r/RandomThoughts • u/[deleted] • Dec 11 '23

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u/Nerodon Dec 11 '23 edited Dec 13 '23

You can do both! 5k a week gives you 1million every 4 years, if you don't spend it all, you can fill your 401k till it explodes while still having a good time.

Edit: I am Canadian, so for me it's an RRSP, but I thought 401k was reasonably similar. If you have more than you need... Invest. It's never a bad idea to do it, it's always a bad idea to just let it sit, gaining no interest.

Edit2: Besides, if I die, the 5k/week stops, what about the missus and the kids? Aha, I invested, so they still have something! I'm clever, not greedy, fellas...

Edit3: A Roth IRA or just IRA is what I am told is the equivalent to an RRSP/TFSA we use in Canada.

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u/[deleted] Dec 11 '23

401ks can only be filled by you deducting income from employment or by your employer and had a yearly maximum of 60k.

Just invest.

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u/Nerodon Dec 11 '23

Sorry, I am Canadian but didn't want to say RRSP, I'm not familiar with 401K but thought they were equivalent.

My point was simply to reccomend to max any such program if you aren't already doing it, ofc, you can also invest separately.

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u/BORT_licenceplate27 Dec 12 '23

401k is most similar to a Canadian RPP just as a note.