I just turned 54 and awfully late to investing with barely any portfolio except my 401k. I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement. How do I best optimize my savings of over $ 200k.
Retirement is now more difficult than it was in the past, it’s all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Agreed, I’ve always delegated my excesses to an advisor, since suffering major portfolio loss early 2020 amidst Covid outbreak. I’m now semi-retired and only work 7.5 hours a week with barely 25% short of my $1m retirement goal after subsequent investments to date.
Thanks for sharing your experience! I’ve been managing my portfolio myself, but it’s not working out. Do you have any recommendations for a good investment advisor? I could really use some help.
My CFA, *Joseph Nick Cahill* is a renowned figure in his field. I recommend searching his name online; you’ll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
I’ve been listening to personal finance content like this since 2016. Rarely do I hear a new term or concept, but Brian sent me down a rabbit hole today when he dropped “per stirpes” casually at the beginning. You can always learn more!
I've said it before, Brian is on a crazy train and you never know where he will end up! Bo and Rebie are just along for the ride. Best finance show on YT!
It is sooooo frustrating when you try to help people who won't help themselves! My cousin, borrowed from his 401k and replaced it later. BUT, because he did it once, he now keeps thinking of it as an option. And i kept telling him to stop thinking of that as an option! Never touch it again. But... it's gone now. It's sad and has created a little friction between us. It just sucks watching someone make a mistake and not being able to stop them.
You can take the horse to the water, but you can't make it drink. Another saying is that a hard head makes a soft ass. I've been on both sides of those statements. Trying to get better myself.
@WeBeatMedicare6969 Because he is family and I love and care for him 🤷 as for the friction, because I kept trying to explain to him to stop thinking of that as an option, and he would reply that it was what he had to do in the moment. I would then point out other options, and he said it is what it is. Which means he still thinks he did what he HAD to do, and will then do it again if the situation arises again. Which has led him to being almost 40 with no savings, no retirement and no home.
Did he maintain his 401k contributions during the loan? How much interest did he pay himself during the loan? How much money is that interest amount going to earn before he retires? Did he need to take the loan for real expenses or was it something he shouldn’t have taken a loan. Sorry, your advice may not be as rock solid as you think. It’s more complex, these two give advice for dummies and people who aren’t financially savvy. Not everyone is a dummy and you can sometimes make different choices when it makes sense. Very few absolutes in life.
One of the biggest mistakes I see is when people forget to diversify. I mean, they throw all their money into company stock or just stick to one fund. If something goes south, there goes your retirement.
Yeah, and another mistake is not rebalancing. I know people who set up their 401(k) years ago and haven’t touched it since. But markets change, and your portfolio should too
Not to mention cashing out early! I’ve seen people leave their jobs and just withdraw the money instead of rolling it over. Between the penalties and taxes, it’s like setting your retirement on fire
Oh, absolutely. And you know, I used to think I had a good handle on my 401(k) until I realized how much I was leaving on the table by not optimizing my investments.
Very few people I work with even think about retirement. When I ask them about it they always have an excuse as to why they don’t contribute to the 401k.
I think that the worst mistakes you can make with a 401(k) plan are as follows: 1: Not Maximizing Your Employer Match 2: Early Withdrawal 3: Taking Out a 401(k) Loan
Another "worst" mistake is investing it poorly, as most 401k plans allow you to choose your investments up to a point. So, putting your entire retirement into a single stock is gamble, and win or lose that is a mistake.
We’ve been married 25 years. We married at 20 & 23 years old. I love my (small stone) ring even though due to our financial decisions could upgrade to a bigger ring. It reminds me how far we’ve come as a couple.
A couple that my fiancé and I are friends with are in their 30s and drained their 401ks to pay off their house. Since then, they’ve built a new deck and continuously blow money on eating out. It doesn’t seem like investing is on their radar at all. We know it’s a massive mistake but they just don’t want to hear it. They have it all figured out of course. We’re around 8 years older.
I think there is merit in a weekly episode where y'all sit down with someone and go through their finances and the oop and see where they stand. I'd certainly watch... Heck I'd like to be on that show
Married 27 years. Year 25 my wedding diamond got sheared out of its setting at an airbnb. When I noticed after we left, it felt like I'd been punched in the stomach. Praise be to Him but the host found it at night in the driveway. 🙌 I still LOVE my wedding band. One of the last years brides were still picking yellow gold.
I'm so glad your stone was returned to you.❤️❤️ I've been married 31 years, and I still love my ring. It's a good thing, because my husband got extremely offended at the thought of me wanting to "upgrade." It wasn't my idea, but some friends were talking about upgrading theirs. He's very sentimental about things like that.❤
Yes! That’s one of the best parts of the HSA. It’s basically more retirement savings! My provider has a requirement that $1000 is kept in cash but the remaining part of the balance is invested.
I switched my insurance this year so I could begin contributing to an HSA. I have to keep $2k in cash but the remainder I’m investing in a target date fund that’d take me in my seventies… about when I figure I’d start needing the money.
I wish i had an HSA when i was young, definitely something younger people should consider since they are generally the most healthy. That might be the future for retirement health care.
Do you guys recommend converting a regular 401k to a Roth IRA in your 20’s and tax the tax hit now while you have a relatively low income/federal tax so those monies can grow and be distributed tax free in retirement or no?
Would it be considered a mistake if someone did not start a tax-free bucket at the start of career and poured everything to tax-deferred? Now, I am in messy middle (30’s) and above the 30% marginally tax rate. Is it too late to start a tax-free bucket and should I just wait until later to do Roth conversions?
I got a really late start because life got derailed for a while and it took time to reset. Fortunately my employer gives 4% flat and will match up to 6%. So effectively I'm getting 10% from them. These last couple years I've been getting into a mutant mindset. I'm putting in another 22% myself to bring me up to 32% a month to 401k, on top of that, I'm maxing a Roth IRA and maxing my HSA. On top of that I'm putting 20% of each cheque away into HYSA. So I've gone from bare minimum match only to effectively having 63% of my salary being put into my future
Love the channel and thanks for all the great content! QUICK QUESTION: I an turning 50yo and now eligible to do catch up contributions. What is the best strategy for this? I'm still confused about the provision that it will need to be after-tax and how does increasing the bi-weekly contribution affect the employer match, knowing that I have already been maxing out on 401 contributions?
hoping to retire within 5 years(on or before 60). ive got a good portfolio, over 1.3 million inculding home value at 435k. so liquid (and about 200k in a 401k and less than 5k in iras). im thinkin within 5 years ill be over 1m liquid and ill feel more comfortable retiring at that point where rn i feel being att 850ish its not quite enough. also at tthat time i can explore my wifes SS benefits(lost her a year and a half or so ago) to help with my expenses.
My biggest mistake - not pulling my 401k investments OUT of a target date fund and putting them into an index fund such as FXAIX. I didn't figure out how to do this until last week (truthfully I just didn't try hard enough to figure it out). I probably missed out on tens of thousands of dollars over the past 8 years because these target date funds are very low performing compared to the S&P 500
My accounts don't allow for self-picking (and it would require much more fees than its worth), so I HAVE to buy their own versions. And In the end, I have to pick the one that most closely matches the SP500, which isn't close enough for my version.
I’m transferring all my accounts to New discount broker so I could manage myself. But I’m already getting pressure from them to sign up for their services. I don’t want to pay anything especially under management. Do you guys agree with that?
One of the most briIIiant investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann on CNBC. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
All fees being equal, does the math work out that its equal to leave a 401k in a job you left thats no longer getting contributions, or would rolling it into your new 401k provide faster compounding accumulation?
As with most things in finance, it depends. The biggest thing to dig into is what the money in each fund is actually being invested into. If the previous employers funds are in a better investment keep it there, if you have better options with the new one roll it over. There's other things to consider of course but that's what I've personally done.
What if your employer does not match 401(k) at all is it better to prioritize Roth IRA and then would 401(k) be the next step for extra investment or taxable brokerage account?
@@thomaslunden awesome thanks makes sense, I’m guessing 401k to avoid taxes as much as possible before opening a taxable account off individual stocks/etf
@jasonxwasxhere exactly. You will ultimately want assets in a taxable brokerage account if you're planning on retiring early, since you can't generally access retirement accounts penalty- and tax-free before 59.5 (or maybe 55), but it's better to worry about that later so you get tax-advantaged and tax-free growth earlier to maximize compounding potential. Follow the FOO- save up highest deductible amount in cash (prevents landing in a ditch if an emergency happens), maximize 401(k) match (if offered, which you said yours doesn't), pay off high-interest debt (credit cards, personal loans, auto loans), save up 3-6 months of expenses in a high-yield savings account, then (in order, as eligible) HSA and Roth IRA, then Roth 401(k). Roth 401(k)s have higher contribution limits than Roth IRAs, as another commenter said, but it's usually better to max out Roth IRA before going to the Roth 401(k) because again, you have more control over the Roth IRA. If you max out the Roth IRA, and max out the HSA or are not eligible, then go back to the Roth 401(k) if offered by your employer. Obviously everyone's situation is different, but usually not actually that different. This process works for most people and if your situation is complicated, consult a pro. Generally, match beats Roth beats traditional.
We used to be financial mutants, but then we started having kids 😅. We have 240K invested at 32 y/o, but ever since having our 3 kids my wife stopped working and we have only been able to do 15% into my 401K and $100 per paycheck into HSA. We started investing early and a much higher savings rate in our 20s, but I feel like we’ve been breaking all the rules in the messy middle. Is anyone else there with me? or is it all DINKS, dual income parents, super high earners, in here haha.
Similar here. Five kids, 38 with 311k. One income. The fact that you already have 240 at 32 means you're ahead of the game. You'll still end up with millions.
Oh man, I've never, ever upgrading my wedding ring. Not only does it have sentimental value to me, but it doesn't make sense financially with the upfront cost and monthly upcharge to insure it.
I took a risk in 2020 and bought a house. I almost halved my Roth 401k to do it, but hear me out. So, with $24k in my Roth I took out 10K for a 5% down payment of $3k and still have some cash in savings. The 1979 built I bought house was in heavy disrepair, but I’m handy. My dad taught me basic home repair/carpentry and UA-cam was a Godsend. Comps in the area were selling for $350k-$500k. So, I made an offer for and paid $260K at 2.7%. Since then the house is estimated to be worth $410k. That’s assuming no repairs/renovations, and boy howdy, have I been doing those. I’m paying the minimums and recently got the PMI removed from the bill. I was thinking that if I could lock in a larger principle in at such a low interest rate, that could offset the loss in compounding growth in my Roth. I think I made the right choice, it felt impulsive but I have been following the housing market most of my adult life and had a sneaking suspicion that interest rates would never be that good again.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
I know this FA, Stephanie Janis Stiefel but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since l watched her interview on WSJ last month
@@MhadzVaiWell her name is 'Stephanie Janis Stiefel'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Same here, I got to know about Stephanie Janis Stiefel on here in 2020. Since then l've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.
Stephanie Janis Stiefel has really set the standard for others to follow, we love her here in Canada I*l as she has been really helpful and changed lots of life's
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 3500+ units. I do not work.
Honestly, I just contribute enough (5%) to get the company match. That's where my 401K involvement ends! The system's rigged to keep us working till we're old, but hey, at least the government can't get their hands on it... yet!
Did you completely liquidate your 401K and IRA accounts, withdrawing all the funds? If so, could you share the reasoning behind that decision? I'm curious to understand your thought process.
I don’t think 401 loans are universally bad, as long as it’s not a lot and you fully intend to pay it back. And it depends on the interest rate and length of the loan. And if the loan allows you to continue your 401k comtributions as is.
![How to Get a Developer Job - Even in This Economy [Full Course]](http://i.ytimg.com/vi/6nz8GXjxiHg/mqdefault.jpg)
I just turned 54 and awfully late to investing with barely any portfolio except my 401k. I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement. How do I best optimize my savings of over $ 200k.
Retirement is now more difficult than it was in the past, it’s all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Agreed, I’ve always delegated my excesses to an advisor, since suffering major portfolio loss early 2020 amidst Covid outbreak. I’m now semi-retired and only work 7.5 hours a week with barely 25% short of my $1m retirement goal after subsequent investments to date.
Thanks for sharing your experience! I’ve been managing my portfolio myself, but it’s not working out. Do you have any recommendations for a good investment advisor? I could really use some help.
My CFA, *Joseph Nick Cahill* is a renowned figure in his field. I recommend searching his name online; you’ll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
I appreciate the implementation of ideas and strategies that result to that sort of progress in the financial markets.
I’ve been listening to personal finance content like this since 2016. Rarely do I hear a new term or concept, but Brian sent me down a rabbit hole today when he dropped “per stirpes” casually at the beginning. You can always learn more!
I sure don’t want anyone to kick my “assets” out! 😂😂😂 I definitely LOL’d on that one! Great show! 😊
18:30 Timestamp.
I love TMGS because of these. 😂
@@rr.2194 right!?! 🤣
@@VanGoghGlobetrotter Potential shirt quote. lol
@@rr.2194 yes! Or a new tumbler!
I've said it before, Brian is on a crazy train and you never know where he will end up! Bo and Rebie are just along for the ride. Best finance show on YT!
It is sooooo frustrating when you try to help people who won't help themselves! My cousin, borrowed from his 401k and replaced it later. BUT, because he did it once, he now keeps thinking of it as an option. And i kept telling him to stop thinking of that as an option! Never touch it again. But... it's gone now. It's sad and has created a little friction between us. It just sucks watching someone make a mistake and not being able to stop them.
Yea, i learned not to give people advice unless they ask for it
You can take the horse to the water, but you can't make it drink. Another saying is that a hard head makes a soft ass. I've been on both sides of those statements. Trying to get better myself.
Why does your cousin doing that affect you and cause friction..that’s on you
@WeBeatMedicare6969 Because he is family and I love and care for him 🤷 as for the friction, because I kept trying to explain to him to stop thinking of that as an option, and he would reply that it was what he had to do in the moment. I would then point out other options, and he said it is what it is. Which means he still thinks he did what he HAD to do, and will then do it again if the situation arises again. Which has led him to being almost 40 with no savings, no retirement and no home.
Did he maintain his 401k contributions during the loan? How much interest did he pay himself during the loan? How much money is that interest amount going to earn before he retires? Did he need to take the loan for real expenses or was it something he shouldn’t have taken a loan. Sorry, your advice may not be as rock solid as you think. It’s more complex, these two give advice for dummies and people who aren’t financially savvy. Not everyone is a dummy and you can sometimes make different choices when it makes sense. Very few absolutes in life.
One of the biggest mistakes I see is when people forget to diversify. I mean, they throw all their money into company stock or just stick to one fund. If something goes south, there goes your retirement.
Yeah, and another mistake is not rebalancing. I know people who set up their 401(k) years ago and haven’t touched it since. But markets change, and your portfolio should too
Not to mention cashing out early! I’ve seen people leave their jobs and just withdraw the money instead of rolling it over. Between the penalties and taxes, it’s like setting your retirement on fire
Oh, absolutely. And you know, I used to think I had a good handle on my 401(k) until I realized how much I was leaving on the table by not optimizing my investments.
I was just picking funds and hoping for the best. Then I got a free consultation from Joseph Nick Cahill, the CFP, and it really opened my eyes.
That’s interesting. I always thought it was safer to lean on bonds as you get older.
Very few people I work with even think about retirement. When I ask them about it they always have an excuse as to why they don’t contribute to the 401k.
I think that the worst mistakes you can make with a 401(k) plan are as follows:
1: Not Maximizing Your Employer Match
2: Early Withdrawal
3: Taking Out a 401(k) Loan
2 out of 3 ain’t bad, except here.
Another "worst" mistake is investing it poorly, as most 401k plans allow you to choose your investments up to a point. So, putting your entire retirement into a single stock is gamble, and win or lose that is a mistake.
@@DJ_Patentall three are bad
@@DJ_Patentwhy do you think 2 out 3 not bad?
@@chetanjilhewar1669I'd assume they are referring to theirself, as in they've either done 2/3 of these or avoided 2/3.
Your influence resonates globally! 🌏 - "Progress comes from continuously striving to be better."
I love Bo's beard. He is leveling up.
You're a true visionary! 🌌 - "The road to success and the road to failure are almost exactly the same."
We’ve been married 25 years. We married at 20 & 23 years old. I love my (small stone) ring even though due to our financial decisions could upgrade to a bigger ring. It reminds me how far we’ve come as a couple.
It’s Brian Preston the money guy 😊
A couple that my fiancé and I are friends with are in their 30s and drained their 401ks to pay off their house. Since then, they’ve built a new deck and continuously blow money on eating out. It doesn’t seem like investing is on their radar at all. We know it’s a massive mistake but they just don’t want to hear it. They have it all figured out of course. We’re around 8 years older.
Not the best move, but some people live their whole life without a paid-off home 🏡.
"one of your fiances??"
lol they are my fiancés and my friends. I guess there is a better way to say that haha
Bo is saving too much money on razors now.
I think there is merit in a weekly episode where y'all sit down with someone and go through their finances and the oop and see where they stand.
I'd certainly watch... Heck I'd like to be on that show
I always thought he was doing a duck. Transformers LOL.
Wow, 23 years old and financially responsible. That's so awesome!!!
Married 27 years. Year 25 my wedding diamond got sheared out of its setting at an airbnb. When I noticed after we left, it felt like I'd been punched in the stomach. Praise be to Him but the host found it at night in the driveway. 🙌 I still LOVE my wedding band. One of the last years brides were still picking yellow gold.
I'm so glad your stone was returned to you.❤️❤️ I've been married 31 years, and I still love my ring. It's a good thing, because my husband got extremely offended at the thought of me wanting to "upgrade." It wasn't my idea, but some friends were talking about upgrading theirs. He's very sentimental about things like that.❤
Totally got the MacGuyver reference, and I also watch a ton of Stargate and jump straight there when I think of MacGuyver!
Wait so you can park your funds in index funds within an HSA??
Yes! That’s one of the best parts of the HSA. It’s basically more retirement savings! My provider has a requirement that $1000 is kept in cash but the remaining part of the balance is invested.
I keep $2000 in "cash" in the account. The rest is tracking the S&P (Fidelity FXAIX)
HSAs are amazing and most people who have them criminally underutilize them.
I switched my insurance this year so I could begin contributing to an HSA. I have to keep $2k in cash but the remainder I’m investing in a target date fund that’d take me in my seventies… about when I figure I’d start needing the money.
I wish i had an HSA when i was young, definitely something younger people should consider since they are generally the most healthy. That might be the future for retirement health care.
Boiling For Soup 😂
I almost got a custodial roth at 14
Do you guys recommend converting a regular 401k to a Roth IRA in your 20’s and tax the tax hit now while you have a relatively low income/federal tax so those monies can grow and be distributed tax free in retirement or no?
Would it be considered a mistake if someone did not start a tax-free bucket at the start of career and poured everything to tax-deferred? Now, I am in messy middle (30’s) and above the 30% marginally tax rate. Is it too late to start a tax-free bucket and should I just wait until later to do Roth conversions?
I love McGyver!!! Stargate is awesome too! I have Richard Dean Anderson's autograph I love those shows so much. Signed a 35 year old.
I got a really late start because life got derailed for a while and it took time to reset. Fortunately my employer gives 4% flat and will match up to 6%. So effectively I'm getting 10% from them.
These last couple years I've been getting into a mutant mindset. I'm putting in another 22% myself to bring me up to 32% a month to 401k, on top of that, I'm maxing a Roth IRA and maxing my HSA. On top of that I'm putting 20% of each cheque away into HYSA. So I've gone from bare minimum match only to effectively having 63% of my salary being put into my future
Love the channel and thanks for all the great content! QUICK QUESTION: I an turning 50yo and now eligible to do catch up contributions. What is the best strategy for this? I'm still confused about the provision that it will need to be after-tax and how does increasing the bi-weekly contribution affect the employer match, knowing that I have already been maxing out on 401 contributions?
Can you someone let me know why Brian multiply someone NW time 14.25? I’ve never heard about that multiplication. Thanks!
The fact Brian has watched Star gate makes me trust him that much more
Stargate! Great series!
hoping to retire within 5 years(on or before 60). ive got a good portfolio, over 1.3 million inculding home value at 435k. so liquid (and about 200k in a 401k and less than 5k in iras). im thinkin within 5 years ill be over 1m liquid and ill feel more comfortable retiring at that point where rn i feel being att 850ish its not quite enough. also at tthat time i can explore my wifes SS benefits(lost her a year and a half or so ago) to help with my expenses.
This is 100% my favorite episode. "Kick your Assets"
I paused my 401K for 10 years. Inexcusable!
that patchy ginger beard beau is growing makes him look like he's turning in the wolfman
Thank your the Stargate reference. It don't get respect
My biggest mistake - not pulling my 401k investments OUT of a target date fund and putting them into an index fund such as FXAIX. I didn't figure out how to do this until last week (truthfully I just didn't try hard enough to figure it out). I probably missed out on tens of thousands of dollars over the past 8 years because these target date funds are very low performing compared to the S&P 500
My accounts don't allow for self-picking (and it would require much more fees than its worth), so I HAVE to buy their own versions. And In the end, I have to pick the one that most closely matches the SP500, which isn't close enough for my version.
Can a single member S Corp LLC max out Simple and SEP?
I’m transferring all my accounts to New discount broker so I could manage myself. But I’m already getting pressure from them to sign up for their services. I don’t want to pay anything especially under management. Do you guys agree with that?
"Kick your ass...ets out" 😂😂😂
How can I send a question to be answer?
One of the most briIIiant investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann on CNBC. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
Mind if I ask you recommend this particular professional you use their service? i need all the guidance I can get.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I dunno Julianne lost millions of clients money. Seems sketchy
Yeah these bot accounts seem to really be promoting scams.
All fees being equal, does the math work out that its equal to leave a 401k in a job you left thats no longer getting contributions, or would rolling it into your new 401k provide faster compounding accumulation?
As with most things in finance, it depends. The biggest thing to dig into is what the money in each fund is actually being invested into. If the previous employers funds are in a better investment keep it there, if you have better options with the new one roll it over. There's other things to consider of course but that's what I've personally done.
Do Roth if offered
Stargate Atlantis is amazing watched all of it
What if your employer does not match 401(k) at all is it better to prioritize Roth IRA and then would 401(k) be the next step for extra investment or taxable brokerage account?
Roth IRA would be better than 401k if no match- you have more control over that account. 401k before taxable brokerage.
@@thomaslunden awesome thanks makes sense, I’m guessing 401k to avoid taxes as much as possible before opening a taxable account off individual stocks/etf
Does the plan allow for Roth 401k contributions? In this case, that would probably be the best option. You can put much more into a 401k than an IRA.
@jasonxwasxhere exactly. You will ultimately want assets in a taxable brokerage account if you're planning on retiring early, since you can't generally access retirement accounts penalty- and tax-free before 59.5 (or maybe 55), but it's better to worry about that later so you get tax-advantaged and tax-free growth earlier to maximize compounding potential.
Follow the FOO- save up highest deductible amount in cash (prevents landing in a ditch if an emergency happens), maximize 401(k) match (if offered, which you said yours doesn't), pay off high-interest debt (credit cards, personal loans, auto loans), save up 3-6 months of expenses in a high-yield savings account, then (in order, as eligible) HSA and Roth IRA, then Roth 401(k).
Roth 401(k)s have higher contribution limits than Roth IRAs, as another commenter said, but it's usually better to max out Roth IRA before going to the Roth 401(k) because again, you have more control over the Roth IRA. If you max out the Roth IRA, and max out the HSA or are not eligible, then go back to the Roth 401(k) if offered by your employer.
Obviously everyone's situation is different, but usually not actually that different. This process works for most people and if your situation is complicated, consult a pro.
Generally, match beats Roth beats traditional.
@@thomaslunden thank you man , I really appreciate this level of detail and insight . Great knowledge and advice 🙏🏼
We used to be financial mutants, but then we started having kids 😅. We have 240K invested at 32 y/o, but ever since having our 3 kids my wife stopped working and we have only been able to do 15% into my 401K and $100 per paycheck into HSA. We started investing early and a much higher savings rate in our 20s, but I feel like we’ve been breaking all the rules in the messy middle. Is anyone else there with me? or is it all DINKS, dual income parents, super high earners, in here haha.
Similar here. Five kids, 38 with 311k. One income. The fact that you already have 240 at 32 means you're ahead of the game. You'll still end up with millions.
Using a retirement calculator online will help you feel better.
MacGyver replacement could be Sherlock Holmes!
MacGyver! Stargate!
Darn good shows
Worst mistake -NBB…never be buying
You’re gonna give some 34 year with 5M a free tumbler??…pffft
Ironman/tony stark is your replacement for MacGyver
I grew up idolizing MacGyver!
I may not be here in 30 years. I’ll enjoy my retirement now
Yall are about to start competing with Ramit’s money for couples show with that new set huh. That’s what I’m hoping for now!
Stargate forever!!❤
Oh man, I've never, ever upgrading my wedding ring. Not only does it have sentimental value to me, but it doesn't make sense financially with the upfront cost and monthly upcharge to insure it.
Has boiling for soup figured out yet who the lucky bride will be?
I live over a bank. My assets over a million dollars.
I took a risk in 2020 and bought a house. I almost halved my Roth 401k to do it, but hear me out.
So, with $24k in my Roth I took out 10K for a 5% down payment of $3k and still have some cash in savings.
The 1979 built I bought house was in heavy disrepair, but I’m handy. My dad taught me basic home repair/carpentry and UA-cam was a Godsend. Comps in the area were selling for $350k-$500k. So, I made an offer for and paid $260K at 2.7%. Since then the house is estimated to be worth $410k. That’s assuming no repairs/renovations, and boy howdy, have I been doing those. I’m paying the minimums and recently got the PMI removed from the bill.
I was thinking that if I could lock in a larger principle in at such a low interest rate, that could offset the loss in compounding growth in my Roth.
I think I made the right choice, it felt impulsive but I have been following the housing market most of my adult life and had a sneaking suspicion that interest rates would never be that good again.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Miller.
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
20:00 How many times can I convert my IRA to Roth IRA?
As many times as it takes to convert the entire thing.
McGruber
Hate it when they Kick your Ass ets out 😂😂😂
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
I know this FA, Stephanie Janis Stiefel
but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since l watched her interview on WSJ last month
@@MhadzVaiWell her name is 'Stephanie Janis Stiefel'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Same here, I got to know about Stephanie Janis Stiefel on here in 2020.
Since then l've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.
Stephanie Janis Stiefel has really set the standard for others to follow, we love her here in Canada I*l as she has been really helpful and changed lots of life's
The very first time we tried, we invested $7000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
How could I get a SIGNED copy of Brian's book for a birthday 🎂 🥳 gift 🎁 in the next three weeks...??? 🤔
You are so beautiful 😍 😊
Best way is to purchase the book and stop by their office in Franklin, TN.
Well, I live in Michigan, and I need it shipped to my daughter in California, so....
MacGyver = The Mythbusters
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 3500+ units. I do not work.
Honestly, I just contribute enough (5%) to get the company match. That's where my 401K involvement ends! The system's rigged to keep us working till we're old, but hey, at least the government can't get their hands on it... yet!
Did you completely liquidate your 401K and IRA accounts, withdrawing all the funds? If so, could you share the reasoning behind that decision? I'm curious to understand your thought process.
I don’t think 401 loans are universally bad, as long as it’s not a lot and you fully intend to pay it back. And it depends on the interest rate and length of the loan. And if the loan allows you to continue your 401k comtributions as is.
Can we get a “out in the wings” remix?
Make sure you know what to do with your asssssssets! 😅
35:50 new MacGyver? What about IronMan?
Im glad someone brought up the iron man 1 cave, cuz i was gonna comment the line "tony stark made this in a cave! With a bunch of scraps!"
Tony stark made the first iron man suit in a cave with scrap metal tho
R E B E ❤
: )
“Like” for the “kick your assets out”
common mistake is when people withdraw from their 401k and have to pay heavy fees
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Be quiet I am watching you 😊