I am a casino table games dealer at the moment. My goal is to never deal again in about 2 to 3 years. I want to move up as quickly as possible and be a full time supervisor. To do that, I pretty much just have to be a great and reliable employee which I am. I've already learned all the games I need to with the exception of Craps and Roulette - I don't need those games to be a supervisor. My long term goal is to be a PIT manager or an Assistant shift manager which is 4 and 5 promotions away respectively. I could say I want to be a Shift manager but I'm being realistic here. There are too many people ahead of me and Pit manager and Assistant Shift manager seem like reachable goals. I have 25 years of work left in this company to do so before I retire.
My 401K is projected to be around $500,000. My wife's 401K is projected to be around 1.5 million. These numbers are based on a modest rate of return of 10% for 25 years. I'll never be rich unless I hit the lotto but I think I'll be financially secure once I'm in my late 50s provided I'm in good health to keep working until I'm 67.
My advice to the younger guys: No matter what job you have, start on your 401K as soon as you become eligible. I didn't start until my early 30's. If I had start just a few years earlier, my 401K would be over a million instead of just $500,000 by the time I retire.
Take a look at some of these numbers. Let's say you have 1 million by the time you are 60 years old. And let's say your rate of return is a modest 10% only. What is 10% of 1 million? It is $100,000. Your 401K could be making over a hundred thousand a year...which at this point, you really don't need to work anymore.
Start early and retire happy. You'll thank me.