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Money Guy Show

Is a 401k the WORST Account to Have in Retirement?

Money Guy Show

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

Investing, Education, Business

4.73.1K Ratings

🗓️ 6 July 2022

⏱️ 26 minutes

🧾️ Download transcript

Summary

Some financial influencers say that 401(k) accounts are one of the WORST ways to save for retirement. Is that true?! In this Ask The Money Guy Episode, we'll take a look at whether or not millionaires use 401(k)s, unique advantages you won't find anywhere else, and even some advanced planning strategies. Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Have you ever wondered, is the 401k one of the worst investments?

0:04.7

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:11.6

investing, taxes. You've got financial questions, he's got financial answers.

0:17.0

It's Brian Preston, the money guy.

0:20.5

Brun, I am so excited about today's show because we are going to get to set the record straight.

0:28.2

There's too much information out there in the cyber world like this video we're about to share.

0:36.6

My coworker used to call me stupid for not putting my money in the 401k.

0:40.4

Now I'm financially free and they are still stuck at the JOB.

0:44.1

You will never hear rich people talk about how they're going to retire with the 401k.

0:47.7

Weren't Buffett doesn't talk about the 401k.

0:50.2

Rich people invest their money in things that will give them cash flow every single month,

0:55.1

like rental property.

0:56.2

With the 401k, you have to wait until you're 65 to be able to use that money.

1:00.0

Who the heck want that?

1:01.2

Plus with the inflation, that money will barely give you a comfortable life.

1:05.2

You still be struggling.

1:06.4

Remember, the 401k was designed by the government to keep you poor and trapped at the JOB.

1:11.2

So if you want to be free, take that money and invest in some rental property.

1:16.8

So I just want to recap some of the highlights he gave us.

1:19.9

You'll never be wealthy saving in a 401k.

1:23.6

Wealthy people don't actually use 401k's.

1:27.8

You never...

...

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