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The next $GME is DOGE.
SPY 200 by year end
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This bowl contains a mix of accountants, analysts, consultants, attorneys, and industry professionals. Unfortunately us accountants are on the lower end of the pay scale in this population. I didn't max 401k until I made SM although I prioritized owning a home (and have a stay at home spouse and kids).
Similar to what was said above - everyone’s situation is different, and much like all of social media, you only get to hear from the positives and not from negatives on here. I personally know countless people who don’t even contribute to a 401k, let alone max. They are just not the ones posting. Gives this illusion that everyone is killing it at life and you are not. Relax, you are doing the best you can and that’s all that matters.
Lol, I just make bad decisions. Should I max my 401k yes, do I, no. High yield savings for 6 MO emergency? Lol, I put like 200/mo there. Free cash goes to the NASDAQ casino.
Haha also a useful viewpoint
I didn’t max out my 401k until I was 33 maybe? I started out of bschool with enough withholding to max out the match and just kept raising the withholding percentage a point each year until that plus salary increases hit the match.
Then I changed jobs and rolled into IRAs when I was 41. Boom, several hundred thousand to play with.
So it takes time to get a large sum. But you can also start small and learn with what you have on hand.
I don’t max out 401K/ roth because I don’t plan on living in the US for more than 2-3 years. Different people, different pay checks, different expectations and a different reality.
Pro
I wonder the same thing! People with rich parents that received free college and a house down payment to make housing expenses way lower? People with no kids?
Yes that's right. I put about $30k a year in the market and after 4 years or so. I pulled out when it was worth at $170k, which I used for a down payment on a property that I sold 1.5 years later during a hot market taking $320k in cash, which I then used on another property. I then started rebuilding my portfolio and finally started contributing to a 401k. I was working at tech startups without 401k offerings, so I wasn't missing out on employer matching or anything like that.
Rising Star
I’ve never in my entire career come close to maxing my 401k. Past company’s 401k options didn’t appeal to me and I believed I could do better investing my self. Looking back, I’ll say I was right.
Chief
No issues with providing examples, but you have a skill set that gives you a huge advantage. Most people will not just fail with your approach, but epically fail. Most people are investing in target date funds and maybe index funds. They either don't understand the stock market or don't have the time to devote to actively managing their accounts.
I invest in houses, but I'm the first one to throw in some caveats/watch outs and also acknowledge it isn't for everyone.
I’m 30 and just now starting to max my 401k and Roth. Wish I had done so earlier, but like others, I had other financial priorities (e.g. saving for a house, student loans, etc.). I’d echo what others have said in that there are a lot of high wage earners in this thread and try not to benchmark yourself too much and make sure you are doing what’s best for you and your family.
I don’t max out my 401k yet, still paying down some debts. I started my career late and had a gap where I used cards and unfortunately have another year before that is done. After that, the goal is to max Roth, get most of my 401k but also some brokerage $$.
When I was single, I couldn't have maxed out my 401K and IRA. Got married last year and we both maxed out for the first time. A joint income household helps, at least it did in my case. At this point, we're living off of one and complete saving the other. We also live in a relatively LCOL city. Paid off all of our student/car debt. So many factors. If maxing out is your goal, I hope you reach it soon!!