Yep! Financial best practices are universal. Invest early, invest often!

By: Ricardo Tunnissen

Ricardo Tunnissen — Fri, 19 Jun 2020 17:48:36 +0000

This is really a powerful story! Since there are no 401k plans in Germany, I haven’t really had any contact with them yet. But one thing is always the same everywhere: If you start early, you will have more of it ;-)

By: J. Money

J. Money — Tue, 05 Jun 2018 10:59:01 +0000

In reply to Richard. Ack, great tip! If only it had gone to cash during a market crash!! :)

By: Richard

Richard — Mon, 04 Jun 2018 23:54:35 +0000

Low fees are very important. The other SUPER important 401k rule is be involved. While contributing 10% I missed a notice of investment changes and my balance and future contributions rolled in to a cash account with basically zero growth for a long time. I’m contributing 16% now, but it doesn’t make up for the lost compounding time.

Everytime I think about that mistake i sigh knowing I’ll be working until I’m 60 when I could be retired now!

By: J. Money

J. Money — Mon, 01 Jan 2018 12:35:18 +0000

In reply to Donniereid. Haha... all that matters is that you're here now and making moves! Keep inching those %'s as time goes on and you'll be sitting pretty :)

By: Donniereid

Donniereid — Mon, 01 Jan 2018 11:51:39 +0000

Thanks for the advice sir. I was thinking about when I get a raise put 2% in my pocket and invest the other 1% in my 401k and capping it at 10% with a 6% match from my company; this totaling 16% annually! Thanks to your update I realize that I’m getting older and should be more aggressive. Going forward I will do 2% in 401k and keep the remaining 1% in my pocket. God I wish I knew about you guys when I was 18 years old. I’d be a decamillionaire by now! lol

By: J. Money

J. Money — Thu, 28 Dec 2017 19:35:54 +0000

In reply to Sean @ FrugalMoneyMan.

Hell yeah man – you’ve figured it out early, with plenty of time for it to grow now! You’re gonna be all set!

By: Sean @ FrugalMoneyMan

Sean @ FrugalMoneyMan — Thu, 28 Dec 2017 19:04:17 +0000

This advice is GREAT! The first year out of college I definitely lived above my means. I had never seen that much money in my life, and all I knew what to do was either put it in a simple savings account or spend it.

Fast forward 3 years and my fiancée and I now contribute the MAX to my Roth 401(k) and our Roth IRA’s so that we can learn at a young age how to truly live below our means. The crazy thing is that even after maxing out our retirement accounts, I still feel like we live a good life and have a great time! When you never see the money, you don’t ever worry about it. Then it’s always nice to check your retirement accounts at the end of the year and see how compound interest took affect:)

By: J. Money

J. Money — Thu, 23 Feb 2017 20:00:04 +0000

In reply to RayinPenn. Doesn't get much better than that :)