Is A 401(k) Really A Good Retirement Plan?
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- Опубліковано 5 тра 2020
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What if there is no smart vestor Pro in your area is there a way to call them or chat online
One thing I learned is that giving up is never an option, the mistakes I made took me to where I am today. I never thought that trading forex from the comfort of my home could solve and satisfy me financially, but I given all the credit to @carlos_1uptrades on instergram who helped me changed my life Through forex trading
A lot of people are not financially stable this period and it's not easy, I always advise people, don't just waste your stimulus checks or salary, invest it in something that will yield more, even if it is a part of it. We can't keep relying on a paycheck that is already half-spent before we even receive it, there are investment opportunities that have helped a lot of people especially in the financial market. Having different streams of income is essential in this pandemic, especially now most of us have to earn and work from home. I've made impressive progress so far this year and it has helped me sort out a lot of bills and I do that through a registered investment company. You can get in touch with the manager via Instagram @nicholas__fxtrade he will guide you properly.
Hey Guys! Had a lot of messages over the past 1 months regarding starting out in Trading ,Where to start, who to learn from,what to do, what to avoid, amongst many other similar questions.I definitely know the struggle trying to figure out where to start. I work with Mr Nicholas Myron who has taught me how to capitalize on the stock market trends and his trading signals and strategies have actually proven to bring out best results with his knowledge and experience from stock trading, I'm always grateful because it has actually been helpful to me financially. Mr. Nicholas. who help me in the trading with his winning streak strategies. Reach him via ,Instagram @nicholas__fxtrade he also gives the best advice on anything concerning trading.
How much is charged for this service?
I just turned 41 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, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.
After becoming disabled due to an accident, I gained this knowledge. I sought assistance from a financial planner who crafted a plan for me to sustain myself through dividends from my investments. Apart from the disability check, I generate sufficient income from home, allowing me to live comfortably with her support.
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
*Jennifer Leigh Hickman* is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
A minimum of 10%of your income can generate a greater value depending on your age and salary level you just need to calculate it so you can see the difference
One may ask how can I even calculate this to get to the exact interest level I actually was at that same state but thanks to a Bianca Harley Doran a professional who guided me through the process
I was very fortunate to take the same process and after my plan was completed I was satisfied with the interest flow I got it is a good trial
Sincerely if one can even increase the percentage is still for the best .my percentage as at that time was 30% I was so pleased because I had listened to Bianca Harley Doran,she is actually doing a very good job. currently the Interest is still paying .
Retirement plan is a vital thing and should as well be taken into much consideration,this is a wow
Wow thanks so much for this good news and referrals I will contact her @Bianca Harley Doran for more explanation.
You can start at any time, but it works best if you factor it into your financial planning as early as possible.
That’s the best way to ensure a safe, secure and fun retirement.
It is never too early or too late to start retirement planning.
The fun part is why it makes sense to pay attention to the serious and perhaps boring part.
Take the chance to invest in a 401(k) or similar account if your employer offers that option.
Remember, if the company offers an employer match and you don't sign up, you're just giving away free money.
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.
that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. I retired with about $650k in my 401k.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
I completely agree; I am 66 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, i didn't achieve all this on my own, i did it with the help of a Financial advisor. Just do your due diligence to identify a fiduciary one and the rest is history
this is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
Do your due diligence, and be on the lookout for one with strategies to help your portfolio maintain an unwavering and progressive growth. " Marisol cordova * is responsible for my portfolio success, and I believe she has the qualifications & expertise to meet your goals.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing
I am currently working abroad, but I will be returning to my home country in the near future. I am a landlord. I invested in a property at the age of 22. The value has skyrocketed and is being rented. I will live off the rental income I receive and live with my elderly parents for the time being. At 60 I can withdraw from my retirement (401(k)). Have savings and be eligible for an Australian pension at age 63. In the future, I may downsize, sell the property and buy a cheaper property and add the money left over from the sale to savings. Lots of options for me. The way I see it, if you have a million dollars at any point, it would be enough to build a portfolio that would pay you between 50,000 and 70,000 in dividend income.
I've been saying the same thing for years as you get older time gains value and money loses value. I retired at 62 and moved to the Philippines after recovering from a workplace injury. No stress, no rent/mortgage/debt, it's cheap to live here, eat healthier and the wife here treats me like gold. It's not just about saving. To optimize financial results, individuals may seek the guidance of a qualified financial advisor who can provide personalized advice and strategies to minimize expenses and maximize income.
@@Americanpatriot723 I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@Ammo-Hoarder This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
@@Ammo-Hoarder This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
As a soon retiree, keeping my 401k on course is my top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner or be working with one
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
Who is the coach that provides guidance for you? I urgently require assistance; my stock portfolio is stagnating, and I need investment advice for retirement.
*Natalie Marie Gentry* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@cloudyblaze7916 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
No, I don't even work with firms. I don't trust them. I work with "Sharon Louise Count." She's an independent investor, and she's been really spectacular.
@@cloudyblaze7916 Thank you for this information. I kinda have an existing portfolio I want to transfer, and I want to build a portfolio for my wife. Do you suppose she offers that service?
Dave Ramsey's insights have been a game-changer for me! His practical approach to financial management has empowered me to take control of my money and work towards a debt-free life. The Total Money Makeover is my go-to guide, and I appreciate how he breaks down complex concepts into easy-to-follow steps
I am in my mid 40s, haven't begun my retirement plan and want my financial portfolio to be set to where I no longer have to worry about having enough financially. I am looking for your help please.
You don't really need much help, all you need is the assistance of a financial advisor.
@@arthurhughes6232 I totally agree with you. Get yourself a good financial manager and that is it, you are good to go.
If you are looking to begin your retirement, we have the best recommendation for you. Same one we used in setting up our retirement account.
Regarding my first comment, I am really looking for the best help I can get, and the best recommendation will be best for me.
I recommend my financial portfolio manager to you.
Saving typically results in you earning a lower return but with virtually no risk. In contrast, investing allows you the opportunity to earn a higher return, but you take on the risk of loss in order to do so. Not reaching a million before retirement feels like an unfulfilled retirement.
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner..|
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses..
"It's quite a surprise that you're acquainted with her as well. I've had the privilege of gaining significant profits while learning and investing under her guidance for the past few months. JENNY PAMOGAS CANAYA truly stands out as one of the most exceptional mentors and traders I've had the pleasure of collaborating with in recent years. Her expertise in navigating various market situations is truly remarkable."
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
@@JerryDavis-gu6ww What did you invest in? Who is the advisor that guides you? more info on this if you don't mind.
@@JerryDavis-gu6ww Thanks for this. Found her and looked through her credentials before contacting her. Once again many thanks.
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Market declines, soaring inflation, a significant increase in interest rates by the Fed, and rising Treasury yields all point to additional losses for portfolios this quarter. How can I profit from the present market turbulence? I'm still debating whether to sell my $125k ETF/Growth Stock portfolio.
Concentrate on two main objectives. First, keep yourself safe by knowing when to sell stocks in order to limit losses and maximize gains. Second, get ready to benefit from market changes. I advise consulting a coach or other professional for advice.
@@geraldantonio3160 Yes, I have been in touch with a coach ever since the outbreak. Today, investing in hot stocks is quite easy; the difficult part is deciding when to buy and sell. With an initial starting reserve of $80k, my adviser chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
@@patriciamartin10 Stacie Kristal Weber, my financial advisor, is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field.
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
As for whether now is a good time to buy stocks or wait for a crash, it's important to remember that trying to time the market can be quite challenging. Instead of trying to predict market movements, consider focusing on a long-term investment strategy that meets your financial goals and risk tolerance. The dollar-cost averaging method, which involves investing a fixed amount of money on a regular basis, can also help mitigate the effects of market volatility. Ultimately, the decision to purchase stocks should be based on your personal financial situation and long-term investment plan
Never buy at the top
They need to teach this stuff in high school. People don’t know how to manage money and that knowledge should be sacred. It’s not because we live in a classist society.
They intentionally don’t teach it, otherwise nobody works at McDonald’s or Walmart
It depends on where you go to school.
Many years ago the school district I attended actually taught a course they called civics. It included this.
@@sowhat6025 Umm...don't be stupid. You make it sound as if it is a conspiracy to keep people unaware....
Nothing is stopping parents from being parents and raising their own kids.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my 1m portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my money goals?
remember you are in for the long haul, keep contributing! however I'd consider financial advisory at this point of economic uncertainty
Generally speaking, a good number of people discredit the effectiveness of financial advisors in planning for retirement, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
great gains there! mind sharing details of your advisor pleas? i've started gaining more cash flow with my employer and looking at putting money into stocks and alternative assets other 401k's that can help build wealth over time
She goes by ‘’Jessica Annabelle Rupp’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Come on man, you can’t be this dumb if you’re already saving this well… If your portfolio tanks completely enough for over 5ish years causing your retirement to completely be derailed then SHTF and we got bigger issues. You’re gonna be okay just keep them contribs going.
If your work doesn't match your 401k, open an IRA and give yourself better options. A 401k usually has limited options. The match is what makes it better.
I agree, match was fantastic for me.
IRA has a low annual limit though. Not that you shouldn’t have one but you won’t end up with more than like $1M which will probably just be like a nice house and some walking around money one day
The match is free money
@@FallicIdol Unless there's a vesting schedule. Then there's an opportunity cost with that money.
@WorldFlex 401K offers tax advantages with higher limits
Before I retired, my 401k had a match and a Roth option. That was a good investment for me. I also maxed out my regular Roth and I’m happy with that investment too.
That is great! However, I advise people never to forget the diversification principle, make sure to diversify your investments so that when another is down, the other will be up. You can do so by getting an experienced specialist whose platform has diverse investment choices to choose from. By doing this, you give little room for regrets and perhaps gain more.
@frederick higson Funny enough, I can honestly relate. I don't know if I am permitted to drop this here, but do run a check on Sandra Yvonne Webster or Sandra .Y. Webster Finance. Was in the news alot in 2020.
@@kathleenstoner.n7499 Too bad most people don't follow the diversification principle, the reason why they easily get tense when there is volatility.
@@kathleenstoner.n7499omg PLEASE help me I will give you anything what do you want my bank info? Email and password? 😂😂😂😂😂😂
@@kathleenstoner.n7499 Right... I hope you know Christ too because it's coming
If you don’t want to give a pension, the least you can do is match 401k contributions.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Hope you don't mind if I ask you to recommend this particular professional you use their service?
Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
How to retire by 40. Step One: Get a high income skill that pays according to your skills not per hour. Step Two: Cut your expenses and live below your means. Step Three: Save and invest most of your money. Shoot for saving 20-50% of your income if possible. But if you can only do 10% then do that. Step Four: Grow your knowledge so that you can do better in personal finance and investing.Step five:Get a Financial advisor(obviously) Step six: Let time work for you. Start as early as possible, every year makes a huge difference. "The best time to start investing is yesterday, the second best is today."
impressive. I myself am pretty much focused on building my dividend portfolio.. it's pretty slow but i'm in for the ride!!
I took a trade this morning and I literally said "this is not trading like a spoiled brat lol
hi i'm new to this please any advice for a retiree who would like to make huge ROI from a business?
@@robertthurmond8161 well i have two advices1) Read The Millionaire Next Door byThomas J Stephen. 2) Use a professional investment strategist/ Financial adviser. you can use mine i found her on a webinar on the F.I.R.E movement, you can look her up, her name is Lucy Maria Koss
Marry me?
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
Remember that investing in the stock market carries risks, and it’s important to do your own research and consult with a financial advisor before making any investment decisions.
With the help of an investing advisor, I diversified my $400K portfolio across markets, and I was able to earn over $900k in net profit from high dividend yielding equities, ETFs, and bonds.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
My consultant is *Sharon Louise Count* She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
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.
Nothing wrong with putting your money in an S&P 500 index fund in your 401k
That's what I switched to and feel it provides a better rate of return than 95% of the other options available, no guesswork or knowing the future is required.
Yeah no reason to look for anything else from a 401k
Dave pushes mutual funds hard because he makes money from referrals
" don't look for the needle in the haystack... Buy the entire haystack "- jack bogle
Most people spend more time planning their vacations than they do planning and understanding their finances. This guy if most people.
I've been keeping a substantial amount of my savings in cash. It feels safe, but I wonder if it's the right approach for retirement. I want to invest roughly $400K in stocks since I've heard that even in challenging times, investors may turn a profit. I’m not sure where to go from here.
It’s amazing you were able to save that much during your active years. Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Christine Ann Podgorny is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I select mutual funds that are indexed (low turnover, low fees, and usually beat 'actively managed' funds)
and also REAL ESTATE investment if the 401k offers it. They do really well, mostly. Just need to check their history of returns as with anything.
Dave thanks for explaining what I’m looking for in my “cookie jar”, makes total sense. God bless the work u do
A NICE VIDEO, EVERYONE NEEDS MORE THAN THEIR BASIC INCOME TO BE FINANCIALLY SECURED. THE BEST THING TO DO WITH YOUR MONEY IS TO INVEST IT BECAUSE MONEY LEFT IN THE BANK ALWAYS END UP BEEN USED ONE WAY OR THE OTHER WITH NO RETURNS. I USED TO BE A VICTIM OF SUCH, NOT ANYMORE. I INVESTED AND MAKE STEADY PROFITS.
The pandemic has taught everyone the importance of having multiple stream of income, unfortunately having a nice paying job doesn't mean you are financial free or secured.
Investment is that tiny line that separates the rich from the poor. The wise from others. I can proudly say I am wise man today because I can provide for my family through my investments.
Ever since I stopped working with my former employer, I have been surviving through my investment with Joanna, am so glad I invested when I did, months ago I was able to raise money to start up my own firm.
Came looking for financial wisdom. Left with a craving for cookies. I ain’t even mad
Snickerdoodles.🤤
😂🤣😂 right
I’m craving peanut butter cookies now
hahahah! i didnt know i was the only one lol, but regardless, we need a saftey net, i found mine actually, i got a professional to do it for me me and se is great, i dont have to wait, i make ENOUGH money weekly, anyone can get her contact from ((alexissusanwelsh. com) or just research her name
Chocolate chip 👌🏼😋
I learned this lesson the hard way! Do your own homework. It’s a lot of work but you’ll be so much better for it. Don’t rely on anyone else for something as important as finances!
Well said
We had a very limited 401k. The funds always under performed in their categories. So many complained they changed the company and allowed to select our own Funds and ETFs..
Yes, the plan provider was chiseling you guys, most likely with the employer’s consent and possibly with their complicity.
The thing that led me down this path of videos is exactly what this guy is going through. Once I dug in to my 401k I found out I had far better options than the safe option the company had chosen for me.
Most people don't realize that there are other options. At my previous job I told people about other options and literally no one knew that those other investments existed. People's returns went up big time.
What other options?
Yes what other options
@@ramonruiz9126 large cap growth stocks, dividend growth stocks, reits etc
@@Kinosis79 can you explain more?
If your 401K has bad funds or not enough, or perhaps the fees are too high and there is no match, switching to a ROTH IRA and using broadly diversified low cost index funds would be the best option.
No dude. Roth ira has a low yearly cap. You need them both and max them out
@@sampson7941 so you saying you only working for the rest of your life just to max out both retirement accounts? Sounds miserable 😂
I work for an union and my company matches 6% I feel pretty lucky
My company matches 10%
@@SlimPeas23 I never herd of that where you work?
@@mikehurt3290 my company has a pension
UPS teamsters pension
Mine also does 10%, maybe we work for the same company. ;-)
I hate biting into a mutual fund and finding out those are raisins and not chocolate chips.
It's amazing how people are so clueless about 401k and compound interest. Compound interest is like magic.
I've been doing it, but it doesn't seem to live up to the hype unless you start with a decent amount of money.
@@Nepthu Yep, time is your friend
@@Nepthu Im 36 been contributing to my current plan for 12 years. I earn decent money but nothing crazy. From the start of the year mine is up 10% for the year, that is 15k in my account. That certainly is worth the hype.
@@Nepthu Like Ramsey says, increase in value doesn't go up diagonally. It curves up and end up 20X, or more if you consistently keep up with your contribution and with a good investment. Time is your friend. Just put your money in the index fund that your company offers. You don't need to put it in other investment options like Ramsey says. In your IRA, you have more options in the type of investments you can choose.
Albert Einstein called compound interest the 8th wonder of the world. A little amount of money becomes a lot over time.
Hey Dave, I liked your cookie jar and cookie explanation. I might borrow that for explaining to new staff. Thanks!
Mr. Ramsey thankyou for using the analogy of the cookies that made it easy to understand (for me anyway)
He was probably invested in a target date fund. Unless you’re self-employed, a traditional 401k is your best bet because its contribution limit is higher than an IRA. But it’s tough when your company’s plan doesn’t offer many good mutual funds in which to invest.
what can I do? I have been disabled since 2009 and I am 58 years old at the verge of retirement. My portfoliio of $750k is down to $492k, How can I profit from the present market" , I mean I've heard of people making upto $250k in couple weeks during this crash and I'd like to know how.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
@@McElvinn Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@corrySledd wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
@@AUstinnesc I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@corrySledd I just looked up "NICOLE DESIREE SIMON" online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.
Great stocks and I just bought in on them, but I'm interested in making a short-term profit, let's say turn a $150K to $ 500K in 6 months, I'd appreciate tips on how what stocks to buy to make this much profit.
@@usmansaad526 That sounds great and how do I connect with her?
@@RonaldOlson2 Okay I just found her website and left a message for her. thanks.
You know things are bad when Dave has to break out the cookie jar scenario.
It's an ok example I think, all he really had to say is that the 401K is the legal framework for it, but the options inside of whatever investment you want is where it gets fun.
@@kbanghart Do you really think that the guy calling in would understand your use of the language if he didn't understand what difference between 401k and the individual investment was? I think not.
@@1flash3571 I think he could.
@@kbanghart he said that at first but the gentleman didn't seem to understand. Then he used the cookie analogy to simplify it.
@@kbanghart he doesn't understand investments. It's obvious by the lead question he asked.
Always good to know the difference between the account type and the investment itself!
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Great knowledge
3:11 that's important to remember, because a 401k isn't the investment it houses the investment!
@Austin Duke I agree!
same for IRA, 529, 403B, Roth, and believe it or not HSA.
I put some money in a Section 457 account (kind of a public-sector version of a 401(k)), and it enabled me to retire two years earlier. My defined-benefit retirement plan is my primary source of retirement income, and it's pretty decent since I put in 41 years of service with the same employer. No complaints here, for sure.
As a complete beginner my question is what happens to the 401k once you leave that job.
@@p.kmccain6297 I'm not sure about 401(k) plans. But with Section 457s as mine was, they can either remain where they are or if one goes to another job where they have 457 plans AND they accept a transfer from the previous one, they can move with you.
Great analogy Dave. Thx
Love the info!
He almost slipped and said an Insurance policy. Which I agree with...
How come Dave is willing to recognize that 4-12% is a huge difference but won’t recognize that the fees on mutual funds will cost you a huge difference?
Why would you invest in those funds?
@@alinatamashevich3354 personally I don`t invest in mutual funds, the closest thing to that in my portfolio is the wealthsimple robo-advisor, it functions similarly to a mutual fund, but with way lower fees, and you can choose a socially responsible fund, which I think is awesome
@@kathryntubridypakenham2743 Good luck with that.
@@alinatamashevich3354 Thanks, its doing well so far :)
Dave is not a feducary. The rub is he always tries to sell his smart investor pros. He gets his cut ( not saying he shouldn't).
Low cost index is where it's at. Like the money guy show says , jack bogle , jl Collins ECT
Great video , I didn't know all of this. Ramsey your the best.
Thanks for info man
Here in Canada you contribute to the 'Canadian pension plan' by default as an employee.
You're guaranteed to lose money on your investment.
Don't assume the government should ever do a good job of investing or getting those returns back to you (his suggestion about perhaps getting a guaranteed 4%)
JMAC LIVES agreed. This guy is so financially clueless.
We have Social Security in the US, and it SUCKS!! I wish we could have an option not to contribute to it and put money in something else. Employee pays in 6.2% of income and the employer pays 6.2% of income, so that’s 12.4% of income that goes in Social Security. I make 90k a year at the age of 30, so the contributions are $12k a year almost.. but yet when I retire at the age of 65, assuming that I keep on making 90k a year for the next 35 years, I would only get $4k a month!!! And when I die, all of that contributions are gone. What a ripoff!
The government cannot do a anything better than private enterprise can. ANYTHING!!
You decide to what fund you want your retirement money to go. Company/organization 401 do have benefits, even if they don' match your amount. For example, if you are sued, your retirement funds are protected in the company plans, so they stay safe. There are other perks, too.
It is better if you invest that same amount in your IRA, max it out each year and then put the rest into your 401k. IRA accounts have more options in different type of investments that 401k don't offer. Also, if you change jobs, you don't have to move your money from the IRA account but you might have to with your 401k to an IRA, or to your company that you changed to. If you change jobs more than once, then you have to move it once again. So, in that case, just move it to your IRA Account each time you change jobs.
@@1flash3571 If you change jobs you do NOT have to move your money. My portfolio is proof of that. And the choices under company plans have been more than adequate for me. In the end it's a decision the investor/worker has to decide.
"The heart of a teacher" is a line I've heard Dave say a time or two and it's the reason I'm still watching his content.
Great question
For some perspective here, after reading these comments; Australia has a "Superannuation". By law, the employer has to deposit 9% of each paycheck into your "Super". It's yours, you can self manage it, or give it to a finance company to manage it. You can invest in stocks, real estate, whatever. Self managed supers are effectively trusts, and you can purchase your home and leave it in a self-managed super.
It’s 10% now, and you can salary sacrifice more from your pre tax pay to add to your super.
@@janeeden919and employer will pay one dollar into your super for every dollar you put in super. The limit is 20000 dollars collectively in a year
Everyone: Investing is complicated
Dave: COOKIES
Investing is complicated
Dave: Mutual fund let the experts handle it
Warren Buffett: Index funds beat most investing managers
Me: Suncor xd
Good analogy
Mutual funds with long-term history of performing well it's hard to beat even with a company match, diversify is the key
if there is no match and the fund expenses outweigh the tax benefits, then you should invest outside of your company's 401k
True, but when will the fund expenses outweigh the tax benefits? Taxes are at 15% for most people-there’s not 401k in the world with more than 15% in fees.
Its definitely good to contribute to both a roth ira and a 401k. Specially if ur company matches ur contribution. And having roth ira also gives u tax free growth. Its best to contribute to both as early as u can
Elsis Castro especially*
r8wells lol yes!
Agree. I have put in 401k when I was young. Now, I am living comfortably after retirement. No stress no worries.
I've just gone all in on Maryland
Gotta check those plan fees. IRAs give you the flexibility to choose underlying investments that don't charge ridiculously fees or limited investment options. It's best to get the 401K match, then fully fund your IRA, then go back and fund additional retirement savings in your 401K. Assuming the 401K option are not great...
This is a Great video, Everyone needs more than there basic salary to be financially secured. The best thing to do with your money is to invest. Money left in savings always end up used with no returns ..
I think the pandemic has taught people the importance of multiple stream of income, unfortunately having a job doesn't mean financial freedom or security
The global pandemic shut many financial institutions from functioning thereby rendering most people jobless & investors lost more than they ever thought of losing.
I've been in the shadows for long now i want to know how to invest.
who would you endorse ?
Vivian Klaine Morgan
Without a match, a 401k would drop way down on my list of priorities. Below maxing out a Roth and probably below my individual brokerage account even. I max out my employer match and move on to other ventures.
Yeah, because who want to pay less at tax time?
The best example is the cookies! Thanks dave!
Caller has no idea what he’s talking about. Poor guy needs to read a book.
Actually, most people don’t know anything about their own investments.
SAB FAN That’s just scary
Also has nothing to do with reading a book. Alot of people just don't know the stuff and or can't find the right people to guide them.
A Simple Path to Wealth
At least he's trying to learn. Never too late
No mention of fees? There are companies that’s are being sued because their 401k fees were so bad.
Exactly. 401k is a RIP off. Most people pay alot of fees over their lifetime without even knowing how much they are paying in fees
Usually the fees are not a deal breaker. Mine are $40 per year. Unless you are talking about the fees you get charged like anywhere else like index funds, mutual funds, etc. There is the same expense ratio in your 401K, as there is outside of it, at least with all of my company 401K's so far. My Fidelity S&P 500 index fund has an expense ratio of 0.015%.
I hedge between traditional 401K and Roth 401K and get a company match for 6% up to $5K. So to not pay $40 a year to get $5K in almost free money seems ludacris. Plus, the tax advantage of either a traditional 401K or a Roth 401K is easily worth $40 a year. 401K companies may charge other companies more for some reason, but I haven't paid more than $40 a year in admin and service fees in any of the 5x 401K plans I have been a part of.
@@felipebarron3479
Don't need to mention fees because you already know there are fees.
Many of you rip yourself off.
How much you pay is up to you but because most people don't like to to do due diligence and or read documents so people pay more through ignorance.
Also people are too lazy and let people like financial advisors and whatnot handle there accounts for an annual fee.
I've always made a point of knowing what my fees were.
I was paying about $87/yr on 1.5 million before moving it all out rollover a year ago.
Felipe Barron. I kept trying to figure out how much I was paying in fees and could not. I even met with someone at work to help explain it to me and she could not, she worked for the investment company. She could not tell me. She said the fees are taken out before anything hits my account so I can never see it. I was looking for an account history section that would have this type of information but it looks like it just doesn't exist. 🤔
@@hastycontemplation just check your paycheck contributions and compare to your total contributions in your 401K. The difference is the fee you are looking for. It is also in your plan documentation. Mine is with Fidelity and is $40 a year. Not sure why you would trust a random analyst or sales rep who works for the company. It takes a little effort, but calculating it yourself is far more beneficial than just believing everything people tell you.
Seeking guidance from an investment adviser is highly recommended for navigating the current financial /Investment market landscape, especially for those nearing retirement. I've been consistently consulting with an adviser and I've miraculously transformed a modest $70k investment into a staggering $950k and the numbers continue to climb.
That's captivating! I'm really intrigued. How might I reach out to your financial consultant?
Sharon Sue Parker, an esteemed financial consultant, has been a beacon of guidance for me. Her name might ring a bell from a recent Newsweek feature. She's a leading luminary in the financial market, definitely worth exploring further!
It appears she has a wealth of knowledge and has extensively studied. Upon searching her name, I found her web-site. Thank you for sharing.
Entrusting my investment portfolio to the capable hands of Sharon Sue Parker has been an absolute game-changer. Her mastery in maximizing my wealth has truly revolutionized my financial landscape, making a profound impact on my investments.
Retiree venturing into investments should consider partnering with a seasoned financial consultant. This alliance serves as a dual role: mentorship and safeguarding. It enhances trade precision and profit prospects, effectively reducing the peril of jeopardizing your hard-earned funds.
Even a no match still do it ,BUT first look at what options of mutual funds they have if nothing good then do not do it .What it does lowers your taxable income if you leave you take it put it in a IRA that you did research on .
Dis is really good to know. I had to listen to this to confirm wat i heard a lady say in another vid about 401k. Dat its not d 401k dat causes ur $ to grow, but its the investments u make within d 401k. Its important to know dis, an glad i do now
I’m glad he asked this question, this is my situation as we speak. Dealing with the 1st question.
Does your company’s plan not offer any good mutual funds to invest in? If that’s the case, you should open an IRA on your own.
Matches shouldn’t matter people should look at the performance of the investment options if that if they options are not good than open an IRA.
Trang Nguyen when it comes to mutual funds, I’m clueless.
Trang Nguyen ok thank you
Slim567 Wrong. The MATCH is what matters the most. There is no other investment that can net you 50% or 100% guaranteed returns which is what a match is. Even if you whatever you invested in has zero or even negative gains you still get 50% or 100% of what you contribute. Nothing beats that. Always contribute up to the match first no matter what.
There's one piece you're missing from this equation. Most 401(k) plans have an investment window or selection of funds to choose from. It is the fiduciary responsibility for the plan sponsor to provide not only funds that preform well, but also do not cost too much. (The fund can preform well but if the fees are high, it can take away from your gain.) Some 401(k) plans allow for you to select funds outside that window but sometimes there is a separate fee involved. Let's also talk about the cookie jar or the record keeper. The record keeper holds the assets and in most cases will do the administration. Once again if the fees are high on that side, it creates an expensive 401k. Make sure your business is benchmarking those fees against their peer group. Lastly, service is very important too. If the advisor is not coming in and giving education to the employees there is a problem. In most cases he or she can not make an investment choice for you, but they can point you in the right direction. Making a recommendation to go into 4 funds is tricky. You first have to see the time horizon and risk tolerance of the investor.
TJ Minc
It's up to the company you work for.
Thank you for this call. I had the same question. I have been putting away 200 a week justifying it as just a savings account If anything
Build your emergency fund, pay off your debt, get six months of expenses in the bank, start investing. You will sleep a lot better knowing that if the car breaks you can fix it, and if you lose your job you can still eat.
For any Canadian's digging Dave's info here is a translation. A 401(K) is similar to the Canadian RRSP (registered retirement saving plan). With an RRSP a limited amount of money each year can be put in this "cookie jar, eh" and that amount is deducted from current taxable income. If you make much more than $100K that is a 42% immediate albeit temporary return.
The investment growth (stocks, bonds, mutual funds etc) within the RRSP is sheltered from tax until it is removed. When funds are withdrawn the money is taxed at the current rate which varies given the person's annual income. The money is meant to be withdrawn after retirement when it will draw the least tax as the person likely will be in a lower tax bracket. I am sure I will be corrected if I have not got the comparison right.
I believe a ROTH IRA is similar to the Canadian TSFA (tax free savings account) but I will leave that for another time.
Only thing here in U.S. is many thing the 401k is a checkbook/savings account.
Finding more info about 401k.
Now I am in my kitchen pantry looking for
Chocolate chip cookies 🍪😂
Yup
I love when callers think they can get Dave to deviate from his plan. It's a plan for a reason and it works!
I don’t think that that was what the caller was trying to achieve. He just didn’t select the right option when signing up and he also doesn’t know what a 401K is and how it works. He just needed some guidance to figure it out. We all do. He wasn’t trying to deviate himself from Daves plan but merely understand what to do and what he was doing wrong. Some people want to stick to the plan but just don’t understand the fundamentals. He’ll learn.
Most people don't understand most things. The 401k is about as easy as it gets. Excellent program, people are just so impatient and expect to become millionaires overnight. You don't loose money until you sell at a lose.
If your 401k doesn't match its a waste time putting money into that
@@csick11 Gotta disagree, spent a year with a company with no match, my CFP choose the investments, walked away a year later with $44k to roll over to my IRA. So I lowered my taxable income and I added a nice chunk to my future retirement. A match is like dessert, putting your money in the 401k is the meal.
@@hrhsophiathefirst4060 you must be a high earner.
@@JohnDoe-gc1kt We're all limited to $19k per year to divert to a 401k account. An extra $6k if you're over 50yo. If HrhSophia diverted $25k in one year with a $19k increase, then 43% return was achieved. May have been from the March 2020 to now stock mkt improvement, because that is an incredible return
@@jjohnson5014 im a financial advisor no need for you to explain. Have you actually looked at 401k contributions? I have and I can tell you most people don't make enough to contribute enough to comfortably retire. 401k benefits high earners. 19k isn't much for someone who makes 100k but for someone who makes 40k its nearly half their salary BEFORE taxes.
Switched companies and finally got a ROTH401k option. I am maxing it out.
Nice video. I have been looking forward to begin investing but too scared to start.
Stock Investment is beneficial everyday and investors are making good profits but it's never too late to invest in the market but as a fresher reaching out to a Stock broker will be your best bet.
@@linacui667 Apart from being familiar with the market , nothing beat engaging an expert in any trade, With more guarantee and effortlessness, It almost seems like you have all the time in the world to enjoy the good things in life
@@cindytravis9335 I'm trying to find one who i can go a long way with. I just need to find one who I can work with in the US
@@linacui667 I need to know more about the your recommendation, Like I said, I have been burnt before and I need to be sure.
@@janryabbott2793 One of the reasons why many fail on their investments or trading is because they try it without proper guidance and money management. Any way, I was guided by this same broker when I was a beginner. Her strategies are excellent. She can be trusted I assure you all.
Mahalo nui for da cookie jar word picture. Dat was da most simple and understandable explanation of an IRA dat I have ever heard 👏🏼now I get it 😜
Savings are amazing and i belive with large knowledge and great research, one can do alot
A 401k, Roth IRA, and your current home shouldn't be the only retirement plan you have. Max out your 401K and Roth IRA, pay off that mortgage, while investing into a diversified portfolio.
Can you elaborate please thank you
@@John-xf7ft which part was confusing? Ill help.
@@JohnDoe-gc1kt Whats a diversified portfolio? Im a freshman in college learning ab this btw
Not sure why you say that since it's what I used. It's possible to have a diversified mix in your retirement accounts.
@@John-xf7ft Putting your money into a mix of diverse investment types that acts to spread investment risk and minimize volatility. A "Don't put all your eggs into one basket" kind of principle.
It's very interesting seeing people make good profits from trading, I wish I could but I always end up losing after my trading.
. I do see it that forex and crypto trading is one of the profitable money exchange services that elevates investors and their financial status.
I will advise you to seek the help of a professional because it’s really hard to create a strong professional portfolio. This will help you to achieve your goals and long term financial objectives
Many won't accept this truth but allow them, they'll understand when they become bankrupt as a result of unavoidable losses trading from mere UA-cam videos.
Living with fear really stops us from taking risks,definitely if you don’t go all out you’ll never get out of any financial situation.
Well you need someone with the knowledge and skills,someone that can manage your account and trade on your behalf.try expert Emily Jason
I don't do any government "savings" that tells me to defer my taxes for later .. and where I can't get my funds unless I meet a certain criteria of rules, whereby I then have to go to my HR and explain to them why I want the money ... and where it's due IMMEDIATELY on no longer being with the company. I pay my taxes upfront and I move it to other places. Just a personal decision. I refuse to justify why I want my funds.
Exactly!!!! Pay your taxes now.... on the seed, do not pay taxes on the harvest after you have spent 30 years building a nest egg. Taxes are the lowest they have been in 30 years. The deficit is going to be 30 trillion when the stimulus is done. Where do you think Uncle Sam is going to get all this money? They only have one bank...... and that's taxes. Most economists agree that taxes have to go up. There are many more factors involved as well, but something to think about.
Bar and Bell Home Fitness I agree! It’s your money!!!!
Government savings plans and pensions are just another way for the government to control people. If you take money out of your savings plan for a reason the government doesn't approve of, they penalize you. If you leave your government job, you don't get a pension.
That's too bad. While you are so focused on rebelling against any rules or restrictions because you want to treat your retirement savings as a free-access fun money account, you have sacrificed any matching on your contributions you could have received. And if you change jobs you have a valuable opportunity to roll a 401(k) into a self-directed IRA.
The great thing about a Roth IRA is you do have access to your contribution money in the case of a dire emergency. But if you manage your money properly you should have an emergency savings account for the car/house repairs etc that always happen.
It's so sad that there are so many people out there who don't understand the financial tools available to them, especially when they can be supremely helpful, once you understand how to use each one. Understanding how each one works can literally change your life that you're living, or planning to live.
If my 4th grade niece can check out and read a 4th grade level personal finance book from the school library adults have no excuse.
Including you ,You once didn’t understand either so shut up
@@younggandlegit1
The key is to understand early starting with basic math in 1st grade.
I had a savings account since 2nd grade and a Schwab brokerage account investing since 10th grade.
Never any debt or financial issues.
@@blackworldtraveler3711 bet you had parents that facilitated those things, if only I had been GIVEN such PRIVILEGE. You knob.
@@Muthurtucker
When I grew up it was common for kids to have a savings account. It was call a Christmas passbook savings account or something like that. It was free to open.
I was working through high school wanting to invest my money and asked my dad. He opened a custodial brokerage account for me since I was under 18 and responsible.
I’m sure he would not have done this if I had your attitude.
I’m a dividend investor My wife and I have invested in the s&p500, both through my TSP with the government, and through Fidelity in her 401-k.Cashed out 270k from the S&P and invested with a Full service broker . Until around 4 years ago we were 100% in the s&p after over 10 years.I'm retiring at the end of this month at 45, while my wife will retire next year at 40. We currently have 1.7 million in out tax deferred savings..so I don't actually agree with this
Wow this is really impressive, congrats on your success
you made that much from s&p500!! do you by any chance do referrals on your broker?
@@harleycartley3138 Certainly I do but I can’t just leave her info here, just google her yourself, her full name is Lucy Maria Koss, she has a website and everything so you can reach her from there
impressive
i just reached her. thanks for the info
Why does Dave keep selling mutual funds? Index funds are much cheaper in expense ratios are beating them 🤷🏻♂️
He’s an avid mutual fund guy. He’s an expert on that so that’s what he’s focused on. I’m with you with the Index funds though, less complexed and easier to manage..
Index funds are mutual funds. There's active and passive mutual funds.
He has a couple of videos that explain why. Some actively-managed funds can still out produce some other "low-cost" funds, even with the fees they take out. But you should do what makes sense to you.
Different annuities do that but it’s expensive in different ways
Where do you go in the investment page to change those options?
If you get no company match on a 401k, it's better to use an IRA/Roth. You generally get more choices and lower fees with an IRA/Roth. Once you use up the IRA limit, then use the 401k if you have more to save for retirement.
Works for some people, but if your income goes over about 66K (single) then pretax IRA eligibility starts getting phased out. There are income limits for Roth IRA too but it's something like $139-140K MAGI this year.
The cookie jar helps keep the bugs (IRS) out
What are other examples of this cookie jar?
It surprises me that many people even at an old age still don't know anything about retirement. Why even give anyone or investment your money if you have no idea what they're doing with it?
With the wealth of free information available now, with just a little effort people can become informed investers. Not sure how to explain why a person would not consider financial education, but many don't invest in there knowledge.
John Smith I was fortunate on two fronts: I grew up listening to people talk about pensions and 401Ks and my job had written information about 401Ks so I could read all about the plan. Recently they began offering webinars that explained about my 401K, its tax benefits and how new legislation affects it. It was really helpful but the presenters could not give advice as to which funds to pick or other financial advice.
The high majority of people do not understand retirement investing, financial literacy. Simply because public school does not teach it. Govt does not want it. They want you to keep working till you can't anymore. They want as many payroll tax dollars as they can get. Sad but true. Life is short invest in yourself. It is up to you. 🍻 Cheers
@@rondellschuyler7074 and with public schools, you have taxpayers who complain about it because they only want their tax dollars to fund basic classes in public schools. They consider financial management to be extras. Not all of them, but son.
My wife does payroll for lla large corporation, and you might be shocked, probably very disappointed in the number of blue collar workers who have no idea what their options are or mean, even if they are shown. My wife also did training for a few years. And sorry to pick on mainly blue collar, but that's where a lot, probably most of it is from.
Procrastinating and not starting one as soon as I was eligible was not the best move. It's really not that hard to open an account and manage yourself. And you can also have your brokerage manage it for you. If you're reading this, start now.
Wow, this caller.... Good for Dave on the cookie analogy.
Dave still pushing that 10-12 percent returns. Sounds great where do I sign up for his class?
Actually over time the S&P 500 has provided returns a little over 10% annually.