Does the next sentence sound familiar?
It’s what I was told to do to save for retirement! Stick money in that 401k and max that thing out! When the market falls hang in there, it’ll come back!
Ugh, my stomach still hurts, and it’s been years since I’ve had a 401k.
Most people earning $100,000 a year or more are maxing out their 401k because that is the only option they believe they have. In return, they may have credit card debt at 19% or student loan debt at 7%. They are paying more interest to other than they are making in that 401k, they have given up access to that money until they are 59 ½!
Ask yourself, what could you do with that money today if you had it in your pocket?
Pay Down Debt
Go On Vaca Now
Start a Business
Buy A Company
Could you pay down some debt, could you go on vacation now, could you buy a home because you’d have down payment money, or could you start a business or buy real estate? The options are endless of what we could do, but we are told not to touch it, it’s for retirement!
Well, I want my sports car, and I’m going to drive it too. I don’t care how pretty it is I’m not just going to look at it from afar. That is just what you are doing with your 401k, looking at it from afar while you give up opportunities or pay more interest today for other things.
This investment idea of IRA and 401K’s came along in 1974 and 1980. Before the new investment ideas, people did not put their retirement savings in the market, they put money places they knew would have guaranteed returns. Since the inception of the “market driven” products, we have been conditioned to think that is the place for money and if we lose it we should just hang in there.
Well, I am not sure about you, but I am NOT a gambler nor am I a fan of government-made rules.
The Reality of the 401k
If the government came to you today and asked you to go into business with them would you? If they asked you for money and then told you they’d make all the rules, would you hand over the money? I bet you are shaking your head, “NO!”
This is exactly what you are doing by putting money in a 401k. You put in the money, and they make the rules. They get to decide how much you can put away, they get to decide when you can take it out, they get to decide how it’s taxed and they get to decide what the penalty is if you take it early. They make the rules; you just play their game. (and hang on for the ride)
What opportunity are you losing by not using that money today? Do you want to start a business, buy a company or get some debt paid off, but you can’t because you can’t access the “retirement” money without penalty? You may be able to borrow against it but again there are rules to that and when you borrow against the 401k money is no longer earning you a rate of return. You don’t even get to control the payback terms on your money!
Is the “best yet to come?”
The majority of Americans have given their money to someone else and hoped for the best. When the best doesn’t happen, they blame the people they blindly hoped would take care of it for not managing it right. I say it’s time to control that retirement account yourself by putting your money into a tool that allows you to use it today to pay down debt and then use it later for your retirement. Crazy? Yes, it does seem a bit crazy. Heck, let’s be honest it seems too good to be true and a scam!
If you feel that way reading this article then I am glad to see that, I felt the same way and thought for sure the people who showed this to me were going to jail! But instead of walking away, I educated myself on the subject and found it’s not too good to be true. In fact the wealthy are using this strategy and ensuring their family’s wealth continues to grow generation after generation.
My book Wealth Without the Bank or Wall Street explains the inner workings of the solution and strategy to not losing money by dumping it into your 401k. The book will even show you why the match your employer is giving you may not be as good as you were told it was.
If you don’t have the book grab it now so you can be sure you have what you need for retirement without risk! I’d rather be guaranteed money…..remember I don’t like to gamble.
In addition, my friend Barry J. Dyke will be in Bismarck, North Dakota for the Secure Wealth Builders Conference. If this topic piques your interest, you should be in the room when he shares a few things from his books Pirates of Manhattan, Pirates of Manhattan II, and Guaranteed Income.
✓ You will be shocked to learn that the banks use the same tool I talk about for their Tier 1 capital (the money that makes them look good on paper).
✓ You’ll also be shocked to learn that major companies like GM, Verizon and Motorola are moving billions of pension money from the market to life insurance products to guarantee their employee’s retirements.
✓ You’ll also be shocked to learn that insiders of major banks are selling their shares, but telling you to buy them.
Barry has done all the research and he’s got enough experience on the floor of Wall Street to back it up. Many can’t point out the facts and prove this is happening but Barry does, and it’s a bit alarming.
What You Can Do Today
If you have had any thoughts of fear or doubt around your 401k, this is must-have education you will want to spend time and money on. I am not here to scare you but prepare you for your retirement savings with guarantees rather than assumptions. I don’t want to see you as the next greeter or worker of the retail store because you NEED to supplement your retirement.
Please order yourself a copy of Wealth Without The Bank or Wall Street or attend the conference and then let’s visit. I’d love to share more and educate you so YOU can make the best decision for you.