Maria Bartiromo: This Is the No. 1 Rule To Follow If You Want To Become a Millionaire
Written by
Adam Palasciano
Edited by
Jenna Klaverweiden
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Being rich and not having to worry about money might seem like a dream for some of us, and only a select few fall into this category. According to the UBS Global Wealth Report 2024, millionaires account for just 1.5% of the total U.S. adult population as of 2023.
While becoming a millionaire may seem out of reach, however, it isn’t as impossible as it may seem. On Fox Business, Maria Bartiromo spoke with Rachel Cruze, financial guru and co-host of The Dave Ramsey Show, and explained the No. 1 rule you need to follow if you want to become a millionaire.
Take Advantage of Your Employer’s 401(k) Program
“The No. 1 thing to do on your road to becoming a millionaire is very simple: Join your company’s 401(k) plan, put as much money in there as you can early on and make sure you do not touch it,” Bartiromo said.
Cruze agreed and added that if your company offers a 401(k) match, it’s important to contribute at least enough to get the full match. Otherwise, it’s like leaving free money on the table.
Bartiromo emphasized that saving for retirement through a 401(k) is key to success, and it starts with simple, consistent actions. “This starts at home … become a saver. Learn what it is to become a saver. Every time you get paid, put a little away for yourself. Put it either in your 401(k) and then maybe create another bucket, which is your mad money … just become a saver,” she said.
The 401(k) contribution limit in 2025 is $23,500, with a catch-up contribution for those 50 and older of $7,500. And for employees who are 60 to 63, their catch-up contribution limit is $11,250, per the IRS.
Other Tips for Saving for Retirement
While 401(k)s are typically pretax retirement accounts, Cruze explained in the interview that you can also take advantage of a Roth IRA at the same time, which is a tax-advantaged account. The money you contribute to a Roth IRA throughout your working career is after-tax income, so the money you withdraw from your Roth IRA in retirement is tax-free, including any gains.
Additionally, as your retirement account balances grow, be sure to avoid rash decisions like withdrawing any funds before retirement age, even if the market drops, Cruze said. Remember that investing for your future is a long-term game and over time, the market usually corrects itself and goes up.
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