What Rich People Know About 401k’s That You Don’t | Kassidy Warren Saturday Edition E278

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 7 December 2024

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Tired of following the traditional 401(k) path? In this episode, Rich Somers and Cassidy Warren break down why the 401(k) might not be the best investment vehicle for building wealth and how the system benefits Wall Street more than it does the average American.They challenge conventional wisdom on retirement savings and explain why investing in real estate or leveraging your money in other ways can lead to far greater returns. Rich and Cassidy share their personal experiences, revealing how ...

Transcript

Click on a timestamp to play from that location

0:00.0	And the way they sell it is, oh, you have tax benefits by investing in your 401k. But knowing what you and I know now about real estate and everything, it's not real tax benefits. And the other way they sell it is, oh, if you're making 100 grand today, here's what you need to invest so that when you're 65 years old, you're going to make 100 grand on the way out.
0:23.9	A hundred grand in 30 years is going to be nothing.
0:25.8	It already isn't even that much.
0:30.9	But what you're making today and you're putting away into your 401K just to be able to pull that same amount of money out in 30 years is actually like a tenth of what you'll
0:35.5	probably need at that point.
0:37.8	Welcome to the Rich Strummers Report where we talk real estate, business, and wealth building all while keeping it real.
0:43.5	No fluff, no BS.
0:45.1	I hope that you enjoy the show.
0:51.5	All right, guys, welcome to another episode of The Report, Saturday edition, and I got my favorite
0:56.6	co-host today. I got my man Cassidy Warren fresh off the boat from Seattle. What's up, baby? How are we
1:01.6	feeling today? Feeling great, man. Another one. Let's do this. Oh, we are just getting warmed up,
1:05.8	and we got another one today. We are going to talk about the biggest scam in America. Cassidy can relate to this.
1:12.8	I can relate to this. This is how I got my start in real estate investing. This is how Cassidy got
1:17.1	his start in real estate investing. The 401k, which was developed in the 1980s, I believe.
1:23.3	I don't know the entire backstory, but it's been around since the 1980s, and I will say, it is a flawed system. If you look at the numbers, I'm going to pull it up here in a sec.
1:31.4	If you look at the numbers, it is not a system that is working. What are your thoughts?
1:36.3	It's not a system that was meant to help people get rich. It wasn't meant to help people get
1:41.0	wealthy. It was a system put in place by Wall Street to create stability
1:46.9	and money for Wall Street, for the government, for the banking system, and to reinvest and
1:52.7	essentially take our money and go use it how they want to use it, but not allow us to even
1:58.5	touch it, tap into it.
2:03.2	And there are benefits if you're in the middle class.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Rich Somers, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Rich Somers and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.