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Never being a fan of conventional wisdom - buy and hold, don't overtrade, diversify, you can't beat the market, etc. etc. - of the 12,000,000 401(k) accounts administered by Fidelity a mere 4/10 of 1% are over a million dollars. So as not to ruffle feathers won't even comment on that stat.
Looking at the current thread on CNBC it appears people are not interested in financial porn like CNBC (I don't mean MFO of course) Therefore perhaps the title of this thread should be better dead than read. I know these days I read financial magazines more for entertainment than investment tips mostly because I am convinced Gurus don't know more than I do; they are just better at communicating. On another note I have to disagree with the expectations of Old Joe whose comments are often excellent. Who else but salaried workers have 401ks so the first part is obviously correct but not helpful.. Self employed usually have SEPs or similar. Teachers overpaid or not probably have 403(b)s and Government workers often have pensions and to the extent they have defined contribution plans there is probably little or no match. Therefore I suspect that any teacher or Govt worker with 1 million dollars in his/her 401k is surely an excellent investor and is probably quite good at his/her job.
Comments
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/15417/masters-in-business-q-a-with-james-o-shaugnessy-audio-presentation/p1
http://www.soundmindinvesting.com/vblog/how-to-become-a-401k-millionaire/
Mostly salaried workers and overpaid teachers and government workers, I expect.
@Jerry- OK,OK, I was just trying to start a little trouble...
On another note
I have to disagree with the expectations of Old Joe whose comments are often excellent. Who else but salaried workers have 401ks so the first part is obviously correct but not helpful.. Self employed usually have SEPs or similar. Teachers overpaid or not probably have 403(b)s and Government workers often have pensions and to the extent they have defined contribution plans there is probably little or no match. Therefore I suspect that any teacher or Govt worker with 1 million dollars in his/her 401k is surely an excellent investor and is probably quite good at his/her job.
http://www.fidelity.com/inside-fidelity/employer-services/fidelity-analysis-highlights-balances-and-contribution-rates-of-combined-retirement-savings
And another link breaking down balances by age
http://www.401khelpcenter.com/press_2013/pr_fidelity_022713.html#.VAn0XsJdWSo