361: 401k Strategies that will BLOW your MIND!

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 6 November 2021

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mind-blowing strategies that you can use TODAY with your 401k! Mark and Mat expand all of the fundamental strategies that get your 401k running like a well-oiled machine. Learn more at www.mainstreetbusiness.com Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: Main Street 360 Looking to connect with a rock star law firm? KKOS is o...

Transcript

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0:00.0	Welcome everybody to this week's podcast and the Main Street Business Podcast.
0:11.0	Excited to be here with you.
0:12.2	My name is Mark Kohler.
0:13.0	I'm here with the illustrious Matt Sorensen.
0:15.3	That's a new adjective.
0:17.2	Yeah, thank you.
0:18.2	I'll take it.
0:19.2	I've been called worse.
0:43.3	Well, I'm excited to be here. We're talking about a huge topic about how to get the most out of your 401K. This is the retirement account many of us have as we are we experienced as an employee at a company or maybe even if you small business owners that want to do it for yourself. So we're going to dive into this and talk about how to get the most out of the 401k. And I loved the title,
0:50.8	because maybe I chose the title, 401K strategies that will blow your mind. So if you're catching us on YouTube or your regular podcast listener, either format, grateful you're here. We hope to wow you today. And we're going to go through the fundamental basic strategies and kind of build upon each one until we blow your mind. Now, your mind might be blown earlier on than others or you may have to wait for the very end. I don't know. We'll see how goes. Everybody's mind blows at a different spot.
1:12.4	Yeah.
1:12.7	We're not on the same spectrum of mind blowing. That's right. All right. Some of you are also. Yeah. And now one thing we're trying to do better in our podcast is get into the topic, hit some base hits right out of the gate. and then, you know, throw in a little spattering of some insightful jokes and commentary that we think are a huge part of this wonderful tax and legal podcast.
1:38.2	Yeah.
1:38.8	That's our plan, right?
1:39.9	I want to make sure we're on the same page.
1:41.3	Okay.
1:41.6	Yeah.
1:41.9	So in other words, don't make any jokes right now, Matt. Say those for later. Got it. We'll move on. All right. Basics number one. You want to choose basic number one. Yeah. Let me say 401K. Okay. Here's my basic is a 401K has to be created by a business or an employer. So like IRAs are individual accounts.
2:03.7	Like congratulations, you're an individual.
2:05.5	You can have an IRA.
2:07.2	But 401Ks, if you're just an individual, you can't go set up a 401K.
2:11.6	A business has to create it for you.
	...

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