Quarter Life Crisis

It's not about becoming a millionaire anymore, its about becoming a pentamillionaire these days.. How'd these people get there?

“The vast majority — 80% — either started their own business or worked
for a small company that saw explosive growth. And almost all of them
made their fortune in a big lump sum after many years of effort.”

A quote that reinforces a point I was making in the Kobe beef entry:
“today's very rich say that money itself wasn't much of a motivator.”
(thats always easy to say after you've got 5 million in the bank. )

To do list:

1. Get in early.
2. Fund up to the limit.
3. Be careful of going on savings autopilot.
4. Don't let a new job torpedo your old 401(k).
5. Diversify. Diversify. Diversify.
6. Think before you borrow.
7. Consider a Roth 401(k).
8. Take advantage of catch-up contributions.
9. Scrutinize the 401(k) before your hired.
10. Cash out wisely as a retiree.

Source: 10 Golden Rules for your 401(k)

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Not to do list: The 5 Biggest 401k Blunders

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Pretty useful stuff. These first few years are critical to our long term retirement planning. It's the magic of compound interest.