With a net worth of $45 million and a decades-long career as one of the country’s most prominent financial journalists, Fox Business host Maria Bartiromo knows a thing or two about wealth creation.
About a recent episode of hers Fox Business show, Bartiromo shared what she believes is the single most important rule for becoming a millionaire in the US: “Join your company’s 401(k) plan – put as much money into it as early as possible and don’t touch it.”
Bartiromo’s seemingly simple advice is based on decades of financial wisdom and comes at a time when Americans are grappling with unprecedented challenges when it comes to retirement.
“Some Americans are retiring earlier than expected — not always by choice,” Bartiromo said, setting the stage for a revealing conversation with personal finance expert Rachel Cruze.
Bartiromo, 57, noted that data from the Transamerica Center for Retirement Studies showed that the average retirement age in the U.S. is now 62.
Cruze said nearly 60 percent of Americans surveyed said they were older than 65, citing health problems, disabilities, job loss or organizational changes.
It means that only 12 percent of Americans manage to retire at the traditional age of 65, while 30 percent continue to work beyond that.
Bartiromo suggested that such a trend underlines the need for proactive financial planning and that workplace retirement plans such as 401(k)s are not just about becoming a millionaire, but about ensuring “a stable and secure future.” even in the face of unexpected circumstances. challenges.
Fox Business host Maria Bartiromo, left, joined personal finance expert Rachel Cruze to discuss how to become a millionaire
Bartiromo, 57, noted how data from the Transamerica Center for Retirement Studies showed that the average retirement age in the U.S. is now 62.
“It’s critical that you join your company’s 401(k) plan early and contribute as much as possible,” Bartimo emphasized during the segment. “The key is not to touch it, leave it alone and let it grow.”
The benefits of 401(k) plans go beyond savings. Many companies offer matching contributions, effectively doubling the money employees put in.
Additionally, programs like Roth 401(k)s offer significant tax benefits, allowing individuals to withdraw their money tax-free during retirement.
“It’s all about consistency,” Cruze noted. ‘The biggest mistake people make is withdrawing money when the market falls. That short-term panic can have devastating long-term consequences.”
Cruze also pointed out that younger generations like millennials and Gen Z face unique hurdles.
‘Retirement still feels so far away for them. Contributing now can feel like putting money into a black hole, something they won’t see again for decades,” Cruze said.
The pair agreed that the principles remain the same: prioritize eliminating debt, build an emergency fund in a savings account that covers three to six months of expenses, and contribute at least 15 percent of monthly income to retirement accounts.
Bartiromo also emphasized the importance of developing such habits early.
Maria Bartiromo and husband Jonathan Steinberg are seen with Donald and Melania Trump in a photo from last month
Bartiromo said she was encouraged from a young age to start saving, including keeping change in a jar
“Teaching children to save, earn and use money responsibly is one of the greatest gifts parents can give,” she says. ‘Become a saver. Find out what it’s like to become a saver. Every time you get paid, you put a little aside for yourself.’
Bartiromo shared her own childhood lesson: “Every time I wanted to buy something, my mother would ask, “How do you pay for it?” She let me save, even for something as small as an ice cream cone from Mr. Softee truck. That lesson stayed with me my whole life.
‘It stuck in my mind that I had to collect change in a jar. Become a saver!,” she urged viewers.
Bartiromo’s credibility in offering financial advice is enhanced by her own remarkable career and personal life.
Married to Jonathan Steinberg, CEO of WisdomTree Investments and the son of billionaire financier Saul Steinberg, Bartiromo spent five years at CNN as a producer before joining CNBC in 1993, where she worked on air for 20 years.
At CNBC, she hosted Closing Bell and was the first television journalist to report live from the floor of the New York Stock Exchange.
In 2013, she left CNBC to host shows for Fox Business.
During Donald Trump’s first presidency, she became an advocate for his administration, often giving him an easy ride in their interviews — but it seemed to resonate with viewers.
Ratings for her show began to rise as Trump supporters turned to her for news. Her ability to translate complex financial concepts into practical advice has made her a trusted voice for millions of people.
During Donald Trump’s first presidency, Bartiromo became an advocate for his administration, often giving him an easy ride in their interviews — but it seemed to resonate with viewers
Married to Jonathan Steinberg, CEO of WisdomTree Investments and the son of billionaire financier Saul Steinberg, left, Bartiromo spent five years at CNN as a producer before joining CNBC in 1993, where she worked until 2013 when she joined Fox Business.
At the heart of Bartiromo’s advice on becoming a millionaire is a practical message.
“Start small, but start early,” she urged. Whether it’s contributing to a 401(k), opening a Roth IRA, or simply keeping spare change in a jar, the journey to financial freedom starts with a single step.
‘Teach your children to become savers. It will ultimately yield great results,” Bartimo said.
Cruze also offered a message of empowerment: “The great thing about personal finance is that while you are the problem, you are also the solution.
‘It may require sacrifices, such as a part-time job or budget cuts, but the power to change your financial future is in your hands.’