What you can do to max out your 401k
Find out why you should max out your 401k on this episode. Then download your FREE Queer Money Kickstarter, a 9-step Guide to Kickstart Your Journey to Financial Independence.
How to become a millionaire by maxing out your 401k
Want to 10X your retirement investing strategy for ultimate retirement security? On this episode of Queer Money®, we explain why you should max out your 401(k) for the first five of your working years, describing how $22,500 per year can become a $1.5M retirement portfolio. We walk you through the advantages of saving in a 401(k) versus a Roth IRA and discuss the benefit of putting as much as you can in both of these investment vehicles.
Listen in to understand the power of compounding interest and learn how to hack your retirement
investing to become a millionaire before the age of 65!
Listen to get insight on why you should max out your 401k
Topics covered on why you should max out your 401k
- How 80% of millionaires in the US attribute their wealth to their 401(k)s
- 3 reasons why you should max out your 401(k) and Roth IRA for the first 5 of your working years
- How contributing $22,500 for 5 years can become a portfolio of $1.5M
- Why you have to contribute 3X to your 401(k) at $10K per year to achieve the same results
- The tax benefits and long-term growth potential of saving for retirement in a 401(k)
- How saving in a Roth IRA gives you flexibility and why it’s so popular among the FIRE community
- Why we suggest saving for retirement with both a 401(k) and a Roth IRA
Resources on why you should max out your 401k
- Reaching Out MBA.org
- Save for Tomorrow and Live for Today on Queer Money EP452
- Low-Cost LGBT Retirement Cities on Queer Money EP295
- Roth Conversion Ladders on Queer Money EP308
- THE Best Retirement Calculator Ever on Queer Money EP442
- cFIREsim.com Retirement Calculator
- CreditWise
Connect with David and John
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Debt Free Guys on Youtube
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on Apple Podcasts
- Email [email protected]
Watch this week’s episode on why you should max out your 401k
Previous 3 Podcast Episodes
- Try This Financial & Mental Retreat This Holiday Season
- How to Increase Your Return on Happiness
- What It’s Like Raising a Trans Kid in America
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com), and the Queer Money® podcast hosts. We help queer people (and allies) live fabulously, not fabulously broke, by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.