The Worst 401(k) Mistakes We’ve Seen!
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- Опубликовано: 30 сен 2024
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I sure don’t want anyone to kick my “assets” out! 😂😂😂 I definitely LOL’d on that one! Great show! 😊
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
It’s Brian Preston the money guy 😊
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.
Bo is saving too much money on razors now.
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)
Thank your the Stargate reference. It don't get respect
Boiling For Soup 😂
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.
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 RUclips 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.
Can you someone let me know why Brian multiply someone NW time 14.25? I’ve never heard about that multiplication. Thanks!
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.❤
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?
Not making up to a million before retirement is unfulfilled retirement.!! I’m 54 and my wife 50 we are both retired with over $7 million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock and forex market made it possible for us this early, even till now we earn weekly.
Stargate forever!!❤
This is 100% my favorite episode. "Kick your Assets"
MacGyver! Stargate!
Darn good shows
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
20:00 How many times can I convert my IRA to Roth IRA?
I love Bo's beard. He is leveling up.
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.
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
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.
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.
common mistake is when people withdraw from their 401k and have to pay heavy fees
35:50 new MacGyver? What about IronMan?
Can we get a “out in the wings” remix?
Comment
Be quiet I am watching you 😊
R E B E ❤
I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks will be appreciated
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $100k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
nice! once you hit a big milestone, the next comes easier. How can i reach her, if you don't mind me asking?
look up her name on the web for her website.