Everything You Need to Know About Your 401(k) (Are You Losing Money?)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 10 September 2021

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

For most people, your 401(k) is the single largest account that exists in your portfolio, so you better know what it is and how it works. Here's some of our best advice on how to maximize your 401(k) all in one video! 00:19 - Do 401(k)s Still Make Sense for Savers?08:20 - Where Did 401(k)s Come From?12:34 - How Do 401(k)s Work?14:20 - Roth vs Traditional: What’s Best For You?31:38 - Secret 401(k) Strategies43:40 - How to Pick the Bet Mutual Funds in Your 401(k)48:18 - Should You Rollover Your Old Employer’s 401(k)?53:33 - Average 401(k) Balance By Age Subscribe on YouTube! Download FREE Financial Resources from the show Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey money guy family, we have something you've got to watch.
0:03.1	We put together a best of video on 401k's.
0:06.5	That's right.
0:07.5	For most folks, it's the single largest account that exists in their portfolio.
0:10.6	So you better understand what it is and how it works.
0:14.9	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:21.7	investing, taxes.
0:23.6	You've got financial questions.
0:25.2	He's got financial answers.
0:27.2	It's Brian Preston, the money guy.
0:29.6	Do 401k's no longer make sense for your financial assets.
0:36.6	And I got to tell you, this one upset me.
0:39.2	And you can go ahead and bring up the headline because, and here's what cracked me up.
0:43.9	401k's plans no longer make much sense for savers.
0:48.8	Well, I don't know why that much.
0:50.2	Not no longer make sense.
0:51.2	Push the needle over a little bit further.
0:53.5	But to me, this is bad.
0:55.6	Look at me content creation.
0:58.2	And by the way, you brought up that there's very likely a conflict as well based upon what
1:03.6	his background, the fact that 401k assets probably don't allow his product in there.
1:11.6	So that might have played into it.
	...

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