347: When Will You Become a Millionaire?
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 1 December 2017
⏱️ 10 minutes
🧾️ Download transcript
Summary
Learn when your 401(k) will be worth $1 million, according to a Fidelity Investments study.
There are 3 parts to creating wealth: money, time and compounding.
Here's the article: http://www.businessinsider.com/how-to-become-millionaire-401k-savings-2017-11
Get "11 Quick Financial Tips to Boost Your Wealth" at http://lindapjones.com.
Transcript
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| 0:00.0 | Be Well, Be Well, And Smart, episode 347. |
| 0:02.8 | I'm gonna live no rich life. |
| 0:06.8 | Rich life. |
| 0:07.8 | All the best life. |
| 0:09.8 | Yes, life. |
| 0:10.8 | So if y'all know what I mean. |
| 0:12.1 | Put your hands up and declare with me |
| 0:13.7 | yeah I'm full of faith I'm gonna live a good life I'm gonna live the good life |
| 0:21.1 | a few and glorious life Step into a world of wealth of wealth and financial freedom without budgets, boredom or bosses on |
| 0:31.3 | be wealthy and Smart. |
| 0:34.0 | And now here's your host, Linda P. Jones. |
| 0:37.6 | Welcome to Be Wealthy and Smart. |
| 0:39.0 | I'm Linda P. Jones, America's Wealth Mentor, |
| 0:41.2 | Empowering women and Men Worldwide to Financial Freedom. |
| 0:44.8 | On this show, we're going to talk about when will you become a millionaire? |
| 0:49.0 | And this is an article that I picked out for you from Business Insider that will explore different ages of people who become |
| 0:57.3 | millionaires and what is the most common age you are for women and men when you become a millionaire. |
| 1:04.4 | So it goes like this. |
| 1:05.9 | Some people spend their whole lives working toward a seven figure savings, but it's undoubtedly |
| 1:11.2 | easier to reach millionaire status if you have a high-earning job that allows you to sock away more of your income. In fact, a Fidelity Investments report cited by the New York Times found that the typical 401k millionaire was an American with a six-figure income, |
| 1:26.3 | $282,700 for women and $154,600 for men. On average, women hit the milestone at age 58.5, while the average man became |
| 1:39.1 | a millionaire at age 59.3. That's several years before the full retirement age of 67, but depending on how much |
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