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How You Can Go From Nothing to a 401k Millionaire In 2040
Find the right employer and then watch the dollars multiply
In 2023 the stock market went on a tear and the number of 401k millionaires jumped. But what if you are just starting the journey to become a 401k millionaire and is there a way to get there fast?
If you look for the right opportunity even if you start from nothing in 2024 you can become a 401k millionaire in a little over 11 years.
That’s crazy — there’s no way you can do that. It’s not possible.
Anything is possible if you have the right variables in place.
I found an employer that offered 401k participation right out of the gate — on the day you were hired. Their plan didn’t go through the normal waiting period of a year. As the kicker there was no vesting period — day one the cash was all mine and I didn’t have to wait three, four or five years.
The next step was unknown to me when I was hired, but the company I joined gave large bonuses and those bonuses could be allocated to the employer limits in the 401k plan.
As of 2024, the yearly contribution an employee can contribute to the to their 401k is $23,000 per year. If you are 50 and older you can put in an additional $7,500 per year for a total of $30,500. However, the combined…
