While becoming a millionaire may seem impossible, the good news is anyone can become a 401(k) millionaire if given enough time. According to Fidelity, almost 500,000 401(k) millionaires are on its platform alone. That figure doesn’t include all 401(k) millionaires (those combining assets in retirement accounts). Keep reading as we share the reasonably easy steps to put yourself on the path to becoming a 401(k) millionaire. 1) Set Up Your 401(k) Account It is often said that the most challenging part of anything is getting started. The first step to becoming a 401(k) millionaire is opening your 401(k) account. Don’t…

A Republican congressman has introduced a student loan reform bill that, if enacted, could benefit millions of borrowers through lower interest rates. Rather than provide immediate relief via student loan forgiveness of a borrower’s principal balance, the Affordable Loans For Students Act would significantly reduce federal student loan interest rates going forward. The legislation would also give borrowers a pathway to refinancing their loans within the federal student loan system — an option that is not available to borrowers today. “Nowhere have costs skyrocketed more than in higher education,” said Rep. Mike Lawler (R-NY) in a statement last week. “And…

Time has seen changing conditions and types of work, according to the latest data and statistics from the Bureau of Labor Statistics (BLS). Many millions no longer work for a given company. Instead, they have looser associations with businesses, often working for multiple clients with less rigid arrangements than traditional employees. Better understanding the categories and the number of people involved in these areas is critical as political fights have kicked up over how some of these developments should look and whether a bulk of self-employed business owners should be forced into presumed traditional jobs that don’t actually exist, undermining…

I’ve been in the financial advisory business for roughly 28 years—and for 28 of those years, I’ve had a challenging relationship with the notion of “business development”—or the shadier moniker by which it is also known, “sales.” This has been such a tenuous relationship because many of us in the industry—and all of the advisors at my firm—consider themselves high-level professionals, not salespeople. Yes, without business development, there is no business, but many, if not most, professional advisors would much prefer to do great work, have that work recognized, and have prospects lining up to request being clients. Even most…

The First Step Act ushered in much needed change to reduce our federal prison population and reduce recidivism. It allows federal prisoners the opportunity to both reduce their sentence and increase the amount of time that they can spend in the community, known as prerelease custody. Far from being free, prerelease custody halfway houses provide a much needed resource to assist prisoners reentering society as productive members while also providing some supervision. Halfway houses are meant to provide the opportunity for prisoners to spend a portion of their sentence in the community so they can earn funds to get back…

Millions of people have become dependent on credit as one way to get themselves through tough economic times, let alone do something normal, like buying a house or car. Now credit rejections are at a record high. News out of the Federal Reserve Bank of New York is bad. It has become harder than ever before to get approved for credit. Not necessarily for all time, but at least for as long as the New York Fed has run surveys on the topic, which is since 2013, not long after the Great Recession when millions faced financial problems. Dependence on…

Having a baby is a joyful and transformative experience, but it also introduces significant financial responsibilities that require careful planning. As first-time parents with a 15-month-old, my wife and I discovered just how quickly the costs can add up and how important budgeting for a baby is in reducing financial stress. From essentials like diapers and baby gear to ongoing expenses such as childcare and medical costs, the financial demands can quickly add up. Budgeting for a baby helps new or expecting parents stay financially stable by outlining clear strategies for managing these costs while identifying opportunities to save. Creating…

The holiday season is a time for joy, connection and celebration, but it can also be expensive if not managed properly. A well-planned holiday budget ensures you can enjoy the festivities without financial stress. By proactively budgeting for Christmas or other holiday expenses, you can prioritize spending on what truly matters. This article offers actionable strategies to help you stay financially secure during the most wonderful time of the year. Whether it’s gifts, decorations or parties, learn to allocate funds wisely while keeping holiday cheer alive. Holiday Budgeting Strategies Holiday spending can quickly add up, with the average American planning…

There are few morally worse things to do than gaslight people. It is a crime against the psyche and soul, ultimately meant to drive the victims mad and watch them lose connections to reality. Millions of people cannot afford to buy a home, which has been seen as part of the American Dream. A chance to build some wealth rather than paying for someone else’s. Safety in a place of your own where someone can’t typically tell you to move on. The explanations run rampant from economists, politicians, and pundits. Wait until the Federal Reserve lowers rates enough and watch…

After interviewing financial and food experts about how to keep Thanksgiving costs down, I discovered a few recurring themes: Choose seasonal ingredients, avoid speciality items and repurpose dishes into new meals to fully leverage leftovers. The advice coincided perfectly with my decision to host a Thanksgiving meal for 10 family members for the very first time. Our guests include children and vegetarians, so I had to make sure there were plenty of options beyond the main event (the turkey). By applying the basic principles the experts shared with me, I set the goal to keep my total cost for feeding…