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    • This article is so misleading - a 401k is the only vehicle that could turn so many participants into millionaires. The key is to contribute the maximum possible, starting as young as possible, for as long as possible. This is doable even for the average earner. Having a conventional pension is a separate issue. One issue should not cloud the other issue.
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      • Clyde Bell
        The problem in the world yesterday, today, and tomorrow, always has been, is, and always will be the poverty mindset. The average person asks himself once if he can become wealthy, decides no, then closes that mental door. The correct question is to ask oneself, how can I become wealthy, which opens your mind up to the possibilities.
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    • Doesn't matter, it already happened.
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      • I'm going to be poor forever \U0001f622
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        • Jay Vineyard
          Poor is a choice. Specifically, it is unwillingness to see the opportunity that surrounds you. There are many ways to start building wealth in the USA. This is especially true in San Jose.
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        • Jay Vineyard
          You make it sound so easy..... That's the problem with the world today. Everyone has it all figured out
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        • Jay Vineyard
          The problem with the world always has been, is, and always will be your own self-limiting thought process. The average person asks him or herself, can I become wealthy, decides no, then closes that mental door. The correct approach is to ask yourself, how can I become wealthy? This creates an open and continuous thought process, which if left open, can lead you to find a path to wealth. Ask yourself this question, then leave that mental door open. One of the younger men I know will undoubtedly be very wealthy someday. And he didn't go to college or get a job - he created a job - a mowing/landscaping/pest control/ gardening/snow removal company. If it involves a house, he does it. He started his company with one lawn mower. He has multiple employees now. His work ethic is stunning. If you need snow removal on a Sunday or at 2am, he is there. I have used all of his services at one time or another. Here is a useful exercise: pretend that you are never allowed to get a job - you have to create a job or starve. Walk around with an open mind looking at what surrounds you? What opportunities exist? Mowing? Car detailing? House Sitting? Pet Sitting? Providing child care or elder care? House flipping? Buying and selling used cars? Selling merchandise online? Stock trading? Or maybe a combination of some or all of these things. The barriers to entry for these opportunities are very low, some of them would cost almost nothing to start, and there is much demand, especially if you combine several of them. These are easy and cheap to start, except maybe house flipping. Even stock trading can be started with $500.
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      • It's strange how this is the only section of the article relevant to the title and then followed up by a paragraph detailing the supposed strengths of the 401(k). John Oliver did a more interesting and in depth video on this matter. "The plans had grown so overcomplicated and so fraught with hidden fees and opportunities for bad decisions that they were better at enriching the financial industry than the actual savers — precisely the abuses that nearly drove him out of the business and to the Christian college back in 1980, he said."
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        • Joseph Gaspar
          Retirement Plans: Last Week Tonight with John Oliver https://youtu.be/gvZSpET11ZY

          Retirement Plans: Last Week Tonight with John Oliver (HBO)

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      • Pensions in the private sector were going to disappear regardless.
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        • He created it in a laboratory?
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          • Thanks Ted Benna. The S&P 500 doubles my money every 5 years.
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