I have to admit I wasn’t as impressed with the latest “Millionaire in the Making” series on CNNMoney. I do think I need to cut these folks some slack because they are doing better than a lot of people. I think that changing careers in their 40’s and not coming to the realization that saving/investing was so critical when they were young probably plays in to their 401k balances. ($170K at age 49/52).
Now, for the positives:
- Their 401k ($170K) is larger than the median balance in our country
- They have a significant amount of real estate holdings. (two homes, one more in progress)
- They are maxing out their 401K contributions and putting an additional $12k per year in taxable accounts. (Smart!!)
So, I guess I’m just in a bad mood or something. These people are doing better than many other people their age. I think that if they had been able to apply their current practices earlier in life, they’d be in REALLY good shape now.
Here is the article:
http://money.cnn.com/2006/06/19/pf/millionaire_claudio/index.htm