The Experts Gave Him Advice - Why I Disagreed With All of Them
Be Wealthy & Smart
Linda P. Jones
4.8 ā¢ 883 Ratings
šļø 18 December 2019
ā±ļø 11 minutes
šļø Recording | iTunes | RSS
š§¾ļø Download transcript
Summary
Learn why I gave different advice to someone about stopping his 401k contributions to save for a down payment for a home.
This question was asked:
"I am a single, 27-year-old male. I am beginning to save for a down payment on a home. I currently contribute about 17% to my 401(k). While that is great, it doesn't leave me very much room to save for a new home. I am looking for perspective about lowering my 401(k) contributions to help save up for a down payment on a home, versus maintaining 401(k) and lengthening my home-buying timeline."
All of the experts advised him to pay less or stop paying into his 401(k), except me. Here's why.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 656. |
| 0:03.0 | I'm gonna live the rich life. |
| 0:06.0 | Rich life. |
| 0:08.0 | For the best life. |
| 0:10.0 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.7 | yeah I'm full of pain I'm gonna live a good life I'm gonna live the good life |
| 0:21.1 | and beautiful and glorious life Step into a world of wealth of wealth and financial freedom without budgets, boredom or bosses on |
| 0:31.3 | be wealthy and Smart. |
| 0:34.0 | And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. |
| 0:39.4 | I'm Linda P. Jones, America's Wealth Mentor. |
| 0:41.7 | Empowering women and Men Worldwide to Financial Freedom. |
| 0:45.0 | On today's show, I'm going to share with you a question that a young person had about continuing |
| 0:50.2 | to contribute to his 401k or saving for a down payment on a home and why I have a different |
| 0:56.7 | opinion than the advice all of the other experts gave him. Recently I came across a question that was on Yahoo.com and it was this. |
| 1:08.0 | I'm a single 27 year old male. I am beginning to save for a down payment on a home. I currently contribute |
| 1:15.2 | about 17% to my 401k. While that is great, it doesn't leave me much room to save for a new home. I am looking for perspective about lowering |
| 1:25.2 | my 401k contributions to help save up for a down payment on a home versus maintaining 401k and lengthening |
| 1:32.4 | my home buying timeline. |
| 1:34.0 | Well, I won't read you the rest of the article, but there were several experts that all |
| 1:38.7 | weighed in and each one of them said stop contributing or contribute less to your 401k |
| 1:47.6 | and I'm going to disagree with all of them and I'll tell you why. |
... |
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