How much should I have in my 401k?

How much should I have in my 401k?

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How much should I have in my 401k?
I’ve talked about the 401k a few times before. [cue montage of every single time I scream at you to get a 401k] That’s only because the 401k is one of the most powerful investment tools at your disposal. Whenever I mention it, though, someone inevitably asks me the same question: How much should I have in my 401k? It’s a solid question — but answering it is a little tricky. Let’s jump in to see roughly how much you should have in your 401k at the ages of 30, 40, 50, and retirement age. How much should I have in my 401k? There’s no one-size-fits-all answer to the question, “How much should I have in my 401k?” Though you should start investing in a 401k as soon as possible, some people might not get that opportunity right away — and that’s okay. The point is to do it when you can. When you do finally start investing, there are a few good rules of thumb to help you make a sound decision on how much you should have in your 401k. By 30 years old, you should have at least one year’s worth of income in your 401k. That means if you make $60,000, you should have [...]
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3 Reasons Beginners SHOULD NOT Flip Houses

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3 Reasons Beginners SHOULD NOT Flip Houses
Matt Faircloth, founder of The DeRosa Group, writes “New investors seem to really love the idea of flipping houses. (Thanks, HGTV.)And I get it. It seems glamorous. It seems simple. It seems like i [...]
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How to make a million dollars (with advice from actual millionaires)

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How to make a million dollars (with advice from actual millionaires)
We spoke with two millionaires who were able to earn their money through a powerful combination of two things: Investing and saving Earning more money through side hustles And we’ll show you exact [...]
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What to do if you win the lottery

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What to do if you win the lottery
Today I’m going to teach you what to do if you ever win the lottery, a massive inheritance, or any other huge infusion of cash. 1/3 of lottery winners go bankrupt and I’ll be damned if I’m [...]
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7 best income generating assets to invest in today

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7 best income generating assets to invest in today
Below are seven income producing assets that you can invest in to start earning you passive income. I’ve split the list up into two ways: Safe and risky. The former are assets I consider to be more [...]
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What I have been busy learning lately..

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What I have been busy learning lately..
What I have been busy learning lately.. Connect on Facebook Share [...]
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How to ask for vacation days (Word-for-word email script)

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How to ask for vacation days (Word-for-word email script)
The holidays are coming up. You send your boss an email asking to take a few days off for vacation. But what do they say? “Sorry, we have too much going on. We’ll need you here.” Today, I wa [...]
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Tea Time with Tim — How to Find Mentors, Decrease Anxiety Through Training, and Much More (#363)

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Tea Time with Tim — How to Find Mentors, Decrease Anxiety Through Training, and Much More (#363)
Welcome to a special episode called “Tea Time with Tim,” for which I solicited phone numbers and then called a handful of you to field any questions you might have. Among other topics, we [...]
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Best credit cards for 2019

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Best credit cards for 2019
I’ve shared my favorite personal banking tips with you in the past. Here’s my pick for the best checking account Here’s my pick for the best savings account Today, we’re going to talk abo [...]
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Caterina Fake — Lessons from Flickr, Kickstarter, Etsy, and Much More (#360)

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Caterina Fake — Lessons from Flickr, Kickstarter, Etsy, and Much More (#360)
Credit: Richard Morgenstein “I really am a big believer in people’s creativity flourishing when they come at things from a different direction and see things in a different way.” — [...]
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15 lessons on money and marriage from couples who have been married 10+ years

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15 lessons on money and marriage from couples who have been married 10+ years
We asked members of the IWT community who have been married at least 10 years (aka “forever” in Hollywood years) to share their #1 piece of financial advice for couples. Here’s what they said: [...]
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My boss went on a dream six-week vacation, and these are 5 things I now consider for my future travels

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My boss went on a dream six-week vacation, and these are 5 things I now consider for my future travels
Have you ever met someone who’s told you, “Traveling to experience different foods, sights, cultures, and people? Ew, no.” Me neither. The point is, the majority of us looooooove to travel, but [...]
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5 factors that helped these readers successfully boost their salary over $5,000

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5 factors that helped these readers successfully boost their salary over $5,000
There’s a lot at stake when you walk through your boss’s door to start the “talk.” You know the one: negotiating more money. That single conversation is too important for you to just blindly [...]
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165 Who Fixes What: 7 Things Tenants Should Fix

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165 Who Fixes What: 7 Things Tenants Should Fix
Who Fixes What: 7 Things Tenants Should Fix First, get over to Rentometer.com/pro and get signed up today to learn about what is happening in YOUR rental market. As landlords and property managers yo [...]
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164 Do You Have The Courage To Succeed?

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164 Do You Have The Courage To Succeed?
Do You Have The Courage To Succeed? This week I want to tell a brief story of a courageous man I witnessed complete a very difficult task recently.  I won’t spoil the episode by spilling it out he [...]
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How to set goals and achieve them with the RIGHT reward

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How to set goals and achieve them with the RIGHT reward
Chocolate can help you lose weight. No, seriously. It can. Or at least that’s what Charles Duhigg, habit expert and author of The Power of Habit, says: “Although it seems like very dissimilar rew [...]
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4 toughest interview questions you need to prepare for

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4 toughest interview questions you need to prepare for
So you’ve crafted a winning resume … … written an amazing cover letter … … and you might have gotten a little ahead of yourself and started clearing out your desk. Your hard work has paid [...]
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7 ways to buy back your time

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7 ways to buy back your time
If you had an extra hour in your day, what would you do with it? Pick up a new hobby? Learn a new language? Find new ways to make money? What if you had two extra hours, or even three? What would you [...]
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Do You Have What It Takes To Be A Good Leader?

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Do You Have What It Takes To Be A Good Leader?
In today’s episode of The Art of Passive Income, Mark and Scott talk with Andy Storch—a performance coach, a sales leader, and international speaker who has worked with big companies such as Sale [...]
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Retirement – How Much Money Do You Need?

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Retirement – How Much Money Do You Need?
Christy Bieber at the Motley Fool writes, “Retirement is a milestone most of us will someday reach because few people work until the end of their lives. But only around one-third of Americans are ve [...]
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3 powerful habits you need to jumpstart the new year

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3 powerful habits you need to jumpstart the new year
Imagine a dozen dominoes lined up in a row. Push the first domino and what happens? They all fall down. Now take that same dozen and double it. No, triple it. No, wait — add 15,000 dominoes, branch [...]
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What Happens If You Have Debts Upon Retirement?

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What Happens If You Have Debts Upon Retirement?
For many people, retirement means living on a fixed income that comes from Social Security or a pension. Unfortunately, this is almost always significantly less than the income you made when you were [...]
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How Much Money Do You need to Invest in Real Estate?

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How Much Money Do You need to Invest in Real Estate?
The stock market has lost all its gains for the year. We are still up over 6,000 points since the Trump election. Some are getting nervous, and have moved money out of stocks into bonds. However, real [...]
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How to give advice that people actually take

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How to give advice that people actually take
If you want to learn how to give advice that people actually listen to, there are two things you can do: Empathize with the person — and not act like an emotionless robot. Find people who want to l [...]
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4 easy money fixes to do before New Year’s

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4 easy money fixes to do before New Year’s
Ah, the new year. A time for parties, champagne, and questionable decisions made because of the aforementioned parties and champagne. Before you say goodbye to 2018, there are four things you can do t [...]
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Money Mistakes You Should Avoid Going Forward

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Money Mistakes You Should Avoid Going Forward
You may think you are going about your finances the right way, month over month, year after year, making sure your bills are paid on time,and yes while that is important, there is actually much more t [...]
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Most generous thing I’ve heard in a long time

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Most generous thing I’ve heard in a long time
The holiday season is usually a time of year that inspires people to be their best self — and “live their best life.” But a trait that’s often undervalued when living a Rich Life is genero [...]
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Inverted yield curve: How it predicts financial disaster

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Inverted yield curve: How it predicts financial disaster
The inverted yield curve is a graph that shows that younger treasury bond yields are yielding more interest than older ones. And it’s TERRIFYING for financial pundits all over the world. It’s a g [...]
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Don’t be broke: 5 wealth mindsets for a Rich Life

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Don’t be broke: 5 wealth mindsets for a Rich Life
If you’re broke, things that people consider minor purchases can be a massive undertaking for you: Going out for meals and to bars Paying utility bills or rent Filling up your car with gas Heading [...]
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What is middle class?

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What is middle class?
“Middle class” is a common term spoken by news pundits, politicians, and that annoying friend of yours who likes to debate politics at dinner parties. While a lot of people like to bloviate about [...]
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How much to tip for 17 situations (according to IWT readers)

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How much to tip for 17 situations (according to IWT readers)
Every article on tipping always follows the same formula. Step 1: Someone writes about tipping. Step 2: A commenter says, “Omg, that’s so ridiculous! We shouldn’t have to tip. WE should pay [...]
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How to borrow from your 401k — with 3 alternatives

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How to borrow from your 401k — with 3 alternatives
A 401k is one of the most powerful investment vehicles for retirement — and it’s IWT’s favorite thing ever for several reasons: Pre-tax investments. You don’t get taxed on the money you cont [...]
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42 money-making side hustle ideas for 2018

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42 money-making side hustle ideas for 2018
A good side hustle idea can open the door to unlimited earning potential. My team and I have spent more than a decade building money-making systems that have earned my students $1,000 and more on the [...]
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Entrepreneur = insecure

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Entrepreneur = insecure
Insecurity is fascinating. We hide it. We beat ourselves up for it. And to top it off, it seems like we’re the only ones who ever feel it. And yet: It’s the times we feel most insecure that we g [...]
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Money Moves That Should Start to Occur Now

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Money Moves That Should Start to Occur Now
Handling the household finances is not an easy task, one that should not be handled alone.  Whether you share the finances with a significant other, as it’s important to keep them in the loop at al [...]
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When to sell stock: 3 reasons to sell

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When to sell stock: 3 reasons to sell
The two most common questions I hear about stocks are: What stock should I buy? When do I sell? I’ve covered the first question before (check out my article all about stocks and bonds). That’s w [...]
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Drew Houston — The Billionaire Founder of Dropbox (#334)

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Drew Houston — The Billionaire Founder of Dropbox (#334)
“Write an interesting story, not a perfect story.” — Drew Houston Drew Houston (@DrewHouston) is co-founder and CEO of Dropbox. Since founding the company in 2007 with Arash Ferdowsi, Dr [...]
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Samin Nosrat — Master Creative, Master Teacher (#339)

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Samin Nosrat — Master Creative, Master Teacher (#339)
Photo by Adam Rose “Things that caused me so much pain and confusion as a kid ended up being really wonderful tools in my work.” — Samin Nosrat Samin Nosrat (@ciaosamin) is a writer, che [...]
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How to get traffic on your blog (in just 2 steps)

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How to get traffic on your blog (in just 2 steps)
Today, I’m going to share two strategies I’ve used to get traffic to my websites from extremely high-traffic blogs like Lifehacker and sites like the Wall Street Journal. These strategies are the [...]
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Should I buy a new car? 9 reasons to buy new

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Should I buy a new car? 9 reasons to buy new
“Should I buy a new car?” If you asked almost every personal finance pundit that question, they’ll give you a bunch of reasons why you should buy used instead. Some common reasons they give: [...]
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Cheap Web Hosting: Best Sites and How Much to Spend

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Cheap Web Hosting: Best Sites and How Much to Spend
Cheap web hosting doesn’t have to mean bad web hosting. Learn how to pick the best WordPress host for your blog. The idea that cheaper isn’t always better may be true but there’s definitely a tr [...]
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