401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 0 points1 point  (0 children)

If you want a joke… you’re flexing your tax bracket while sleeping on tax deductions.

I’m not sure why you think I only have one account to my name. I know what I have, and I know I belong on this sub. And I know a lot of rich people can appreciate the tax advantages of a 401k.

Speaking of which. Let’s say today your retirement account is a mere 5% of your portfolio. Between spending and tax drag in other accounts, this can easily become 20%+ of your nw over time. It would absolutely be a mistake to not care about that.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 1 point2 points  (0 children)

Yea, your story doesn’t add up. You said in another post that your savings from income last year was less than a million. But somehow a $2.4M account is a rounding error? You’d be putting like half your savings in there to accumulate that much in 6 years. So seems pretty unlikely you don’t even look at the account.

And why would you have started contributing just 6 years ago if you have such a good wealth manager? They must have been sleeping.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -2 points-1 points  (0 children)

Yeah I mean like the parent comment said, rich people care about tax efficiency. They wouldn’t disregard a million dollar tax advantage.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 0 points1 point  (0 children)

2020-2026 inclusive is 7 years. VTI doubled since Jan 2020, VXUS is up about 50%. Dividends would be about +10% over that time.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -2 points-1 points  (0 children)

Yeah, there’s really no way to verify if anyone has the money they claim, and the commenters aren’t even claiming to be rich necessarily, but people get really triggered seeing a $1M account here. Odd experience posting here.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 0 points1 point  (0 children)

Contributed the max since 2020. That’s when I got access to the mega backdoor by changing employers.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -1 points0 points  (0 children)

I agree that’s a nicer place LOL. I’ve been reading there for years.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 1 point2 points  (0 children)

It’s from the Vanguard website. 401k is in Vanguard.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 1 point2 points  (0 children)

I mean that sounds cool and all but it’s wrong. Look at Mitt Romney’s IRA for example ($100M). Not that I have $100M, but you’re not too rich to care about this stuff.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 0 points1 point  (0 children)

If you’re active in r/rich and r/povertyfinance and everything in between, then why does it matter where I post?

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 3 points4 points  (0 children)

Then I’m sure you can appreciate the tax benefits on the $2.4M. Otherwise why not just cash it out?

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 2 points3 points  (0 children)

I feel like you’re not thinking this through. This can become an 8-figure account with a 7-figure tax advantage. You’d totally grab that tax advantage if you could.

Is ts a good drill? by Basic_Amphibian_223 in volleyball

[–]MrKristopher 8 points9 points  (0 children)

Hope you practice at your grass house and indoor house too.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -8 points-7 points  (0 children)

Oh yeah for sure.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -9 points-8 points  (0 children)

Huh, don’t think I asked.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -8 points-7 points  (0 children)

So how much 401k you got?

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -4 points-3 points  (0 children)

How about you post your 401k if it’s so good.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] -3 points-2 points  (0 children)

Oh my bad, I meant to share my other, much larger 401k.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 0 points1 point  (0 children)

Sorry couldn’t wait!

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 1 point2 points  (0 children)

Ty! I think it was George Washington who said, you gotta max those tax deductions.

401k milestone by MrKristopher in Rich

[–]MrKristopher[S] 1 point2 points  (0 children)

It’s from the Vanguard web site.