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You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. Hey George, I saw this sitting on our desk and I think it's worth talking about because we hear so much doom and gloom about Americans not ready to retire or it's the American dream is dying you know here in America when it comes to money and this is really cool from CNN

Number of 401k millionaire reaches new high.

Yes, I actually just talked about this this morning on Good Day

Orlando.

We go to the media hit with the nice people over there.

And this is exactly what we talked about because there's

so much hope stealing going on out there all you hear is there is a retirement crisis

and the next president's gonna screw this up and cause us to all be broke and

here's fidelity saying actually we're at

record highs and across our 401k accounts they have half a million people who have

balances of a million dollars or more in that one account. Wow, wow

in just one 401k account which is very encouraging

average balance hit 1.6 million. That's great. That's that's

encouraging so the question is good for them George. What about me and my 401k? I don't have a million. Well that's true. The average 401k out there is more like 126 grand. Yeah. So it's like a tenth. So how do you get there Jade? Well it

takes consistent investing over a long period of time. So if you sporadically

put 3% to get the employer match, yeah it's to take a bazillion years to get a million.

But if you follow the Ramsey plan, you get out of debt as soon as you can, two years or less.

You get the emergency fund in place.

You begin investing 15% of your household income into that retirement

account you will see that it doesn't take long for compound growth to to work its

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