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0:00 – Intro
1:15 – Maxing Out 401k at 25 Years Old
2:46 – Maxing Out 401k at 30 Years Old
3:07 – Maxing Out 401k at 40 Years Old
4:19 – Other Factors To Improve Results
4:59 – Tips to Help Contribute the 401k Maximum
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A bit about my credentials…I have a B.S. degree in Finance, I've spent my entire career working in various corporate finance roles, and have been an active stock market investor for over 20 years. While all of this means I know what I'm talking about (most of the time!), it does not mean you should act solely on my word alone.
I am not intending to, nor licensed to give personalized financial advice. I'm merely trying to share my knowledge and experience so that you are able to make better financial and investment decisions for yourself based on your own research!
Put another way…
DISCLAIMER: Jay Fairbrother, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Jay Fairbrother’s results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence.
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Im one of those 25 year olds that loves the pain of maxing out my Roth 401k and my Roth IRA, in the same year. Bring on the pain!
Its totally worth it to live a little lean at the start of your career to max out those accounts. Gives you so much more flexibility later on
@Jay Fairbrother now time to hit up Gucci
The Top 9 Investing Tips I’ve Learned Over 20 Years – https://youtu.be/l-0_yn886FE
I was hoping you would also talk about inflation. 1 million now is not the same as 1 million in 30 years.
Yeah, I didn’t think inflation was too relevant as the actual amounts aren’t the point. But I guess inflation only emphasizes the need to contribute and invest as much as you can
im 28 and unemployed anyone got a job
Yeah, but you have to move out of your parents house first 😂
401(k)s are great! Especially when there’s an employer match. Awesome video Jay thanks for sharing!
Not always. Some of those plans are horrible and some have high 401k fees. When the fees are not passed down to employees and the plans are robust, then it’s great! Especially with Vanguard and Fidelity 401k plans.
I hope I’m in a position someday to max out my 401k. For now, I need that money to live decently while my body isn’t falling apart — a week of backpacking in Norway doesn’t sound as fun with arthritis and a walker. Maxing my Roth IRA and getting my 5% employer match will have to do.
Absolutely nothing wrong with that either! Just important we each do what’s right for our own goals
Can you start making the 5 minute Friday a review if the week? I’m a subscriber and notice you are a much smaller than others I subscribe to. But you have a voice that doesn’t seem like a know it all. Bob Sharpe channel started like this but turned click bait.
There was also an Asian guy that was a tax guy. He just started reading headlines. At first had good tax advice. Minority mindset is kinda cool but he likes repeating himself. Meet Kevin was inspirational but now wants this wow factor. Give me your take on last ten days.
Maybe it could be called: how does this affect my wallet. Now and also 10 years from now.
1.A Dem senator said he would kill the bill to spend money. How does this affect my wallet.
2. Feds said raise rates 3 times next year. How does this affect those dividend ETF stocks that track market.
3. Pullback? Tesla. Amazon? Why did all my crypto tank in the last month.
I also listen to Marko white board. Also can you have a playlist that agreed or disagree with those others on YouTube. Graham Stephan got click baitish also. Look at his vids last month compared to when he started. If you keep it real I’ll keep watching.
I appreciate the feedback! I do my best to try and not be too click baitish, but its just a necessary evil that we have to make our videos look as exciting as possible or else no one will ever watch them! I always try to keep it real in the content of my videos though and definitely try not to present myself as knowing more about anything than I actually do!
I’ve thought about doing more real-time topics, but I have a hard time turning around videos fast enough where a lot of it would still be relevant, and I don’t have the technology setup yet to do live streams. Hopefully soon though!
Im 46, started a new career at 39. I make 6 figures now, and finally am able to not only max out my 401k, but even contribute to one. My wife and I are saving 43K this year and hope to increase this every year.
This is with 2 teenagers as well. Its about delayed gratification. I would love a new BMW M2, but im not going to buy it. Instead I opened an M1 Finance account that has a dividend portfolio i contribute to as well.
Im going to open a Fundrise account my next bonus. I put money into my taxable account as well.
Im very behind for my age, but hope to catch up in the next 5 years.
I also max out mine, and my wifes Roth IRA.
You can make it happen, you just have to decide whats more important, that Starbucks every morning, (do the math for the cost of a years worth of coffee), or a sweet retirement.
Exactly right! In a few years you’ll even be able to make the catch-up contributions to your 401k if you want to increase it even more!
That’s awesome. Keep going!
41
Nice sharing
Great post
Old friend 🌹🌹👍👍
Great video!! Here is my question. I have access to a traditional 401(k) and a Roth 401(k). Which should I do or should I contribute to both?
I contributed to both back when I had access to a roth 401k. The traditional 401k will save you more on your taxes owed today, while the roth you wont owe any taxes in retirement, so its just a decision you have to make on which benefit is more important to you right now & how you want to split that up. Just keep in mind the 401k limit doesn’t change even if you’re contributing to a Roth 401k too.
Max out your 401k? I only max out my $401k credit card limit at Gucci
At least you’ll look good while paying 401k % interest on that!
@Jay Fairbrother but I get 0% apr with the Gucci card on all Gucci purchases!
@All FIRE-D Up brb…doing a video on the best credit card of 2022!
19500 is the max on 401k
Going up to 20,500 starting in 2022
you forget about the part that you could die and enjoy less (or nothing) before 65. I know that saving is good and necessary, but you should enjoy your life while building your saving as well.
That’s true, I’d never say to give up your life today in order to max out your 401k or retirement accounts. But I do think it should be a priority to invest for your retirement years while still being able to enjoy life today.
I am sad to admit I am in the late bloomer bucket. I haven’t added much to my 401K because I have spent almost everything I’ve earned over the years on real estate. $410K sounds good though 🙂
This is mad! I’m lucky in the sense I’ve started just before 25 🙂 We don’t have 401k but doing my best with what things we have in UK 🙂
Hey Jay, how’s it going? This video hit a sweet spot and exactly what I was trying to teach my niece. I pass this video on to her to view and get a better understanding of what I’ve been saying. This has been a great year of videos that was on point, I’ve learned allot. Also, thanks for the update on the M1 finance portfolio which is the same as yours after watching the first video on the different ETF’s. I can’t wait to see what great video you give us. Please keep being you and giving us your best. Happy New Years to you and family and they safe!
Hey Jay, how’s it going? This video hit a sweet spot and exactly what I was trying to teach my niece. I pass this video on to her to view and get a better understanding of what I’ve been saying. This has been a great year of videos that was on point, I’ve learned allot. Also, thanks for the update on the M1 finance portfolio which is the same as yours after watching the first video on the different ETF’s. I can’t wait to see what great video you give us. Please keep being you and giving us your best. Happy New Years to you and your family. They safe!
Happy New Year! Glad you enjoyed this one, Ive got a few planned for the new year that I think will be really good! 🤞
Half of Americans in 2019 made less than $19.33 an hr seems if either difficult or impossible to max out a 401k to me… especially with medical bills or kids