How To Get FREE MONEY (Legally)
A 401k Employer Match is LITERALLY FREE MONEY – @SimonSquibb Featuring Simon Squibb | Add me on Instagram: GPStephan
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At 18 a old lady sat me down shortly after getting my first factory job she made me set one up in 26 now and have over 60k in it now last checked
God Bless that lady
How much were they matching???
I started at 23 no one told me. Built it up to 84k at 35 years old. Took out half to buy my first home.
@@realcaramelli7068 …….most will match up to 5%
She didn’t teach you about punctuation though eh big guy
Just the match is priority l. Then a Roth, then HSA if applicable, then if you have extra max out the 401k. They are very expensive not just the expense of the fund but there are admin, advisor,legal,custodial fees that get charged every year. It ends up being like 1-2% of total assets.
CHECK THE VESTING PERIOD. Many businesses say they’ll do this but the money is only confirmed when you work there for a certain period of time, often it’s a year.
For my place it’s 5 yrs….
Yup at my company it’s 20% after 2 years and 100% at 5 years. So basically the match is completely worthless
@@gabesmiley3169 not if you stay for 5 years
Studies show if someone stays somewhere for 5 years they are there for life.
Why would it be worthless?
My company matches 12%
…….that’s called a WHOPPER🤔
(In order to acquire said money, you need to work there for 3 years, usually)
Called “vesting”
Good for the business as they get to tie it to a vesting period and use it as a tax write-off.
And good for the employee as it’s basically free money.
Yea that will be inflated away before you can even get it
Delusional. A lot of other countries have this as a legal requirement from your employer so its almost impossible to be broke when you retire.
Nice video. Not a criticism, I enjoy your insights. I tend to think prices could go higher if XAI70P rockets. But understand the logic for sandbagging estimates. My opinion is XAI70P breaks 1, perhaps reaches 10 ATH, if conditions are right. But broader forces are at play now. We’re moving into really unknown territory. And these entities are shrewd. I think there’s massive manipulation ahead. If XAI70P survives that, well, we’re likely in for a good pump.
Just like he shilled ftx blockfi platform and every user got their funds stolen ?
So youre saying fidelity is going to run off with your 401k?
Should we go down the rabbit hole of why 401k was even created in the first place in ifferent forms all around the World? 🤔🤔🤔
I buy bitcoin instead. It’s worked out flawlessly.
Not always. When I left I became ineligible and could only roll a portion of it over; then the product manager charged a bunch of fees to drop the balance down to zero. I wasn’t there a long time, but it was a reminder that nothing is free
Most places match up to 6%. I’ve been contributing 6% for 11 years now. And while my paychecks are a little less than those who don’t contribute, I know it will help so much in the long run
Lol I’m doing 25% right now at age 30 to take advantage of the swings of the market
@@ChowTY42does your company match 25% though? I can do 25% if I wanted, but seems like a waste if they only
Match the first 6%
I don’t have a 401k, I have a pension. In a year and a half I will receive 1076 a month for the rest of my life. I started working for the county at the old sge of 42, stayed 15 years.
That’s a blessing man. Pensions have been all but phased out these days
@@adirlovesJesus if you get a job for the State of Florida or a local municipality like I did, you are in the Florida Retirement System. You can either get a pension after 10 years or elect or choose the investment plan that works similar to a 401k.
Nobody can be living to 65 or guaranteed to live to 65
Maybe should also discuss how the 401k conned the average person and set us up for a huge wealth gap with our employers and the people making the decision to move away from pensions! Support workers’ rights and bring back the pension
Pensions are bad for a few reasons and I’m assuming you are talking about a defined benefit type pension.
For one, that ties the worker to the company. If you leave that company, that pension ain’t coming with you. Also, that pension is tied to the company. If that company goes belly up then you’re screwed. Those are the two main ones I can think of off the top of my head
Hot take here but I contribute 0 and invest the extra money. Not trying to wait until I’m 59 to retire. Aiming for my freedom at 34/35ish
Uk companies give amazing contribution. 5% invested give 17%
They offer this but they only offer it knowing that you will not make it to a 20-year retirement
I wish advisors would amend this from being “free money” to an “earned benefit”. I work REAL hard and my employer does not give me that opportunity out of the goodness of their heart. It’s part of my overall compensation package