From Kiplinger · · 1m 30s
Trucker's Million Dollar Journey
A 60-year-old trucker from Minnesota hit $1 million after surviving a business failure and foreclosure.
In brief
A 60-year-old trucker from Minnesota hit $1 million after surviving a business failure and foreclosure. A 60-year-old Minnesota trucker saved $1 million through disciplined investing after a business collapse and home foreclosure. Originally reported by Kiplinger.
Quick answers
- Who is this?
- A married 60-year-old transportation truck driver from Jordan, Minnesota.
- How did he start?
- He began investing in a 401(k) at 26 after advice from his wife's grandfather.
- What happened next?
- He took $50,000 from his 401(k) at 40 to buy a business that later collapsed.
- What's next?
- He will keep working and start a new 401(k) and HSA account to save for retirement.
- What is the key takeaway from Trucker's Million Dollar Journey?
- A 60-year-old Minnesota trucker saved $1 million through disciplined investing after a business collapse and home foreclosure.
Who is this?
A married 60-year-old transportation truck driver from Jordan, Minnesota.
How did he start?
He began investing in a 401(k) at 26 after advice from his wife's grandfather.
What happened next?
He took $50,000 from his 401(k) at 40 to buy a business that later collapsed.
The crisis
He faced foreclosure on his home after the business failed and had $125,000 left in his 401(k).
How he recovered
He sold the business and did a short sale on his home to avoid foreclosure.
The investment strategy
He used automatic withdrawals to save money and invested in S&P funds, Nasdaq funds, and international funds.
Current status
He now manages his money through Fidelity's proprietary investment portfolios.
What he's doing now
He plans to work until 65 and save for $1.7 million through Fidelity's account.
What he wishes he knew
He would have invested his first $1,000 in a company match and then in a Roth account.
The lesson
Compound interest and early investing are key to reaching $1 million.
What's next?
He will keep working and start a new 401(k) and HSA account to save for retirement.
What matters most
A 60-year-old Minnesota trucker saved $1 million through disciplined investing after a business collapse and home foreclosure.
