"If you, a regular Joe like me, are not a movie star or an overpaid professional baseball player or a lottery winner or a high-powered executive, what are your chances of becoming a millionaire? Better than you think--much better. And you don't have to strike oil to do it. The secret? It's not glamorous, but it is simple, and almost foolproof, because the math is in your favor. It's my story, and the story of others who are quietly amassing 401(k) fortunes--and the simple plan to make your story my story. "
A surefire plan for financial independence--through bull and bear markets.
Knute Iwaszko--by turns a chemist, a salesman, and an innkeeper--made a million dollars without robbing a bank, without an inheritance, and without a Silicon Valley startup. He made it in a reliable but thoroughly new-fashioned way: by maximizing the potential of his 401(k) plan--and now he's going to tell millions of people how they, too, can become millionaires. This book will thoroughly explain the ins and outs of how 401(k) plans work, including tax benefits, contribution requirements and limits, withdrawal limitations, and risk management--and then fully describes "Knute's Unbeatable, Unbreak-able Rules for Making It to a Million": a foolproof formula that gives readers a step-by-step regimen for maximizing the potential of their 401(k) plans.
With simple, accessible language and clear, detailed steps for financial success, The 401(k) Millionaire is required reading for anyone who wants to make the most of his or her money.
"If you follow my five simple rules for 401(k) investing, there's no doubt in my mind that you can end up a 401(k) millionaire, too. Allow me to demonstrate how it's done . . ."
401(k) millionaire Knute Iwaszko's practical, surefire plan for financial success includes such topics as:
How I Became a 401(k) Millionaire
The 401(k): Your Personal Money Machine
The Perils of Procrastination
Maxing Out: More Money for You--and Less for Uncle Sam
Learning the Ropes: Your Inner Savvy Investor
Be Aggressive: Your Retirement Depends on It
Knute's Recipe for Success
From the Hardcover edition.
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|Title of Business & Economics eBook: The 401(K) Millionaire|
|Release Date: 05-06-2009|
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|Publisher: Random House Publishing Group|
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|Parent title||The 401(K) Millionaire|
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The 401(K) Millionaire
How I Became a
Back in the mid-1950s, when I was just starting out, I was a big spender. Like many other carefree bachelors, I had to marry a good woman before I set my priorities straight. It was time to deep-six the bachelor mentality and create a budget so I knew where our money was going. My wife, Pat, and I both wanted a family and a nice house, and we knew we wanted to save for long-term goals, like college for our kids and a nice retirement for us. I've been a runner ever since my high school days and I still try to put in my miles. During my daily run, I'd try to figure out how to pull some money out of our budget for investing. Keeping track of your dollars and cents is the first step to becoming a 401(k) millionaire; it's the bedrock on which everything else rests.
Once you record your monthly expenses and compare that with your monthly pay, you can adjust your style of living accordingly. And the earlier you do it the better. If you don't pinch pennies in the beginning, you're squandering a golden opportunity to make more money down the road. It's what economists call "compound interest"--that's when you earn interest not only on your original investment, but also on the interest it has already earned. Through compounding, your investment assets grow, slowly at first, then at greater speed as the years go by. By the time you get to the end of this book, you'll understand that compound interest is the fuel that makes your 401(k) run.
Consider a monthly investment of $300. Given a 9 percent rate of return, that $300 monthly investment turns into $22,627...