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How would you like to have 1 million dollars in your 401k? Here’s some of the strategies that you can use that will make you a millionaire investor.
Complement with my latest audio podcast episode on THE FINANCIAL ROCK STAR SHOW: https://apple.co/2IaNLwG
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Scott Alan Turner is the new and true voice on money in America. Scott is a former money moron, living the paycheck-to-paycheck lifestyle, losing $40k by following bad investing advice, and racking up a load of credit card debt. But by age 35, he turned it all around and became a self-made millionaire.
In a world of get-rich-quick schemes, biased advice, and financial pied pipers, Scott’s authentic, no-holds-bared approach makes it possible for anyone to absolutely rock their personal finances.
Scott is on a mad mission to help you get financial independence, ultimate happiness and a life full of awesome experiences. With his rebel style, off-beat humor, and signature life-on-your-own-terms approach, Scott’s inspiring a movement of Financial Rock Stars across the globe.
His podcast, The Scott Alan Turner Show, debuted at #1 on iTunes.
Meet him at https://ScottAlanTurner.com
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In America the 401K has become the number one way we save for retirement. More than pensions ,savings accounts, IRAs regular investment counts the average person’s balance in their 401ks and all-time high. What do you need to do to get your 401k to a million dollars by the time you retire?
1. Never cash your 401k out. According to research 41% of people between the ages of 20 to 39 are cashing out their 401ks when they leave a job. If you leave a job and take a cash distribution of your 401k you have to pay all interest that’s due and you pay a 10% penalty on top of that.
2. Don’t borrow against your 401K. One in five people borrow against their 401k but what is the real cost of doing so? When we decide to borrow money in our 401k it’s probably not going to be for the reason that’s going to be benefiting our retirement. It’s a sign we are living beyond our means.
3. Roll it over into an IRA. The cost of owning a mutual fund is called the management fee and you pay that every year out on your investments. The funds in your 401k are going to have some of the highest management fees you will find anywhere so when you leave your job you should roll over your 401k into an IRA where you can invest in low-cost index funds which have much lower fees.
4. Invest heavily in stock. If you are young you want to select funds in your 401k that are 100 % and mutual funds or low-cost index funds if they’re available stock market it’s going to proven history of generating wealth for investors who are in it for the long haul.
If you follow those steps invest early invest often you are almost guaranteed to retire with at least a million dollars
Scott Answers Viewers Questions:
Should money an employee stock purchase program in an annuity or in a 401k account as an emergency fund? I know you say about the 401 K because he recently talked about not borrowing money against your 401 K but if you have an emergency does that qualify?
How do I get out from under a foreclosure I went through a divorce and my ex-wife would not sign the papers to sell the house or rent it out so I got taken back by the bank.
MONEY HACK SEGMENT
In our money hack segment I’ll show you simple ways to save money in your life while maintaining a rock star lifestyle.
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