What is a 401K?
Your 401K is one of the simplest ways to "pay yourself" first. It automatically saves and invests for your retirement with every paycheck. And if you start early in your career and contribute consistently - you're all but guaranteed to become a 401K millionaire.
How much should I contribute to my 401K?
My rule of thumb has 2 parts:
1. At a minimum, contribute the amount that is required to trigger the full employer match amount
2. As soon as you can, keep increasing your contributions until you reach the IRS max each year. ($19,500 in 2020).
The younger you are, the longer runway you'll have, and the richer you'll be. Allow the magic power of compound growth to do its work.
0:00 Start
0:46 What is a 401K?
1:47 How much should I contribute to my 401K?
4:35 How much will my 401K be worth?
6:28 Thanks for watching!
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What is a 401k? || How much should I contribute?
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