Codie Sanchez argues that maxing out your 401(k) won't make you rich. She dismisses the standard advice to skip coffee and invest in retirement accounts as outdated, pushing instead for equity ownership and increasing your earning power to actually build wealth.
401Ks will not make you rich. And they're not the first place I invest in. The people who tell you don't buy the Starbucks, invest in your 401k, do a complete match. That's sort of advice from the 90s. Real advice today looks like not saving your way to zero. But how can I increase my earnings potential? If you want to invest in a 401k, that's fine. You can max it out every year, but that won't make you rich. What makes you rich is figuring out how to earn more, how to get more equity, and how to get more skin in the game. 401ks is a way for a government to pat you on the back and make you feel better.
