How to Use a 401K Properly to Retire Faster (Do This Now!)
Вставка
- Опубліковано 24 чер 2024
- Join our EXCLUSIVE Investing Community: clearvalueinvesting.com/
GET 3 FREE STOCKS when you open up a stock account here: a.webull.com/i/ClearValueTax
Join this channel to support us by being a member:
/ @clearvaluetax9382
The best way to support our channel is to share this video on your social media to spread awareness. We appreciate the support!
This is our TurboTax Link for your tax preparation needs:
www.anrdoezrs.net/click-10015...
ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
This post may contain affiliate links that at no additional cost to you, I may earn a small commission. Thank you for your support!
Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!
We did an analysis to compare the 401K vs Roth IRA: ua-cam.com/video/vF069x27pGY/v-deo.html
How schwab founded
Thank you need help
I’m 61
Thank you for the link!
My portfolio does not just cater for dividend stock, I hold $VFIAX in my Roth IRA and $VTI ( total stock market ETF) in my taxable brokerage account, two of my largest holdings. The individual dividend stock position all compliments the index holdings.
Diversifying with $VFIAX and $VTI is smart investment. It is financial independence not dependence, it truely empowers.
Diversifying portfolio can be challenging without the right guidance. If you lack market knowledge, your best bet is to seek the expertise of an investment coach. That is how I have managed to stay afloat in the market, increaseing my portfolio over 60% in the beginning of the year. It is the best way to start up investment in my opinion.
Please who is guiding you ??
@@OliviaParker-rx3ni
Jason Herman Pierce is the licensed fiduciary i am working with. His cutting edge financial strategies is top notch.
How I reach him??
I’m 29.
Been contributing 10% of my checks to 401k since I was 18 years old.
The company I work for matches 4.5%
All I can say that I’m proud of my self.
Keep increasing that amount each year. You'll be multimillionaire when you are age 65.
We are proud of you. Great job at 18. That’s amazing.
I don’t even know you and I am proud of you.
@@sunnyd4734Not true. After taxes no.
Great 👍..Don't expect Uncle sam to take care of the Old You... The young you will take care of the Old you....Keep going 💪
Well, if you're in your 20s and looking at this topic , you're probably already on the correct financial path.
And if you're in your 50's?
No hope @@duanen2337
@@duanen2337there is still time
@@duanen2337regardless of age it is sage advice, especially if you started in your 20's and you're 50-60 now
@@duanen2337you’re probably working until you die and should develop solid coping mechanisms
Just turned 40 and regret not putting more into my 401k in my 20s
I didn't begin until I was 35 and didn't get serious until my 50s. But I'm making up for lost time.
Just wondering, I'm currently investing 6% in my 401k and 2% in my Roth. I just got 3 raises in the last year. How much you believe I should be investing? I'm 32. I started when I was 26
Me toooo. I’ve always contributed to but never made sure I max it every year. I also slept on HSA. I’m 41 now so making sure I max all three as soon as I can every year, then dump all extras in brokerage. Hopefully this hyper accumulation can make up for a little bit of lost time.
@HemiLyfestyle , 15 %. Of your income.
@@HemiLyfestylethrow all raises in your investments, start with Roth IRA first after maxing match in 401k. Live on your income before all raises/bonuses, rest in investments.
I’m 29 and barely learning how to properly use my 401k. I’m proud of yall who did it since the beginning. Now it’s my turn
Take the free money early and often. Put it in s&p 500 index and forget about it.
I started contributing to my 401k at 30. Will be 32 this year. I’m fortunate enough to be able to contribute 20% of my paycheck each pay day with an employer match of max 6% of my yearly annual income. I have it set to one of those retirement date funds where it spreads it out for you based on your age. Maybe not the best but I’m not an expert at picking funds. I do wish I started in my twenties even if it was just $100. If you’re reading this and in your twenties start now. Your older self will thank you. PLEASE.
You’re saving my tons of financial advisors money straight from my pocket and i’m really blessed to live in these worlds where peoples like you still trying their best to help peoples in the most complicated topic in the world “managing money”
Early retirees at 52 and 55.
Maxed out pre-tax 401k for years. No match.
Keeping lifestyle creep in check is critical to be able to max out your investments.
We retired using the rule of 55.
Continue educating yourself to maximize your savings and investments.
Anyone can do it. We are just ordinary, everyday people.
Oh don’t worry, nobody thought you were extraordinary commenting on youtube 😆
@bb-1359 my point was anyone can do it. Maybe even you 😉
I hope your life improves and you find happiness. 🙏💛@@bb-1359
@@rhondavigil795 My point was nobody was impressed 😀
I’m impressed
As always, thank you so much Brian
I'm very fortunate to work for a company that actually cares about our financial future.... our owner's philosophy is that when you walk out the door, he wants you to do so as a millionaire. Not only does he match 100% up to 6%, as an incentive, he also has a progressive scale of profit sharing... the more you contribute above the match, the greater the additional amount he will contribute annually, plus the financial institution's money managers are available to us for answering questions with no additional charge to our accounts.
Nice! Are you guys hiring?!
Wow that's amazing! Bless him.
It it really awesome that your talk is printing on the screen at the same time. Very helpful
Thank you Brian, you are such a blessing to many!!!
I am 38 and this is 100% great financial advice, I am regretful for not being effective with my retirement savings but am working to correct this. This is an amazing channel and I fully support listening to this and all the great advice on many topics covered on this channel!
Will be turning 33 soon. And iv recently started 401k last year maxing out company max. Now i understand that alot of people dont do it sooner, because like me in my 20s i didnt have extra to put aside. But whenever you can, do it. This isnt to say live for your retirement. But it is nice to have somthing to fall back on in your later years
I didn’t start till I was 33 and I’m 43 now keep adding 1% a year till you get to 20% you will not regret it
Couldn't get any clearer than that! Thank you Brian!
I Always praise the day I subscribed to your channel. Thanks you
Thank you for all the support! I appreciate it so much!
🙌🏽….Thank you. I need this information. I appreciate you so much.
I hope this helps Kristy!
Great content, very simple and quick
Gen Z listen up. Start as early as possible with your first job. Even if it’s just a small amount, COMPOUND INTEREST will help you in the long run. When you’re older, you’re gonna start seeing all your friends dumping as much money as possible into their 401k to catch up so they have some retirement. Meanwhile, you’re not going to have to do that as long as you have consistency starting from a young age
Yes.
22 year old here - loud and clear ☺️
Young people can't even afford to house themselves, how are they going to save. I don't think the dollar has much time left.
@@scoutdixie4412 I did it and I live in Southern California, which is hard mode for a young guy that doesn’t come from money. I hate to say it, but if it’s unaffordable where you live like me, you’re going to have to downsize the lifestyle you want. No lifted trucks/luxury vehicles, no eating out all the time, no random trips out of the country. You gotta live cheaply. Times are hard, I get it. But you gotta put some money away while you work your way up to a higher income.
The value of the dollar is decreasing.I hope everyone knows that is true.
Brian, YOU are the best! Thank you!
Hey I really appreciated this video. I liked seeing it written out along with your voice. I really understood better!
Luv this guy. Provides matter-of-fact info. Follow him, it is great value.
This 💯 Thanks Brian
Happy Sunday Brian! ☀️🌺
Happy Sunday Rose Bloom!
@@clearvaluetax9382he didn’t get the memo. Bwahaha
@@clearvaluetax9382 Hey what's the best retirement plan for self employed individuals?
Excellent advice, which most unfortunately will not follow. Thanks, Brian!
great advice as always! Thanks Brian!
Thank you for being honest.
Another excellent update brother Kim. Keep up the good work!
Great content Brian! God Bless!
This video is GOLD! Thanks Brian ❤
Thank you for telling us what you would do. This is very helpful
So wish i had your videos in my 20s man. Glad to have them now
Very helpful. Cleared most of my doubts around 401K. Thank you so much.
I’m glad you found it helpful! Thank you for the support!
Grateful to know this now and better late than never. I will teach my kids these things that I neglected to learn myself earlier in life.
Always the mist informative info. Thank you
Great video, I’m 29 I got 160K in my 401K
Here you go pal 🍪
Keep it going. 💯
That's amazing, keep going!
@@0_1_2your envy is showing. Just because you make bad decisions in life doesn’t mean you need to break others down.
Only 160k? Lame
Very concise and informative!! Thank you for your videos
Thanks Brian
Happy Sunday Qdood!
If you have Roth 401k option, seriously consider it. I max out my 23k annual contribution as Roth contributions for tax free money in retirement. I've been in 100% stock the past 19 years and it's really paid off (S&P 500 index and some mid cap dividend staple funds). On target to hit 1M in 401k by my mid 40's
I do a little of both Roth and traditional & hubby does all traditional …trying to keep our income down so we don’t lose out on Roth IRA eligibility.
it depends on your tax bracket. If you are in high marginal tax bracket right now, roth 401k will be a bad option. There is no way you will be in 22% marginal tax bracket in retirement if you are in correct financial path.
I thought the cap on the Roth was around $7000? My company just started offering a Roth for my 457K.
Depends on your tax bracket. Roth 401k isnt best option for everyone
I lost a lot in 2008, I don't think I have fully recovered. Be careful a crush is coming.
The best advice for all generations! 🎉
All I can say is I am so grateful for people like you,
your videos are so amazing and informative!!
Thank you for your help
My pleasure David, thank you for the support!
Very informative! Thanks!
Great explanations, it’s shocking how many people aren’t aware of these things
Simple and honest. I appreciate that!
Thank you for your help.
I worked for 16yrs. with the major airline & left to take care of my 2children & my 401K has been growing.
No loans, no withdrawals, make certain you receive the full benefit of the employer match through December 31 each year, max out contributions each year, 402(g) limit and catch-up contributions, max out After-tax contributions if your employer offers After-Tax. Focus on Index funds for the low expense ratio and stay away from the boring bond funds.
Great sound advice!!
Great advice. I appreciate you looking out for the little guy while the big guys are busy trying to pilfer the little guy's wealth.
Gamsahabnida! Thank you, another good one!
thank you Sir Brian!
Thank you for your videos.
Great information
Thank you for help full information
Excellent video and right on. Don’t listen to the hype about future returns will not repeat the past-the same concerns were there when I was 22-now I am 55 and thankful I under-lived my means and saved. It was worth not driving the shiny new car.
Awesome info 👍👍
Awesome content dude! Please keep putting more information ❤
Thank you Eddy!
Thanks, brother!
Thanks Brian!
You bet! Thank you for all the support!
I started in my late 20’s and regret not starting much earlier. There’s always extra money to put aside even if it’s 1-3%. Start early and you won’t regret it.
Thank you! Just subscribed to your channel.
Thanks Brian 😊 😊
Thank for the info
We chose option 4 in order to get out of credit card debt. Credit card debt is a hard less to learn about interest rate, but a great motivator to be more financially responsible. The gains i was making off of retirement was being over shadow by the interest of credit card debt.
Thank you for being simple and straightforward. Great video on taking advantage of employers matching. I'm 55, got +$700k invested in my 401k, I started saving in my mid 20s. Yes, it can be done! Looking forward to doubling in 7 to 8 years from the compounding rule of 72. Please budget early and pay yourself first. Good luck!
Excellent information presented well. Oh my, yes, watch the fees!
Great Content
The GOAT of financial advice.
You are my financial advisor thanks so much
Great topic and video
Ecelente🎉 thanks for this info
This is an eye opener, and having a retirement plan for yourself is the best step to take knowing that after your working days you will need something to depend on.
Great video very informative
Awesome!!
Thanks
Thank you!!!!
You are an amazing person!
Thank you 🙏🙏🙏
I forwarded this to my son even though he's a few years away from retirement.
I was lucky in that my credit union offered a financial advisor. He gave me the best advice and convinced me I was working for no reason at the time. In fact, I should've retired three years earlier! I've been retired for 17 years now.
great advice!
I'm 34 this year. I absolutely advise starting as early as possible. Never underestimate the power of compounding interest.
Great advice using you contribution rate each year.
🎉🤩very well explained 💯‼️
In the last 4 years we have gone through our 491k's and savings. This is really sweet of you. My kids both work and are in there 30's and they work full time, They can barely afford rent..js
Thank you!
very well said! and yes, starting your investments in your 20's is absolutely the fastest way to financial independence.
Thank you so much
good info!
The breakdown on the various 401k transfer options helped a lot! Currently looking to switch jobs and was curious if it makes that much of a difference
You are 100% right Brain the sooner the better
Thx for the advice! I been working for the same company with a 7 percent match since i was 19 yrs old. Today im putting 15 percent of what i make weekly. Gotta save ppl. Im 36 yrs old now and i gotta say, best decision ever
Thank you.
Thank you for all the support CG!
Thanks Brian. I will rely on social securities and medicaid when I retire 😊
Brian please discuss physical gold and silver and why or why you should own them
Im 28. Hust got it going. And fees error is true tha ms for being transparent and helpful.
100% agree on the stereotypical financial advisor questions being STUPID.
I had the same reactions when they asked me those questions. Like dude, I’m just trying to grow my money and not lose it like everybody else.
Up to the company match...free 💰