Almost 200,000 people will have at least $1 million invested in their 401(k) by the end of 2018. Will you be one of them? If you’re afraid not, don’t despair, we will teach you some of the secrets behind how these hardworking people became 401(k) millionaires!

Patience

This first tip may be your least favorite, but it is critical. 401(k) millionaires are patient. They didn’t come into all that money overnight. Many of these people have taken 30 years or more to become millionaires. Prepare yourself for the long haul, save with an eye to the future, to retirement.

Mental Floss

Trust

Hand-in-hand with patience comes trust. 401(k)s are an investment, and as such, they grow over time, if you can leave them be and trust in the market to increase your wealth. Even if the market seems a little sour right this moment, trust that market gains will return and be worth it in time.

APS

Awareness

401(k) millionaires and those that hope to reach this status need to be aware of the fees associated with the growth of their investment. Some 401(k) investment plans take a small (some smaller than others) percentage of your 401(k)’s growth. Do anything you can to minimize this fee, because they subtract a lot from your investment over time.

Map Your Progress

Diversification

Most 401(k) millionaires do not rely solely upon their 401(k) for their millionaire status. Wise people diversify their investments as much as possible. This helps to minimize risks when the market falls and maximize gains when it rises. Investing in mutual funds as opposed to individual stocks is a perfect way to do this.

Cesar’s Way

Protect

Your 401(k) makes more money for you the more money is in it at one time. This is why 401(k) millionaires never take out a loan from their 401(k) unless they absolutely have to. While the money may be useful in an emergency, it is often better to find another source of emergency funds and leave your 401(k) alone.

Martin’s Magic