Maria Bartiromo, a renowned financial journalist with a net worth of $45 million, has shared her insights on wealth creation during her extensive career. As the host of a popular show on Fox Business, Bartiromo emphasized the significance of a particular rule for achieving millionaire status in the United States.
During a recent episode, Bartiromo highlighted the importance of participating in your company’s 401(k) plan. She advised viewers to contribute as much as possible to the plan early on and to refrain from withdrawing any funds. This straightforward guidance is a product of Bartiromo’s years of experience in the financial industry.
In a time where retirement planning is becoming increasingly challenging for Americans, Bartiromo’s mantra serves as a beacon of financial prudence amidst uncertain economic conditions.”>
‘Some Americans are retiring earlier than expected – not always by choice,’ Bartiromo said, setting the stage for an eye-opening discussion with personal finance expert Rachel Cruze.
Bartiromo, 57, noted how data from the Transamerica Center for Retirement Studies found that the median retirement age in the U.S. is now 62.
Cruze said how nearly 60 percent of Americans surveyed said they stepped down earlier than age 65, citing health issues, disabilities, job loss, or organizational change.
It means only 12 percent of Americans manage to retire at the traditional age of 65, while 30 percent continue working beyond it.
Bartiromo suggested that such a trend underscores the need for proactive financial planning and that workplace retirement plans such as a 401(k)s aren’t just about becoming a millionaire but ensuring ‘a stable and secure future’, even in the face of unexpected challenges.
Fox Business host Maria Bartiromo, left, discussed how to become a millionaire alongside personal finance expert Rachel Cruze, right
Bartiromo, 57, noted how data from the Transamerica Center for Retirement Studies found that the median retirement age in the U.S. is now 62
‘Joining your company’s 401(k) plan early and contributing as much as you can is crucial,’ Bartiromo emphasized during the segment. ‘The key is to not touch it – leave it alone and let it grow.’
The benefits of 401(k) plans go beyond just savings. Many companies offer matching contributions, effectively doubling the money employees put in.
Additionally, programs like Roth 401(k)s provide significant tax advantages, allowing individuals to withdraw their funds tax-free during retirement.
‘It’s all about consistency,’ Cruze noted. ‘The biggest mistake people make is pulling money out when the market dips. That short-term panic can have devastating long-term consequences.’
Cruze also pointed out that younger generations such as millennials and Gen Z face unique hurdles.
‘Retirement feels so far off for them. Contributing now can feel like putting money into a black hole, something they won’t see for decades,’ Cruze said.
The pair agreed that the principles remain the same: prioritize eliminating debt, build an emergency fund in a savings account covering 3 – 6 months of expenses, and contribute at least 15 percent of monthly income towards retirement accounts.
Bartiromo also stressed the importance of instilling such habits early.
Maria Bartiromo and husband Jonathan Steinberg are seen together with Donald and Melania Trump in a photo from last month
Bartiromo said she was encouraged to start saving from an early age including saving loose change in a jar
‘Teaching kids to save, earn, and to manage money responsibly is one of the greatest gifts parents can give,’ she said. ‘Become a saver. Learn what it is to become a saver. Everytime you get paid put a little aside for yourself.’
Bartiromo shared her own childhood lesson: ‘Every time I wanted to buy something, my mom would ask, “How are you paying for it?” She made me save up, even for something small like an ice cream cone from the Mr. Softee truck. That lesson stuck with me for life.
‘It stuck with me that I needed to collect change in a jar. Become a saver!,’ she urged viewers.
Bartiromo’s credibility in offering financial advice is bolstered 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 worked at CNN as a producer for five years before joining CNBC in 1993, where she worked on-air for 20 years.
With CNBC, she was the host of Closing Bell and was the first television journalist to deliver live television reports 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 appeared to resonate with viewers.
Ratings for her show began to surge when Trump supporters turned to her for news with her ability to distill complex financial concepts into practical advice making her a trusted voice for millions.
During Donald Trump’s first presidency Bartiromo became an advocate for his administration, often giving him an easy ride in their interviews – but it appeared to resonate with viewers
Married to Jonathan Steinberg, CEO of WisdomTree Investments and the son of billionaire financier Saul Steinberg, left, Bartiromo worked at CNN as a producer for five years 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 message with an air of practicality about it.
‘Start small, but start early,’ she urged. Whether it’s contributing to a 401(k), opening a Roth IRA, or simply saving loose change in a jar, the journey to financial freedom begins with a single step.
‘Teach your kids to become savers. It will yield great results …in the end,’ Bartiromo said.
Cruze also offered a message of empowerment: ‘The beautiful thing about personal finance is that while you are the problem, you are also the solution.
‘It might require sacrifices, like taking on a side hustle or cutting back expenses, but the power to change your financial future is in your hands.’
