Manage episode 266067814 series 2516289
In every recessionary period in the market, we ask ourselves a serious question “where is my money?” Many of us have been asking this question for the last 4 months. If your money is in a 401k or any other employer sponsored plan, you might come to the sad realization that you have no control.
All our lives we’ve been taught to give up control of our money by putting it into a 401k, but that advice comes from a misguided view of how money works.
It turns out that when you have a plan like this, the game is rigged for someone else to profit at our expense. We need to be looking at other ways to invest our money if we want to secure our financial future.
Why should you rethink your retirement plan? Why don’t our retirement investments bounce back as quickly as the stock market? In this episode, I share the truth about the 401k.
Three Things We Learned In This Episode
- Our money has to work twice as hard to keep up with inflation and beat inflation so that we have money that’s usable in retirement.
- The person with the most money in their bank account is next in line to be broke because their money isn’t working for them.
- There’s serious consequences if you want or need the money from your 401k back.
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