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Old 10-23-2014, 07:29 PM
 
11,412 posts, read 4,836,886 times
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Quote:
Originally Posted by Tenzo View Post
Not at all. (and thank you for setting me up.)
The average in come in the US is now close to $50K
If you put the max in your 401K at 15% that is $7,500
Only its not $150,000 saved over 20 years, or even $225,00 over 30 years.
If you put just 15% of your pay in each year you will have $2 Million if you retire at age 53.
(assuming a conservative stock mix and average inflation)

The assumption that a millionaire did something wrong, cheated society or didn't pay his pair share is wrong.
Actually I would think millionaires are getting the shaft. They make enough money to be taxed heavily. But the truly rich don't make there money in jobs. They make it in wealth accumulation and are able to avoid the taxes.
I can tell you that very very few making $50K a year will be able to, and then in fact put in $7500 per year. And then also have great luck of time and timing to have nice enough returns year on year for twenty. The reality is that markets can languish or worse for some time, and returns are not always on the positive side.
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Old 10-23-2014, 07:33 PM
 
12,752 posts, read 16,291,350 times
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Millionaires are not that rare (though sadly I am not one of them!) most folks I know are more distrustful of Billionaires. Or maybe the politicians who pander to them.
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Old 10-23-2014, 07:42 PM
 
Location: Passed out on the trail to Hanakapi'ai
1,645 posts, read 3,710,332 times
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Quote:
Originally Posted by Hoonose View Post
I can tell you that very very few making $50K a year will be able to, and then in fact put in $7500 per year. And then also have great luck of time and timing to have nice enough returns year on year for twenty. The reality is that markets can languish or worse for some time, and returns are not always on the positive side.
True. There are ups and downs. But even factoring in the worst years, simply leaving it for 30 years guarantees a certain rate. The secret is just to put in the money you can and 'let it ride'.
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Old 10-23-2014, 09:11 PM
 
11,412 posts, read 4,836,886 times
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Quote:
Originally Posted by Tenzo View Post
True. There are ups and downs. But even factoring in the worst years, simply leaving it for 30 years guarantees a certain rate. The secret is just to put in the money you can and 'let it ride'.
There are no rate guarantees above meager.
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Old 10-23-2014, 09:54 PM
 
Location: Buckeye, AZ
33,230 posts, read 18,259,148 times
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Quote:
Originally Posted by pvande55 View Post
Millionaires are not that rare (though sadly I am not one of them!) most folks I know are more distrustful of Billionaires. Or maybe the politicians who pander to them.
Millionaires are less rare but that's because of inflation. In the 1950's CEOs netted in the hundred thousands, now they average in the ten millions. That's a 100 fold increase right there.
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Old 10-23-2014, 10:15 PM
 
21,448 posts, read 15,604,811 times
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52k is the max that could go into your 401k this year including employer contributions

401(k) Plans - Deferrals and matching when compensation exceeds the annual limit
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Old 10-24-2014, 09:33 PM
 
1,858 posts, read 3,181,154 times
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OP, you're a true bozo. Obama and the people discussing this issue aren't talking about people like you. But the ones they are talking about are laughing off their arses and high-fiving each other because the country is full of little shills like yourself doing their PR for them. Now please go and enjoy your $1500 a month.
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Old 10-25-2014, 05:41 PM
 
Location: Purgatory
6,321 posts, read 5,197,227 times
Reputation: 9789
Quote:
Originally Posted by Tenzo View Post
Interesting
I posted this 5 days ago, and have received more reputation points than I usually get in 6 months.

I just meant to point out that you should think about what others say and don't take it for granted.
Beware of anyone who tries to play one group off against each other. Because the only thing you know for sure is that you are being played.
OP, this was not your original point and you know it. Don't try and backtrack now. YOU are playing one group off another.

The flaw in your attempt is that you are not as different from other hard working and frugal Americans than you think you are. You are just a good angry and paranoid mouthpiece for a political party interested in serving those with vast more wealth than you.
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Old 10-26-2014, 12:13 PM
 
Location: Las Vegas, NV
354 posts, read 272,540 times
Reputation: 816
Quote:
Originally Posted by Dopo View Post
Simple question.... how much to do you put into your 401K every year?
$100,000/year for 20 years give you $2 million ... assuming you get zero in interests

If it's less than $100,000/year, you are doing something seriously wrong.
Um, the limit on 401(k) contributions is $17,500.
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Old 10-26-2014, 04:13 PM
 
Location: Paranoid State
13,046 posts, read 11,500,573 times
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Quote:
Originally Posted by mkpunk View Post
Millionaires are less rare but that's because of inflation. In the 1950's CEOs netted in the hundred thousands, now they average in the ten millions. That's a 100 fold increase right there.
Not even close. See for example:

Chief Executive Officer (CEO) Salary (United States)
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