Why You’ll Never Stop Working for Money - Andy Tanner, Tom Wheelwright, and John MacGregor
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- čas přidán 11. 09. 2024
- We all define retirement differently. For most, it probably involves an island somewhere, a hammock, a good book, and a glass of wine sitting next to you as you relax for the first time in a long time. In this episode, paper asset experts discuss why for so many people across the globe this is a dream they’ll never realize, and how the 401(k) was never designed to make you rich.
As Tom Wheelwright, Rich Dad Advisor on taxes says, “These government-qualified retirement plans provide temporary tax benefits, but they’re also the reason most people will never be able to stop working for money.”
Andy Tanner a Rich Dad Advisor and the author of “401(k)aos” and “Stock Market Cash Flow” says “If you plan to retire poor, the 401(k) is for you.”
Hosts Robert & Kim Kiyosaki and guests Tom Wheelwright, John MacGregor and Andy Tanner discuss the tax advantages and disadvantages of paper assets like stock, bonds, mutual funds, and 401(k)s.
Tom Wheelwright: www.wealthability.com
Andy Tanner: www.thecashflowacadamy.com
John MacGregor: www.johnmacgregor.net
www.richdad.com/
Facebook: @RobertKiyosaki
/ robertkiyosaki
Twitter: @TheRealKiyosaki
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Instagram: @TheRealKiyosaki
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The secret of your future is hidden in your
daily routine. Successful people do daily
what the unsuccessful only do occasionally
The amount of time you spend believing we can’t is more than enough time to learn how you can
@@marywills5744 Knowledge is the greatest commodity
Investment is the quickest path to financial
freedom, the rich stays rich by spending like
the poor yet investing! While the poor stays
poor by spending like the rich yet not
investing.
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@@samanthaharwood8167 Crypto currency is the future, Investing in it now will be the wisest thing to do especially
with the current rise in the market.
I just woke up in my early 30s. When you realize your whole life has been basically a game of money nobody taught you...it’s frustrating. But Rob and Rich Dad have taught me so much so far. I’m getting game plans together. Adapt, improvise and overcome.
“Watch what the idiots are doing, and do the opposite” - Rob Kiyosaki
Thanks Rob 🤘🏻🇺🇸
Education means nothing without financial education!
Report these right here ☝️they r scams and not real ones
@@thejoxter6315 done👍
Stock can drop from top to bottom and still be a 60 bagger. All this in 10y. investing is a very long journey where our temperament gets tested. have to have the capacity to suffer for long periods. have lived through the examples above, naming the stock today is pointless.
proper research, good analysis is what you need to make profit in this constant market.
I have tried investing but got discouraged by the constant fluctuations in price.
@@Jme--- That wouldn't bother you or be a problem if you let a coach guide you but bear it in mind that price fluctuations is part of the market but using coach makes the difference.
@@Mcdd7-_- I find myself in similar situation but mine is that i really don't know when to take profit or hold , but have you worked with a coach? what is the experience like and how can i get a good one?
@@christinadixon6974 "Freda Lynn Johnson" is the coach I'm quite familiar, I cant disclose much but I have been working with her since July 2020 and she has helped grow my portfolio by 400%. To connect with her you have to search her name on the web that way you can connect with her on her webpage.
I love Roberts Kiyosakis outspokenness! He always makes me laugh!
If you want to be rich and happy don't go to school
- Robert Kiyosaki
Most people dont go to school fail, only very few success. I would rather be rich with my bachelor than without it.
@@phamthang89 in no school around the world will teach you how to make money & be reach, and no school will teach you the real life. In school is just theorethical !!!
Let's make the word Autodidact more popular!
Cashflow Quadrant : One of the best financial books of all time (I was introduced to RDPD in Grad School )! Enjoyed the show ... everyone made valid financial points. At least each panel member agreed on one common enemy ... Financial Illiteracy. Recalling an old proverb: it doesn't matter if you are a Lion (B&I) or Gazelle (E&S)...when the sun comes up you better be running (running towards financial enlightenment).
*The goal is to make money that makes money*
NOT to work until you 💀💀💀
If you love your work and do it by choice, you're double good ;)
@@DigitalNomadOnFIRE very true 👍🏾
The Rich Dad Channel hi Rich dad ,yes I'd love to know too please tried recently but so stressful and didn't make much.bye
Did you see how tactically Robert extinguished the fire between John and Andy. Robert is an emperor
Looking forward to it! Thank you for all that you, your wife, and your fantastic team provide through the Rich Dad channel. 👌
I'm becoming more familiar with so many financial terms by listening to you all. Thanks so much!
I have elderly real estate client loss her SSI money, because her husband pass and his SSI is slightly higher then hers, so the government decided she take her SSI money, because they assume she does not need both income. Now her mortgage is reverse, almost underwater, God send her my way at the time. And I refuse to let her lose her home to the bank. Now she will at least make a couple thousands in her pocket.
My things, what right do they have to take her 40 years of earning. I was furious once heard her story. I gave her half of my commission after all fees had been taken out.
This is what our government. They only know how to steal from their peasants. Remind me medieval time.
Right now property is overinflated.
This is going to be a very important show !! So excited
This guy is a bot report Ben Shapiro
I love you guys! thank you for your advice helpin the "little guys" get ahead in this corrupt af world!
33:00 The I Quadrant
15:32 21:28 Roth 401k
18:52 Cashflow Quadrant Tax Bracket
14:59 Deduction
33:31 Stock Market Cashflow
29:34 The Debate
41:19 Kim's Point
35:45 UBI
31:32 Qualify
32:06 Non Qualified
33:12 Paper Assets Investor ( I Quadrant)
33:46 Professional Traders (Options)
Great program that included multiple experts in their fields. Getting wealthy takes time and education
This one is going to be FIRE!
One caveat for pensions - military pension - don’t have to contribute - backed by the federal government. Also tax free in many states .
My lecturer fumed when I came in 30 minutes late, the teacher said to me: you will be poor because you will be coming to work late and that's how you will lose your job...
I laughed and told her: what makes you think Ill be employed? I come to school late the same way I'll be coming to my business late so that I can't fire any of my employees(pointing to the students)...
That's how I was suspended 😂😂
Hope you will be successful
Your a delight to listen 2 Robert.
Thankyou for your guidance
This was so much fun to watch! Love to see the playful banter and energy amongst you all!
Omg I love this discussion😍 love the banter, how learning should be👌 keep them coming guys
Make your money work for you and you'll never have to work for money.
A Good Quote, The most dangerous person is the one who listens, thinks and observes
I learn so much from your channel. Thank you. I continue to gain a financial education. You and your wife are GREAT!
This was a very fun and lively conversation to say the least! Even heated at moments. I hope everyone enjoys and gains some insight along the way, Enjoy! John MacGregor
John, where can we learn more about the simple investment strategy you mentioned that you only need to check once a week? Thank you!
*Investing in cryptocurrency now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.*
Most intelligent words I've heard.
Crypto is the new gold
I wanted to trade Crypto but got discouraged by the fluctuations in price
That won't bother you if you trade with a professional like Thomas Gregory
I heard that his strategies are really good!
this is great advice. we have to learn the game
401ks are a piece of the puzzle, the 401k was originally meant to supplement pensions, Ira's were designed to supplement both....social security was supposed to supplement all of the above...here's the problem pensions are dead, 401ks are failing and social security is bankrupt
Taxes and debt are one of the best leverage tools for getting affluently
4 Asset Classes:
*Businesses
*Real Estate
*Paper (Stocks/ETFs/Options, Bonds (Gov & Private) )
*Commodities
29:30 - Andy, read a book and a quick search for Dave Ramsey's study on Millionaires from 2019 showed the good majority of the 10,000+ millionaires made their money using the 401k. And if I remember correctly over 30% of those millionaires had household incomes less than $100k their entire working careers. So, Andy---facts matter. You do have to save enough clearly and do the math. Simple financial calculators and yes, financial education that can be learned in an afternoon can make one a millionaire if they'll invest in an index fund that covers the market like the S&P500 and leave it alone(meaning, don't jump in and out)--they'll be millionaires. But you do have it right that this will be the most highly taxed---that's why there's Roth Conversion ladders and other ways to avoid this.
Some people don't need millions---because they recognize putting all your stock on finances for living is another type of stupid risk putting all your eggs in one basket. A dollar spent is an truly an inadequacy in US and our skills/knowledge to provide for ourselves. Really if there's no property taxes---there's no real need to earn a monetary income once all debts are paid. One can learn how to grow food, get a well(or a spring) and store the food in a safe manner. Then barter for things and avoid all taxes by using real skills. That's the best way we return to more of a decentralized economy.
So much gold in this video. Thanks Robert
Grateful for the program
Please talk more about the Ligma Tax!!!
A little less interruptions would be nice. I still don’t understand what the pros or cons of 401k are. Only bit and pieces because too many interruptions. What are the pros of 401k if the employer matches the contributions. That’s like free money. So what happens when the employee retires? I need the specifics the math.
Thank You for Your discussion
I understand what you are saying about taxes in a 401k vs a brokerage account. I know the diff. But, if you have an IRA, I can do options and make money and never pay taxes until I am 72 and the interest/gains are outpacing the tax difference. Let me clarify one point: only if you understand how options work - I’ve been studying them for a year and still haven’t made a real trade, only paper trades, because I’m learning. Also, if I have a 401k and they match, that is free money that will grow if I have a good plan and keep my eye on it. I get what you are saying and I don’t disagree but it’s not all or nothing. We just bought our second rental and between you guys and Bigger pockets and Ken McElroy, I’m excited to buy more. I was going to leave it at 3 rentals but you have convinced me otherwise.
Thank you RD team.
Thank you so much for this series. I got Toms book and love it and I cant wait to get into Andy and Johns stuff.
@The Rich Dad channel Hey spammer that thinks Im an idiot. How about you send me one bitcoin and Ill send you two
Must watch CZcams! Thank you guys! Can’t get enough free education, lots of experience.
In my opinion the 401(k) and other taxed deferred retirement plans are just toxic. Why? It's the big "S" word, sustainability. To me that's to most important.
I'm constantly building my financial education. Thanks to Robert, his books, his Rich Dad Advisors and other people who have wealth. My financial life has been improving.
The arguments where flying from left to right, up and down and spinning in circles. The only debate I liked hearing.
I love it Lol........
You changed my life 7 years a go (Rich Dad Poor Dad)
That book is definitely an eye opener. They should have high school students read it and write a report on it instead of other books that aren't even applicable to life in most cases.
Your book is display in its Spanish version. It would be great if you put subtitles in the Spanish language. It would be highly appreciate it. Our people need the good advise too. Please and thank you!!!
Oh I hate paying taxes. I’ve been gradually learning how to legally not pay taxes or to significantly reduce them.
If I'm understanding the basics of a 401k, it means that on average, it will grow at 8% but the risk comes in to play when you're a few years from retiring and the market crashes hard and you can no longer retire.
This episode really open up my eyes ! This is what I need to learn. Hug thanks to you guys !!!
Canadian here. My strategy is some RRSP due to company matching, Equities with dividends, and passive income from rental realty estate. Diversity.
Thank you for sharing, I love it and tge sense of humor....always hated economics...where are the rest of the series?
The issue with John defending 401k is because he’s a CFP. Otherwise he would tell the truth. I know plenty of Realtors who never tell the truth about the market simply because they have they license to worry about. The regulations put them in fear. It’s to protect THEIR ass-et.
Interesting, Robert says he does not know much about cash flowing the stock market, but it is from his book Retire Young, Retire Rich he has one chapter on leverage of paper assets. In that chapter he talks about options and producing income from the market. It is this book where I began my career in options
"Spent the last 15 yrs traveling the world with you guys." Yeah peddling my books lol
Thank God I found you! Thank you for all your advice! Love the show! Keep up the good job!
I guess you are forgetting about employee business expense. I used that for years to write off expenses.
Too much time bashing 401k plan and not enough time discussing how to minimize taxes while investing in paper assets.
Robert, you have to bring back Millennial Money!
The plan to be poor...so true! What we haven’t discussed is if you are that “poor” when you retire technically you would be on some sort of govt assistance. Well you probably can’t get the assistance because your income is too high due to having the 401k. This is just back of the napkin math+ a little speculation/critical thinking 😎
This is a great podcast!
Am following this series through.
Scammer!
You will soon be busted.
Hope you have enough reserve for law suit?
So lovely that the info from you all is supporting us to wake up and take back our power.
What reason do they have to do that?
I like it at when they talk about Retirement Funds!
The 401(k) allows you to effectively increase your income due to employer matching IF you need to work for that employer anyway. The problem is when it becomes the bit in your mouth keeping you on the corporate treadmill. Just focus on your career and be disciplined to jump when you need to.
Fascinating I like this episode will watch it again and again 👍💯
30:00 the solution is proper financial literacy across generations. Parents supported their children when they were young. With proper financial education, the children can help take care of their parents in their old age. “Honor thy father and mother”.
I pronounce you the most valuable channel
Keep kicking butt guys! So fabulous that you tell it like it is. Such valuable information every show!
I loved that you presented some raw differing perspectives.
suckery suckery YOU GUYS ROCK! Thank you and blessings, thanks for showing up with a frontal lobes in tact... soooo refreshing!
I see that there are some thumbs down for this video. They must be in the "E" Quadrant because the value that was discussed here was for everyone whether you are in the "left-side" of the quadrant or the "right-side" of the quadrant.
Only those who have eyes to see and ears to hear will apply the knowledge given for it did say a fool and his money is soon parted and with that said, wake up, stay woke, or continue in your ignorance of what you think you know and not knowing what you should.
Wow, this episode was FIRE!
The debate got heated bro. The arguments where going from left to right.
I recently discovered your channel. Loved the show, thank you for posting it.
These videos are great! I have read 6 of your books. Every since my brain have been recalibrating to a billionaire mind
Between interruptions and talking over was very unbearable to listen to. Let your guests speak. Allow a debate.
I love it. I love old school ideologies going at it.
This show and crew always elevates my financial intelligence significantly. Thanks & Respects.
All this talk about 401(k), day trading, and taxes but I haven't heard 1 word about Index Universal Life Insurance. Which allows you to invest in the Global index where you NEVER loose money and you can access your money TAX-FREE WITHOUT a 59½ rule.
Meaning you can touch it at any age. Are these guys not aware of that?
Thanks Robert for always open our eyes and make us walk in the right way for our future
Such empowering content !
Thoughts on 401K if you're job is matching 6%. Would you still do it up until you were in a position to start your business? That's 12% going into the 401K. You're automatically making 6%. Thoughts?
Should I stop putting into my 401k that’s matched at 6%??
11:24 the silence
We built Taxfence 3 years ago, always appeal your assessments.
A lot of people have become millionaires in 401ks. I have people just in my immediate family that did it. Not saying that there aren’t better ways but MOST people don’t want to be financial literate. I have a pension and kind of hate it because I have no control over it. I would rather them give me the money so I can decide!
after listening to your podcasts in addition to others, i stopped contributing into my 403B with my current employer -
i am at a point where i have started paper assets through stock investments and learning how to buy metals n possibly crypto
looking into insurance policy along the lines of indexed universal life - can you talk about this topic please ?
The rich get richer by buying appreciating assets and the poor get poorer by buying depreciating liabilities.
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Wow 😳 this is the best ever!!!! Love it, thank you
Where’s the rest of the series 3/4 parts?
Love all your videos! God Bless
401ks are too subject to every macroeconomic risk out there.
401K's, Superannuation and all other accumulation retirement schemes were only designed to be supplemental for retirement income. They were never designed to be a complete solution. You need stocks, real estate, cash and businesses to do the heavy lifting in retirement, and with these assets there is no preservation age (as with accumulation schemes), so you can retire well before age 60...
Great show
I think Andy is in all the Asset classes he just happens to be a pro in paper, which could work to his advantage. Thoroughly understanding paper assets could be very empowering, because its what most of the US is in and it would offer really good insight...
But Andy is a real assets investor bc he owns real estate, businesses and commodities as well I believe...
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Excellent info!
Great discussion.
Opportunity cost of not being able to use or invest your money as you like does not outweigh 401k tax savings! You can’t get at YOUR money.
what a nice team! love these videos!
Love from Portugal
i have a job and a side business, how can i pay less taxes with my shopify business and my job? i use turbo tax.
Appreciate your review, do you experience difficulty in trading? Inbox Kathleen Anne Grace
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F*** being poor I will never work for money!
I commit to building assets! I will willingly labor day and night to build an asset!
Man AMC is looking really juicy right now! 😁🚀🌕