Is the 401k a Scam? Who's ACTUALLY Cashing in on Benefits?
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- Опубликовано: 17 сен 2024
- One day you're feeling like you're checking all the boxes, got an A+ in adulting, and part of that reason is your faithful contributions into your 401k. But what if we told you that your 401k might not be the hero you think it is? In fact, it might be more of a sidekick in disguise, while the real villains-employers and brokers-are cashing in on your hard work.
Join us tonight as we peel back the layers of the 401k system. Spoiler alert: the 401k itself isn't a scam, but the real beneficiaries might surprise you. Learn who truly profits from your hard-earned money and how you can make smarter choices for a secure financial future.
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Key Statistics:
• 78% of adults lose sleep worrying about finances.
• 44% of Americans find personal finance the most difficult topic to discuss, even more challenging than death, politics, or religion.
• Couples who regularly talk about money are more likely to say they are very happy with their relationships (70%) compared to those who do not (50%).
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Disclaimer:
We are not lenders, financial advisors, or tax attorneys. Our goal is to provide unbiased education about personal finance to empower you to make informed decisions. We own Self Directed Retirement Plans and provide services for Self Directed Accounts and offer free consultations for the strategies we teach here on this channel. We speak from our experience with clients and our own personal journey in debt repayment and wealth building.
#401k #retirement #scam #retireearly
I've been putting money in for years, and with inflation eating everything up, I feel like I'm getting nowhere!
I hear you, camela8445. I started to question mine recently too. Feels like a hamster wheel sometimes.
Maybe we're not investing right. I keep reading about crushing the market and stuff, but it all seems so complicated.
Exactly, Where do us regular folks even start with all that?
My brother swears by this CFP he found. Says the guy's a wiz at navigating the market
Really? What's his name? I wouldn't mind talking to someone who knows what they're doing.
You're podcast is such a gift to people.
Appreciate the feedback, thank you.
Have you heard of companys taking money from employees paycheck without being given an option up to 5 0/0 percent
No, usually everything is spelled out but it may be hard to understand or gets overlooked. They can’t just take money from you without reason.
@@selfdirectedDONNELL this is happening within a Federal organization, I adviced them read the hiring contract and decline it in writing if it's not what they want. Because they have an option to sign up for 401k, tsp, Roth, Ira's accounts. Am talking thousand upon hiring. Yes, some trickery going on.
Wow. Most don’t read what we sign. We trust the facilitator to explain it. Most HR depts aren’t clear on what they are having people opt into
Interesting take on the 401k plan. It's clear that we need to be more proactive in planning for our future. If you're looking to outpace inflation and build real wealth, consider adding crypto to your retirement portfolio. My Digital Money makes it easy to invest in Bitcoin, Ethereum, and more within an IRA. Worth looking into!
Would be even better inside a Roth IRA or Roth 401k. No one ver talks about the tax implications of crypto but you can eliminate the tax consequence by buying inside a tax free vehicle… which I would create.
Comment & question. The IRS doesn't require you to have an LLC in order to get a EIN number so, do you really need a LLC to Self direct your IRA?
Short answer is yes, now you can get a SDIRA w fidelity and that just means you can dictate what mutual funds stocks and bonds you can buy that they offer. You can’t buy real estate. When we say SDIRA we mean capability to buy any and everything, full control to include non-traditional investments to include real estate. You can’t do that without the proper structure and that means an LLC is required. This might help. ruclips.net/video/8F7cq7pzj7c/видео.htmlsi=dpgvvRm1051JQ-wu
@selfdirectedDONNELL Totally understand now, it's about the structure as well. Thank you for the clarity.
@@MarkPiresTaxCoach definitely about structure.
Amazing
Thank you for the feedback.
Walmart was exposed for being the beneficiary on their life insurance policies when the employees thought was for their loved ones...exposed on 60 Minutes
That’s not unusual behavior actually.
Most companies are doing the same . All banks do the same
You are the second podcaster who opens with people dancing and honestly , it looks like you've been drinking.
I love this… we dance throughout our streams, as boring and not fun as these topics are we love to have fun. So for the dancing to be the first thing you notice, I’m ok w that. Much appreciated feedback. Any thoughts on the subject matter or did the dancing prevent you from paying attention?