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The Number One Way Americans are Becoming Millionaires

morningstar.com
submitted
8 mos ago
byjosephtopersonalfinance

Summary

Patience and discipline are among the most important factors driving long-term investment success. But the investing world is filled with distractions, and it’s easy to get tripped up. Rising markets often invite bad behavior, with some investors making no point of differentiation between the stock market and a casino.

401(k) millionaires stayed disciplined, purchasing stocks every two weeks through their retirement contributions, regardless of market conditions. Over time, their patience and discipline compounded into substantial wealth.

This commentary is for informational purposes only. The information data, analyses, and opinions presented do not constitute investment advice. Before making any investment decision, please consider consulting a financial or tax professional.

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8 Comments

3
getthatmoneyyo
8 mos ago
Who knew steady investments would make you wealthy
2
throwschen
8 mos ago
Love that they have to focus on 401k millionaires like it's a crazy concept.
2
getthatmoneyyo
8 mos ago
It actually is for a lot of people unfortunately! I have a ton of friends who refuse to invest anything in retirement accounts.
1
throwschen
8 mos ago
That's insane. What's their logic?
2
getthatmoneyyo
8 mos ago
They don't trust their money being safe in the market and just generally not understanding how it all works. A pile of cash is easier to get.
2
throwschen
8 mos ago
I guess there's no convincing anyone that doesn't even try to understand the simple parts of the market
2
josephOP
8 mos ago
I thought it was IRA millionaires before
1
throwschen
8 mos ago
It's all encompassing. Retirement account millionaires