--- title: How to Become a 401(k) Millionaire | TIME description: Fidelity Investment's Jeanne Thompson offers three simple steps to become a 401(k) millionaire. canonical: https://time.com/video/JvJFnK83/ og:title: How to Become a 401(k) Millionaire og:description: Fidelity Investment's Jeanne Thompson offers three simple steps to become a 401(k) millionaire. og:url: https://time.com/video/JvJFnK83/ og:image: https://cdn.jwplayer.com/v2/media/JvJFnK83/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: How to Become a 401(k) Millionaire twitter:description: Fidelity Investment's Jeanne Thompson offers three simple steps to become a 401(k) millionaire. twitter:image: https://cdn.jwplayer.com/v2/media/JvJFnK83/poster.jpg?width=720 --- # How to Become a 401(k) Millionaire > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: How to Become a 401(k) Millionaire [Watch (HLS stream): How to Become a 401(k) Millionaire](https://cdn.jwplayer.com/manifests/JvJFnK83.m3u8) (1:36)  _Published 2015-07-07. Fidelity Investment's Jeanne Thompson offers three simple steps to become a 401(k) millionaire._ --- Jul 27, 2023 6:30 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [5 Healthy Supplements Worth Your Money](/video/ySl7Z1dP/) ### 5 Healthy Supplements Worth Your Money [How the NBA Salary Cap Works](/video/m2XdNMDn/) ### How the NBA Salary Cap Works [Why Does the NFL Make the Most Money? MONEY](/video/xaUhML4r/) ### Why Does the NFL Make the Most Money? MONEY --- ## Transcript A 401k millionaire is someone who has saved a million dollars within their 401k plan, so they've spent really almost all career putting money away, taking advantage of the company match and saving over that million dollar threshold within their 401k. The three primary reasons that the 401k millionaires became 401k millionaires, First, is because they saved a lot. On average, of their own compensation, they saved about 15 %. And they also received about 5 % from their employers. So, they saved a lot and they took full advantage of the company match. The second was that they started young. They started very young. They're in it for the long haul. On average, the 401K millionaires are about 60 years old. So they've been contributing consistently for a very long period of time. It wasn't a get rich quick scheme. [ LAUGH ] And the third thing was that they really invested the growth. So they had their eye on equities. They did not shy away from aggressive investment, and they didn't go too conservative when they were young. They realized they were in it for the long haul So they saved young, they took advantage of the match, and they invested for growth. The path to it is to start as young as possible. At least 25 years old is the optimal starting place. If you can, save 15 % of your pay and invest for growth. Put a good portion of it, especially when you're young, into equities. And consistently save over your entire career and that will set you on the path to hopefully, some day becoming a 401k millionaire. 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