4.6 • 2.8K Ratings
🗓️ 5 June 2024
⏱️ 28 minutes
🧾️ Download transcript
We get asked all the time about how much you should invest in your 401(k). Is just getting your employer match enough, or do you need to save more?
We'll walk you through that question and more in today's Q&A episode!
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0:00.0 | If you're only getting your employer matching your 401k, is that enough? I am so excited about this because we get asked this question all the time. |
0:15.8 | Hey I'm maxing out my employer match. |
0:18.0 | I'm doing that part. |
0:19.5 | Is that enough for me to build wealth? |
0:22.0 | And so we're to dive into the answer |
0:24.1 | that question today we're going to walk you through how you can know if it is or |
0:27.8 | if it isn't and Brian when someone asks you that question what's the |
0:30.4 | answer what's the good financial advisor answer that you give them? |
0:34.3 | Well, I'm going to, I think no. |
0:38.0 | But I will tell you, you've got to hang with us |
0:40.4 | on the Financial Water operations, |
0:42.0 | but also what we're going to show you in some of this case study is because it does, I'll just go ahead and ruin this part of it. |
0:48.0 | If you're in your 20s and you don't get motivated by what we're about to show you, you have lost it because it is, it's pretty exciting |
0:56.2 | to show how just a little bit, I mean a little bit of today can really turn into a lot for the future and your great big beautiful |
1:04.4 | tomorrow but I do think this is also a show when we get into other ages 30s |
1:08.6 | 40s and beyond is that it is going to require you, yes, your money is powerful, compounding growth and your wealth multiplier is super powerful, but it's going to require more than your employer match. |
1:21.0 | So rather than just talking about theory and the idea of this, we wanted to put some |
1:25.6 | actual numbers with this and kind of give you a very, very simple, a very elementary case study |
1:31.2 | to show you why it may or may not be enough. It's not by the |
1:36.0 | way. Here are the assumptions that we laid out in our case study. We said |
1:40.1 | okay what if you participate in a 401k in an employer sponsor retirement plan |
1:44.1 | and you get a 4% dollar for dollar match so you put in one dollar your employer |
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