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I'm reading a story in Fortune about Trader Joe's, which is owned by the same German family that controls Aldi's.� They offer the single most generous 401(k) plan package I've ever seen for the average worker!� It is remarkable, plus the salaries are what many would consider "good" jobs.� According to the story, a store manager, or "captain" at Trader Joe's can make in the low six-figures with full-time crew members possibly starting in the $40,000 to $60,000 range.� The best part?� On top of the pay, Trader Joe's annually contributes 15.4% of employees' gross income to tax-deferred retirement accounts.
That means employees still have their full paycheck to invest!� From Traditional IRAs and Roth IRAs to regular brokerage accounts, I calculated how a married couple working for Trader Joe's could amass, theoretically, a $1+ million net worth without a lot of heavy saving just by staying with the business for 20 years.� For a couple that started in their 20's after college, that could be significant; they'd be millionaires in their 40's and still have more than half of their working lives left to amass money!
This is what I was talking about with someone on my personal blog the other day in an economic discussion about how to solve the trade deficit.� Manufacturing jobs in the United States are destined to be a smaller part of our overall economy.� If you are in a struggling industry, the best advice I've heard?� Get out!� Bail!� Jump ship!� Find an industry where you can swim with the current, not against it.� Why try to "find work" at a manufacturing plant when you can go for jobs like this?� Honestly, if I were trying to support a family in Detroit, I'd have sold everything and found a way to |
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