Are 401Ks Just a Retirement Scam For The Financially Lazy?
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- Опубліковано 11 лип 2024
- In this BetterWealth Clip, I speak with the entrepreneur and owner of
Cash Flow Architects, Matt Love about the controversial world of 401ks. Popular influencers like Kris Krohn believe them to be a conspiracy that hurts your retirement and wealth-building potential.
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0:00 - Intro
1:13 - Kris krohn Hates 401K's
1:35 - What are the Pro & Cons of s 401k
9:01 - Alternatives for the 401k
13:29 - Caleb Disagrees With Matt
17:29 - The Future of BetterWealth
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*This video is for entertainment purposes only and is not financial or legal advice.
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I just started watching and I’m betting they’re selling life insurance or annuities. Calling it.
🤔😂😂😂
@@633ohioclol whole life
Funny story. I was at a restaurant that had a mandatory 10% service fee that said it paid benefits including 401K. I asked the waiter about the 401k and he responds " there's no matching offered. They have crappy investment options and I'm already in the lowest tax bracket so you do the math"
Roth IRA, HSA,post tax account, learn to manage your own finances and hire a financial adviser on an as needed basis. Retire early.
They could always roll over into a flat fee Self-directed IRA then go purchase low-cost ETFs or anything not prohibited by the IRS. Typically these flat fee self-directed IRAs are only a few hundred dollars per account per year. Not bad.
ROTH 401k and ROTH IRA pay the taxes today and enjoy tax free income in retirement. 😎
People will not save a dime, live out of their means and then complain that the system is set up for failure. It’s easy to play the blame game.
My 401k and the rule of 55 allowed me to retire early at 55 1/2 years old after working at my employer for 26 years. I love my 401k.
What is your take home after taxes?!
There’s plenty of good 401k options with very very low fees
Caleb, totally agree with your take on 401ks. They aren’t evil - they are A tool in the tool box. As are all stock market investment vehicles.
Even active successful entrepreneurs should probably have a portion of their portfolio diversified into assets that aren’t reliant on themselves. Not only can the businesses we rely on be cyclical in nature, but there is a possibility that we may at some point make a very bad business call. Diversification keeps one from ruin.
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Hello Caleb, and everyone here, I have a potential Whole Life client that is 62 has 1.7 million in a 401K, he has no debts, no liabilities, he paid off his home and has plenty of cash . He took out a loan from his 40lk years ago but it is my understanding he paid it back. He wishes to withdraw from his 40lK before he turns 72 with the least tax burden. How should he move forward . Any information is welcome. Thank you in advance.
Not following the 1% for the financial advisor if it is a company sponsored 401K; there is no financial advisor or advisor fee. And, my 401K is a Roth.
Great information. Not a fan of the 401(k)
No
Sergey Brin's family came here to be in a profession of their choice. American freedoms need to be shouted! We got that choice correct to protect our freedoms in USA!
"Full of it" invitee making generalizations. A bullshido master. He seems not know Calebs content
insurance salesmen?
100,000 Liquidity Inflation like...😋
This is exactly what I help people realize! Great content! Gotta educate people!
so BS. You think you control real estate or anything else? Govt can take away like a snap. Even gold, they can ban gold owning and take it away. Bad 401ks are bad - but good ones are great
Bitcoin perfect alternative
This discussion is a complete joke. I just came across this channel while watching this video and to any followers, do yourself a favor and un-subscribe immediately. Click bait title and didn't explain how its a scam (because its not). Only talked about how there's "better alternatives" and basically saying that the only way to invest (and live your life) is to be an entrepreneur. What terrible advice, you think everyone should quit their W2 and start a business? This way of thinking is dangerous and they are hunting for your money by using their "services". Did he seriously compare life insurance to a high yield savings account? Fully showed his true colors as a spineless life insurance salesman. To anyone reading this, please educate yourself on personal finance by reading multiple books on investing, and stop watching this joke of a podcast.
Taxes will eat 401k
Only if you take huge withdrawals during retirement. Many people (those that live paycheck to paycheck) don't save enough in their 401k to create a significant tax issue in retirement. But at least they have something. Their 401k is just a supplement to their social security.
That’s why Roth 401ks are a thing if you fear future tax implications
I think there’s going to be fundamental changes about 401k rules and fees that will sack funds from those who saved all their lives. The new diversification is growing your own investment funds outside of 401k. Take the employer match, for certain, but limit it to that and save the other amounts in personal Roth IRA and individual investment accounts.
@@moonlit85 yeah, income and debt can hold people back. I think the key is to follow richest man in Babylon rules about paying yourself first then figuring out the leftovers to configure a budget. Sticking to that formula puts a person into the 5% who will achieve financial freedom within their life (barring any catastrophic events that wipe them out)