Here's how much money you should save in your 401(k), according to the author of 'I Will Teach You To Be Rich' ramit Sethi. via CNBCMakeIt
Your employer-sponsored 401 is one of the most powerful long-term investment tools you've got. But a lot of millennials worry about the amount they're saving.
But if you didn't do that, it's OK, Sethi says: "The next best thing we can do is to take full advantage of it from here on out."in your 401, and if you're over 50 you have some additional opportunities to contribute even more. And if your employer matches, that's extra money on top of whatever you can put aside.Even if you're a little further in your career, you still may not be able to max out your 401 every year.
On the first rung you should contribute to your 401. Again, if you can't max it out, save at least enough to meet the share that your company matches. And once you have the account set up, consider investing your 401 dollars in a, suggests Sethi, since that kind of a fund is a popular, low-cost and effective solution that does the balancing for you and largely takes the work out of your hands.
The next rung is all about paying off any debt you've got. The interest on your debts, particularly if it's something like credit card debt, can add up quickly.
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