By Daily Mail (U.S.) | Created at 2026-08-02 20:52:00 | Updated at 2026-08-03 11:31:54
15 hours ago
I finally feel like a real adult. After years of being stuck in a pretty toxic workplace, I finally accepted an offer at another company as a marketing manager.
The annual salary is $150,000, which is the most I’ve ever made, plus unlimited PTO and a 5 percent 401(k) match. I still feel like I’m playing catch up with my friends, who have been saving and investing for what feels like years, so I set a crazy goal for myself: I want to be a millionaire before my 45th birthday.
I already have about $75,000 in a savings account and $40,000 in my 401(k), but I struggle to save more than that because of the high cost of living in NYC. My rent is $2,250 a month, plus utilities, groceries, etc.
I don’t want to completely stop going out to eat, especially now that I have so much more money to spend.
How can I save $1 million... and quick?
Sincerely,
Maybe Millionaire
There's a clear path to saving better after getting a major salary bump, according to some financial advisors
Wealth advisor Mark White suggests adding the maximum amount to your 401K
Becoming a millionaire by 45 is an ambitious goal, but not an unattainable one if you've got the right strategy.
The Daily Mail sat down with wealth advisors Mark White and Ted Jenkin to see what advice they'd offer for someone with a new, higher salary and lofty savings goals.
Jenkin, managing partner at Exit Wealth, said that before saving for retirement it's important to have a cash reserve that's ready to pay for emergencies - or opportunities.
Commonly called a rainy day fund or an emergency savings account, it should hold instantly accessible cash, not invested assets that would be difficult or expensive to liquidate when financial disasters strike.
'Keep six months of living expenses in cash as a safety net,' he said. 'Let’s assume that equals roughly $25,000 to $30,000, the rest of your savings should be put to work.'
Holding $75,000 in a savings account is admirable, but it's not the smartest choice if you're aiming to grow your wealth. Most savings accounts have a measly interest rate of around 0.01 percent to 0.3 percent, although high-yield accounts may earn more.
If you have ambitious goals and are short on time, the best place for your money would be a 401(k) account, says wealth advisor Mark White.
Contributions to a traditional 401(k) are made pre-tax, which lowers your taxable income and helps you out at tax time.
As a New Yorker, Maybe Millionaire's biggest expense to worry about is their $2,250 rent payments
If you invested your 401(k) cash in the stock market - via an S&P 500 index fund, for example - you'd benefit from much higher growth over the long term. It could earn as much as 7 to 10 percent a year after inflation.
White says the easiest starting point would be to maximize 401(k) contributions, which in 2026 top out at $24,500 for people younger than 50. With a 5 percent employer match - free money that you should never turn down - that's another $7,500 in contributions.
'Those tax-advantaged contributions alone could exceed $300,000 over time depending on market returns,' he said.
Jenkin argued that the first place retirement savings should go after the emergency fund is a Roth IRA, if your income allows it. He says the best course of action would be to max out contributions at $7,000 a year.
'If that grows at 7 percent a year, it becomes roughly another $100,000 toward that million, plus it provides tax free income down the road,' Jenkin said.
After contributing all you can to a Roth IRA, Jenkin agreed that maxing out a 401(k) account would be the next best step.
After doing retirement account contributions, White advises people to start investing in a brokerage account.
He believes you would need to a whopping $45,000 to $55,000 per year to reach the million dollar goal.
That may sound like a huge chunk of your paycheck, but the right investments should grow faster than inflation over time - inflation is running about 2.4 percent presently - and return much more than a savings account.
Saving for retirement is a multi-step process, with wealth advisors suggesting contributions to both a Roth IRA and a 401K
Next up: Raises and bonuses. Jenkin argues that these big, unexpected chunks of change can turbocharge your net worth over time.
He suggests 'Ted's Rule of Thirds:' One third of raises and bonuses should pay for taxes, one third should be invested and one third can be for fun.
The final third is the fun money that can pay for dining out, museums, concerts and everything in between.
White acknowledged the high cost of living in New York City, while Jenkin suggested keeping your lifestyle 'reasonable but not restrictive.'
White says that as long as enough of your money goes to retirement and investing, you can enjoy the rest 'guilt free.'
'You can realistically reach the $1 million mark by your mid-40s without giving up every dinner out,' White said.
The cost of living in New York is higher than almost anywhere else in the US. For instance, New Yorkers shell out roughly 38 percent of their overall income on housing, compared to the national average of 33 percent, according to Expat US.
But living in a city means you can earn a higher salary, especially in places like New York and San Francisco. Indeed data shows that a marketing manager salary in New York City is 18 percent higher than the national average.
Despite higher costs, you can still get by in the Big Apple while also saving money if you're disciplined and consistent, said Jenkin.
'My 'real millionaire secret' is that most people think the key to wealth is finding the perfect investment,' Jenkin said. 'It isn’t. The real key is consistently investing $30,000–$40,000 a year for a decade.'
'That’s what turns a $150,000 salary into a seven-figure net worth,' he added.
