Ok, so now you’ve got your 401k set up, and funded. Now it’s time to make that money grow from thousands, into millions. The next few lessons will show you how.
The Ramp Up Strategy – This is the secret sauce to turning your 401k into millions.
Easy 401k Maintenance – The up front work is the biggest step. Now you just have to maintain, and let time make you rich. Be smart. Set it and forget it.
Adjusting Risk Over Time – Risk is OK early on. How to eliminate risk in your later years.
What To Do When – What if… the market crashes, you change jobs, you lose your job, you need emergency money. Let’s talk about how to handle your 401k in these situations.
Resources:
Action Steps:
- Up the amount you contribute to your 401k by at least 1%
- Identify the next time you may get a cash influx such as a bonus, tax return, raise, freelance income, etc. Mark this on your calendar as the next time to increase the contribution rate to your 401k
- Create a set schedule (I recommend twice a year) that you review your 401k and income/expenses. Make it your goal at these times to have increased your income and reduced your expenses enough so that you can increase the contribution rate to your 401k by another percentage point until you reach the maximum.