283: Don't Save For Retirement with Daniel Ameduri
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 9 March 2020
⏱️ 37 minutes
🧾️ Download transcript
Summary
You'll struggle unnecessarily in life if you "maximize" conventional retirement plans.
How can this be?
Historically, rather than deferring your income into the future with a 401(k), 403(b), 457 Plan, TSP, IRA …
… you could invest in a real, cash-flowing asset that improves your life BOTH now and later.
I make a case that a "dollar per dollar" employer match in your 401(k) could be worth it. But only up to that level.
Today's guest, Daniel Ameduri, author of "Don't Save For Retirement", discusses this with me.
Future federal income tax rates will likely be higher. That's one risk of deferring your tax.
The biggest risk of conventional retirement saving is that you sell your todays for tomorrows. Would deferring your compensation ever "pay off" for you?
Children & money tips are also discussed.
The top role of most financial advisors? To keep the naive person from losing all of their money.
In retirement, many retirees pay their financial advisors 25% to 50% of what the retiree withdraws! I explain.
Summary: Don't invest your income for savings; invest your income for more durable income.
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. Don't save for retirement. If you do, |
| 0:07.4 | you're probably going to struggle in your life longer than you need to. And what does retirement even mean |
| 0:13.0 | in this day and age? Also, some lessons for children and money today on Get Rich Education. |
| 0:21.4 | Finally, with Total Control Financial, get checkbook control of your existing 401K and IRA funds to invest in real estate. |
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| 1:21.3 | You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education. |
| 2:03.1 | Welcome to Get Rich Education. I'm your host, Keith Weinhold. Don't save for retirement. What we're talking about here is don't save for retirement in a plan specifically designated as a structured retirement plan, like a 401k, 403B, IRA, or Thrift Savings Plan. |
| 2:08.4 | Otherwise, you're probably going to struggle in your life longer than you would need to. |
| 2:13.0 | Otherwise, today you're going to hear some things about retirement that you've never heard before. |
| 2:19.6 | Before we get into that, let's talk about a few instances where it might make sense to contribute to one of these conventional retirement plans. A while ago, a listener to this show, Jordan, |
| 2:25.5 | asked me, is it worth it to contribute 7% of my salary in order to get a 7% match from my employer, also known as a 100% return, even if |
| 2:38.1 | this money is locked away and can't be utilized for decades. Great question, Jordan. |
| 2:44.0 | My answer is, it depends. It could be worth going for the match. Yeah, go for the match if you're confident that you'll be |
| 2:53.1 | able to truly enjoy it in your 70s. Of course, you can never really know that. It has more to do |
| 3:00.4 | with your health than it does anticipated returns or anticipated tax treatment. And now, |
| 3:07.3 | anything beyond a 7% contribution to his |
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