How to Use a 401K Properly to Retire Faster (Do This Now!)
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- čas přidán 2. 06. 2024
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We did an analysis to compare the 401K vs Roth IRA: czcams.com/video/vF069x27pGY/video.html
How schwab founded
Thank you need help
I’m 61
Thank you for the link!
Well, if you're in your 20s and looking at this topic , you're probably already on the correct financial path.
And if you're in your 50's?
No hope @@duanen2337
@@duanen2337there is still time
@@duanen2337regardless of age it is sage advice, especially if you started in your 20's and you're 50-60 now
@@duanen2337you’re probably working until you die and should develop solid coping mechanisms
I’m 29.
Been contributing 10% of my checks to 401k since I was 18 years old.
The company I work for matches 4.5%
All I can say that I’m proud of my self.
Keep increasing that amount each year. You'll be multimillionaire when you are age 65.
We are proud of you. Great job at 18. That’s amazing.
I don’t even know you and I am proud of you.
@@sunnyd4734Not true. After taxes no.
Great 👍..Don't expect Uncle sam to take care of the Old You... The young you will take care of the Old you....Keep going 💪
Just turned 40 and regret not putting more into my 401k in my 20s
I didn't begin until I was 35 and didn't get serious until my 50s. But I'm making up for lost time.
Just wondering, I'm currently investing 6% in my 401k and 2% in my Roth. I just got 3 raises in the last year. How much you believe I should be investing? I'm 32. I started when I was 26
Me toooo. I’ve always contributed to but never made sure I max it every year. I also slept on HSA. I’m 41 now so making sure I max all three as soon as I can every year, then dump all extras in brokerage. Hopefully this hyper accumulation can make up for a little bit of lost time.
@HemiLyfestyle , 15 %. Of your income.
@@HemiLyfestylethrow all raises in your investments, start with Roth IRA first after maxing match in 401k. Live on your income before all raises/bonuses, rest in investments.
I’m 29 and barely learning how to properly use my 401k. I’m proud of yall who did it since the beginning. Now it’s my turn
Take the free money early and often. Put it in s&p 500 index and forget about it.
As always, thank you so much Brian
Thank you Brian, you are such a blessing to many!!!
You’re saving my tons of financial advisors money straight from my pocket and i’m really blessed to live in these worlds where peoples like you still trying their best to help peoples in the most complicated topic in the world “managing money”
Couldn't get any clearer than that! Thank you Brian!
It it really awesome that your talk is printing on the screen at the same time. Very helpful
I started contributing to my 401k at 30. Will be 32 this year. I’m fortunate enough to be able to contribute 20% of my paycheck each pay day with an employer match of max 6% of my yearly annual income. I have it set to one of those retirement date funds where it spreads it out for you based on your age. Maybe not the best but I’m not an expert at picking funds. I do wish I started in my twenties even if it was just $100. If you’re reading this and in your twenties start now. Your older self will thank you. PLEASE.
I think the stock market will do well in 2024, so I'm thinking of putting $220,000 into stocks for my retirement. Any advice on doing this safely? Also, any important tips for the current financial situation?
Agreed, people are considering NVDA as the "Stock of the year." However, I'm curious about which stocks could potentially become the next META in terms of growth over the next decade. I've allocated $200k for investment, looking for companies to make additions to boost performance
Keeping money in the bank is like paying banks and the Govemment. Here's how it works: The bank gives out your money as loan, and charge interest obviously higher than inflation rate, and then give you, the depositor, interest lower than inflation rate. That means net loss for you. That is why I prefer to invest, and on average, my advisor makes returns that always beats inflation!
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
My consultant is Svetlana Sarkisian Chowdhury 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.
My consultant is Svetlana Sarkisian Chowdhury
I am 38 and this is 100% great financial advice, I am regretful for not being effective with my retirement savings but am working to correct this. This is an amazing channel and I fully support listening to this and all the great advice on many topics covered on this channel!
Great content, very simple and quick
Luv this guy. Provides matter-of-fact info. Follow him, it is great value.
Gen Z listen up. Start as early as possible with your first job. Even if it’s just a small amount, COMPOUND INTEREST will help you in the long run. When you’re older, you’re gonna start seeing all your friends dumping as much money as possible into their 401k to catch up so they have some retirement. Meanwhile, you’re not going to have to do that as long as you have consistency starting from a young age
Yes.
22 year old here - loud and clear ☺️
Young people can't even afford to house themselves, how are they going to save. I don't think the dollar has much time left.
@@scoutdixie4412 I did it and I live in Southern California, which is hard mode for a young guy that doesn’t come from money. I hate to say it, but if it’s unaffordable where you live like me, you’re going to have to downsize the lifestyle you want. No lifted trucks/luxury vehicles, no eating out all the time, no random trips out of the country. You gotta live cheaply. Times are hard, I get it. But you gotta put some money away while you work your way up to a higher income.
The value of the dollar is decreasing.I hope everyone knows that is true.
Brian, YOU are the best! Thank you!
🙌🏽….Thank you. I need this information. I appreciate you so much.
I hope this helps Kristy!
I Always praise the day I subscribed to your channel. Thanks you
Thank you for all the support! I appreciate it so much!
Great content Brian! God Bless!
Excellent advice, which most unfortunately will not follow. Thanks, Brian!
Thank you for being honest.
Hey I really appreciated this video. I liked seeing it written out along with your voice. I really understood better!
great advice as always! Thanks Brian!
Early retirees at 52 and 55.
Maxed out pre-tax 401k for years. No match.
Keeping lifestyle creep in check is critical to be able to max out your investments.
We retired using the rule of 55.
Continue educating yourself to maximize your savings and investments.
Anyone can do it. We are just ordinary, everyday people.
Oh don’t worry, nobody thought you were extraordinary commenting on youtube 😆
@bb-1359 my point was anyone can do it. Maybe even you 😉
I hope your life improves and you find happiness. 🙏💛@@bb-1359
@@rhondavigil795 My point was nobody was impressed 😀
I’m impressed
Another excellent update brother Kim. Keep up the good work!
This 💯 Thanks Brian
Happy Sunday Brian! ☀️🌺
Happy Sunday Rose Bloom!
@@clearvaluetax9382he didn’t get the memo. Bwahaha
@@clearvaluetax9382 Hey what's the best retirement plan for self employed individuals?
This video is GOLD! Thanks Brian ❤
So wish i had your videos in my 20s man. Glad to have them now
I'm very fortunate to work for a company that actually cares about our financial future.... our owner's philosophy is that when you walk out the door, he wants you to do so as a millionaire. Not only does he match 100% up to 6%, as an incentive, he also has a progressive scale of profit sharing... the more you contribute above the match, the greater the additional amount he will contribute annually, plus the financial institution's money managers are available to us for answering questions with no additional charge to our accounts.
Nice! Are you guys hiring?!
Wow that's amazing! Bless him.
Thank you for telling us what you would do. This is very helpful
Always the mist informative info. Thank you
The best advice for all generations! 🎉
Very helpful. Cleared most of my doubts around 401K. Thank you so much.
I’m glad you found it helpful! Thank you for the support!
Simple and honest. I appreciate that!
Very concise and informative!! Thank you for your videos
your videos are so amazing and informative!!
Very informative! Thanks!
Grateful to know this now and better late than never. I will teach my kids these things that I neglected to learn myself earlier in life.
All I can say is I am so grateful for people like you,
Great video, I’m 29 I got 160K in my 401K
Here you go pal 🍪
Keep it going. 💯
That's amazing, keep going!
@@0_1_2your envy is showing. Just because you make bad decisions in life doesn’t mean you need to break others down.
Only 160k? Lame
Great explanations, it’s shocking how many people aren’t aware of these things
Thank you for your videos.
Thanks Brian
Happy Sunday Qdood!
Great information
thank you Sir Brian!
Will be turning 33 soon. And iv recently started 401k last year maxing out company max. Now i understand that alot of people dont do it sooner, because like me in my 20s i didnt have extra to put aside. But whenever you can, do it. This isnt to say live for your retirement. But it is nice to have somthing to fall back on in your later years
I didn’t start till I was 33 and I’m 43 now keep adding 1% a year till you get to 20% you will not regret it
Thank you for your help
My pleasure David, thank you for the support!
Gamsahabnida! Thank you, another good one!
Thank you for your help.
Great sound advice!!
I worked for 16yrs. with the major airline & left to take care of my 2children & my 401K has been growing.
Awesome info 👍👍
Excellent video and right on. Don’t listen to the hype about future returns will not repeat the past-the same concerns were there when I was 22-now I am 55 and thankful I under-lived my means and saved. It was worth not driving the shiny new car.
Great advice. I appreciate you looking out for the little guy while the big guys are busy trying to pilfer the little guy's wealth.
Awesome content dude! Please keep putting more information ❤
Thank you Eddy!
I started in my late 20’s and regret not starting much earlier. There’s always extra money to put aside even if it’s 1-3%. Start early and you won’t regret it.
Excellent information presented well. Oh my, yes, watch the fees!
Thank you for help full information
Thanks Brian 😊 😊
You are an amazing person!
Thanks, brother!
You are my financial advisor thanks so much
Thanks Brian!
You bet! Thank you for all the support!
Thank you for being simple and straightforward. Great video on taking advantage of employers matching. I'm 55, got +$700k invested in my 401k, I started saving in my mid 20s. Yes, it can be done! Looking forward to doubling in 7 to 8 years from the compounding rule of 72. Please budget early and pay yourself first. Good luck!
Great Content
Thank you! Just subscribed to your channel.
Thank for the info
The GOAT of financial advice.
Great topic and video
If you have Roth 401k option, seriously consider it. I max out my 23k annual contribution as Roth contributions for tax free money in retirement. I've been in 100% stock the past 19 years and it's really paid off (S&P 500 index and some mid cap dividend staple funds). On target to hit 1M in 401k by my mid 40's
I do a little of both Roth and traditional & hubby does all traditional …trying to keep our income down so we don’t lose out on Roth IRA eligibility.
it depends on your tax bracket. If you are in high marginal tax bracket right now, roth 401k will be a bad option. There is no way you will be in 22% marginal tax bracket in retirement if you are in correct financial path.
I thought the cap on the Roth was around $7000? My company just started offering a Roth for my 457K.
Depends on your tax bracket. Roth 401k isnt best option for everyone
I lost a lot in 2008, I don't think I have fully recovered. Be careful a crush is coming.
very well said! and yes, starting your investments in your 20's is absolutely the fastest way to financial independence.
great advice!
Great advice using you contribution rate each year.
We chose option 4 in order to get out of credit card debt. Credit card debt is a hard less to learn about interest rate, but a great motivator to be more financially responsible. The gains i was making off of retirement was being over shadow by the interest of credit card debt.
Ecelente🎉 thanks for this info
Great video very informative
Amazing presentation
Awesome!!
Thanks
good info!
The breakdown on the various 401k transfer options helped a lot! Currently looking to switch jobs and was curious if it makes that much of a difference
Brian please discuss physical gold and silver and why or why you should own them
Thank you!!!!
I'm 34 this year. I absolutely advise starting as early as possible. Never underestimate the power of compounding interest.
This is an eye opener, and having a retirement plan for yourself is the best step to take knowing that after your working days you will need something to depend on.
🎉🤩very well explained 💯‼️
Thx for the advice! I been working for the same company with a 7 percent match since i was 19 yrs old. Today im putting 15 percent of what i make weekly. Gotta save ppl. Im 36 yrs old now and i gotta say, best decision ever
Thank you 🙏🙏🙏
You are 100% right Brain the sooner the better
I forwarded this to my son even though he's a few years away from retirement.
I was lucky in that my credit union offered a financial advisor. He gave me the best advice and convinced me I was working for no reason at the time. In fact, I should've retired three years earlier! I've been retired for 17 years now.
Thank you!
No loans, no withdrawals, make certain you receive the full benefit of the employer match through December 31 each year, max out contributions each year, 402(g) limit and catch-up contributions, max out After-tax contributions if your employer offers After-Tax. Focus on Index funds for the low expense ratio and stay away from the boring bond funds.
I would have probably been poor as an old man if it weren’t for Brian or the internet. I’m so glad there’s people like you that help out others that can’t find this kind of helpful information.
Im 28. Hust got it going. And fees error is true tha ms for being transparent and helpful.
Thank you so much
You made it simple to understand
Thanks Brian. I will rely on social securities and medicaid when I retire 😊
Great video