Date: 2019-08-02 16:45:01
Investing in a 401k plan is the best return you’ll ever make, if you know how it works. I’ve worked in private wealth management and as an equity analyst and can tell you without a doubt that a 401k retirement plan is one of the best ways to grow your wealth.
But there are a lot of misconceptions about how a 401k works and the benefits to investing in a plan. One of the most common questions I get on the channel is around the 401k balance by age and how much to invest.
That’s why I wanted to make this video detailing 401k benefits and why I say this is the best investment you’ll ever make. I love picking stocks but you’ll never get the kind of return you will from a 401k plan, not even if your name is Warren Buffett.
I’ll answer all the most important questions from, “How does a 401k work?” to how much to put in a 401k and compare the plan against other retirement account options. I’ll cover the Roth IRA vs 401k and vs the traditional IRA. I’ll show you the average 401k balance by age and reveal why you should never take a 401k loan.
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Now I don’t want you to think that the 401k plan is a perfect investment. There are some real disadvantages to most programs as well and I recommend you invest in an IRA and Roth IRA as well. It’s tough to beat that 401k match though, it’s like getting free money to invest. You do need to know how to use all this which is why I created the video.
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.