Meet the New 401k Millionaires Next Door

Michelle Singletary writing at The Washington Post:

Fidelity, one of the largest managers of workplace plans, reported that its number of 401(k) millionaires in the fourth quarter of 2021 jumped 32 percent to 442,000, up from 334,000 a year earlier.

In my previous post about crypto currency I shared how the boring math in our 401k plan was the engine behind our wealth building journey.

In fact, I wrote specifically about this topic back in 2018 when I rebutted the lies being peddled by Stephen Gandel in his article for Fortune. Back then I wrote…

The truth is, achieving a 7-figure portfolio is fully within the grasp of most middle-class Americans. And depending on the choices we make, we don’t even have to wait until age 65 to achieve that dream. I know many regular people who have reached millionaire status in their 50’s, 40’s and even in their 30’s.

Building wealth is hard work, but it’s not complicated.

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