I left a prior company in a November, after only 18 months into a 3-year vesting schedule for 401k match. I hated the new management that the company installed 6 months after I joined (bait and switch). The "promised" less than 25% travel turned into 75% travel. The team culture was atrociously toxic as the new Department Head brought in her people from other companies (which is kinda normal - but nepotism rarely makes the existing employees happier). I gave my 2 week notice and never looked back. No plan and nothing lined up before leaving... scary and risky... but it was TOTALLY worth it. Three months later, the next job had 30% higher salary, better work-life, better management, more upward mobility, and shorter commute, but there was no way to know any of that before I left and found the new one. Sometimes it's better to leave money on the table.
People only read the headlines about downturn when all you have to do is look at the S&P 500 chart to see that YTD it’s still way up… the news is so misleading.
My first job was at a small private owned engineering firm that had a SEP-IRA setup with 5% employer contribution, and I think 15% max total. We were chatting about our various investments because we could buy anything like stock within the IRA. The son of the company owner just nonchalantly says he hadn't done anything with it which was a basic money market savings by default(FDRXX with a 1.3% 10 yr) We didn't know what to say. Tried to convince him just do index if he was scared of the stock market, not sure if he ever did. He'd been there for 10 years by then...
OMG, I attended Coronado High School (in Scottsdale) where they filmed that movie (movie names San Dimas High).They filmed at the same time we were in school, so it was so cool to see the movie-equipment. YES, I even saw Keanu Reeves and Alex Winter the whole time they were filming. It was a great experience.
Literally did this :| thankfully it was only a 10k account for about 3-4 years so it's not the end of the world but I gave up a decent chunk of gains. Shows like this and Calebs helped me get back on track at least :)
Just don't get so greedy in times of market pullbacks that you convince yourself to buy more equities by dipping into your emergency savings. When the markets look extra tempting to buy into is the exact same time when the economy could cause you to need that emergency savings.
Man my dad is one of those leaving it in low savings. Tried educating him on investing. But his loss aversion is strong. Personal finance is personal. And I think parents have a hard time taking advice from their kids. 🤷
I have no idea if this was advisable, but when rates were low back in '21, I refinanced my rental property from a 30 year(26 remaining) at 6.5% to a 15 year at 3.125%, took about $10k cash out and lowered the monthly payment. Maybe the cash-out part was questionable, but with no intentions of selling in the foreseeable future, I felt it was a no-brainer refi.
Bit confused here..... how is paying cash for a car, and liquidating assets to pay cash for a car different? I'm getting ready to replace a 14-year old car and have been saving cash to buy it. AS I've been saving, I've been investing those dollars.... which has added a significant doallars to that bucket. But obviously, I'll have to liquedate that investment to buy the car. What am I missing? FWIW, I'm now older.... 58. Have money still going to pre-tax 401K and other savings every month (including a funded emergency fund).
It’s not advised to invest short term savings (like for a car) in the stock market which is the appropriate move for long term investing. This is mainly due to volatility, the value may suddenly take a big dip right when you need the cash. It’s safer in money market mutual funds inside a brokerage account that are currently earning well over 5%. Hysa tied to a checking account is a step down from there, even more quickly available when the right car comes along.
My parents were the same as Brian’s in that they lived frugally and saved, but didn’t know about investing really. They have several million still from my dads business, but I can’t imagine how much more they would have if they had been investing.
I got screwed on a rollover IRA by a former co-worker from the old company (who i thought i could trust). She put it in actively managed funds that had a high up front sales charge, made a bundle off me. But I guess it would have been worse if it had been put in cash.
Omg!!!! That’s me!! I only noticed this last year. It was sitting in a money market fund. I thought it was my mistake! What is someone able to do about that huge mistake??
My 401k was automatically going into a target day fund. For nearly a decade, i was contributing to it, but never looked at it. I assumed it was a good investment, but after doing some research, i found out that the average 6% return was pretty horrible. I immediately put 80% of it into the s&p and it exploded. I asked my coworkers if they were also in target day funds, and most didn't even know what they were invested in.
What do you think of rolling an IRA into a 401K when you're in your 70s and still working? I've heard it's a way to avoid RMDs until you finally stop working.
Please help any and all help is greatly needed I’m 62 y o divorce woman I received half of his 401k and $750 a month alimony by the time uncle Sam gets his half and $220 an hour to the principal group for preparing it. I end up with nothing I am destitute. I will lose my home.
College conversation should include them pursuing a degree that actually has a well paying job at the end or going into the trades. Also, many of my friends had their children knock out basic courses at the community college and then finished at a bigger college. This saved them boat loads.
On the housing discussion my with and I bought in 2019 and we refi'ed twice. When we bought in 2019 we had a rate of 3.875%, in 2020 we got it down to 3.25% with no closing costs, now we're locked in at 2.375% from 2021 again with no closing costs and overall we ended up adding about 1 month on to the repayment term because of the closing dates, but our goal was to keep it the same length of time. We now have about 46% equity in the house so if rates do come down to those 2021 levels our goal would be to refi again to eliminate the MIP on the loan.
This is a prime example of why, for the vast majority, staying in the 401K is a good decision. For the last couple of years, numerous talking heads have been talking about a market collapse and so I can see many folks hesitating on moving into the market. That’s not to mention the correction that’s occurred now in August 2024.
With copytrading, you could be sipping coffee on a balcony overlooking a bustling city skyline or lounging on a pristine beach, all while your investments work for you. Picture the freedom to pursue your passions, travel the world, and create lasting memories with your loved ones, all because you took the initiative to harness the power of copytrading and build the life you've always dreamed of.
Can't share much here, I take guidance from ‘Sophia E Haney’ a renowned figure in her industry with over two decades of work experience. I'd suggest you research her further on the web.
56:30 … I don’t agree with Bo. It’s actually better to refinance for the new 30 and use that payment differential to go strictly towards principal You’ll have a faster payoff rate (Brian’s Troll here)
40:46 She is 51 and plans to work only 9-ish more years. People who retire before 65 should be automatically disqualified for all government programs for life (Medicare, Social Security, etc.). Barring special physical or mental circumstances there is a lot of gas left in the tank. What else - retire and stare out the window for the next 10, 20, 30+ years? Reasoning: either you have the money and shouldn't be looking to take funds better spent on those who really need it or you are milking the system.
@@zs5002 If you read the end - reasoning - it makes sense. Ironically personal interests and government interests ( for society ) are usually at odds. Looking at it from macro point of view (not micro or personal finance) welfare programs and social security needs to be kept solvent to serve everyone, so the most vulnerable of society can use them, as they were intended for. That is how a society works.
@@stevenporter863 nobody disagrees with that. But retiring 5 years early should not disqualify you from SS and especially Medicare. What a horrible take. Everyone deserves to draw from it if they put into it. Social security will be fine once the boomers go extinct.
Ss and Medicare are not welfare. The difference is we're forced to "invest" in them. A lot of us would happily opt out and invest that money elsewhere for a better return. As it is, the "benefits" are simply a small return on everything that was paid in.
Don’t get crazy and start selling off assets now! The market will be back! Don’t get scared!!
Please selll! So I can buy for a lower price!
/s/
Buy more right now while all stocks are on sale!
@@rayzerotalways be buying!
I didn’t realize how much worry I’d have with investing. I am keeping myself distracted and keep dumping money into my IRÁ.
Now is the time to rebalance.
I left a prior company in a November, after only 18 months into a 3-year vesting schedule for 401k match. I hated the new management that the company installed 6 months after I joined (bait and switch). The "promised" less than 25% travel turned into 75% travel. The team culture was atrociously toxic as the new Department Head brought in her people from other companies (which is kinda normal - but nepotism rarely makes the existing employees happier). I gave my 2 week notice and never looked back. No plan and nothing lined up before leaving... scary and risky... but it was TOTALLY worth it. Three months later, the next job had 30% higher salary, better work-life, better management, more upward mobility, and shorter commute, but there was no way to know any of that before I left and found the new one. Sometimes it's better to leave money on the table.
In this case, 100% agreed. Other cases where job A and B arent too different and then you should factor in these benefits
I made that same mistake with my kids' 529 accounts and regretted dearly. Not 7 years, but 3 years of missed opportunity :)
People only read the headlines about downturn when all you have to do is look at the S&P 500 chart to see that YTD it’s still way up… the news is so misleading.
Exactly. The news outlets want to create views so they need to generate fear over a drop that barely shows up on the charts
the market had a couple bad days but it really isnt that discounted. I mean take the discounts when you get em but it really isnt that bad.
My wife left a job in 2013 into a roll over IRA $14K and we didn't look at it until 2019, it was still at $14K 😢😢😢 live and learn!!!
oh my goodness..... whatever you do, do NOT do the math on what you left on the table. in any case, keep truckin' learn and save, save and learn!
My first job was at a small private owned engineering firm that had a SEP-IRA setup with 5% employer contribution, and I think 15% max total. We were chatting about our various investments because we could buy anything like stock within the IRA. The son of the company owner just nonchalantly says he hadn't done anything with it which was a basic money market savings by default(FDRXX with a 1.3% 10 yr) We didn't know what to say. Tried to convince him just do index if he was scared of the stock market, not sure if he ever did. He'd been there for 10 years by then...
OMG, I attended Coronado High School (in Scottsdale) where they filmed that movie (movie names San Dimas High).They filmed at the same time we were in school, so it was so cool to see the movie-equipment. YES, I even saw Keanu Reeves and Alex Winter the whole time they were filming. It was a great experience.
Literally did this :| thankfully it was only a 10k account for about 3-4 years so it's not the end of the world but I gave up a decent chunk of gains. Shows like this and Calebs helped me get back on track at least :)
Brian, I enjoyed the MON stamp on my arm all day long today. Haha. Thanks for supporting the Williamson County Fair.
Buy the sale!!!
Just don't get so greedy in times of market pullbacks that you convince yourself to buy more equities by dipping into your emergency savings. When the markets look extra tempting to buy into is the exact same time when the economy could cause you to need that emergency savings.
Wise words
Man my dad is one of those leaving it in low savings. Tried educating him on investing. But his loss aversion is strong. Personal finance is personal. And I think parents have a hard time taking advice from their kids. 🤷
When market goes down = fire sale, buy more.
Preach brother!
I have no idea if this was advisable, but when rates were low back in '21, I refinanced my rental property from a 30 year(26 remaining) at 6.5% to a 15 year at 3.125%, took about $10k cash out and lowered the monthly payment.
Maybe the cash-out part was questionable, but with no intentions of selling in the foreseeable future, I felt it was a no-brainer refi.
I am soooo excited for this episode!
I am so excited 😊
"Should have had the regular corndog" 😂😂😂😂 I am praying for you sir 🙏🏽
Bit confused here..... how is paying cash for a car, and liquidating assets to pay cash for a car different? I'm getting ready to replace a 14-year old car and have been saving cash to buy it. AS I've been saving, I've been investing those dollars.... which has added a significant doallars to that bucket. But obviously, I'll have to liquedate that investment to buy the car. What am I missing? FWIW, I'm now older.... 58. Have money still going to pre-tax 401K and other savings every month (including a funded emergency fund).
It’s not advised to invest short term savings (like for a car) in the stock market which is the appropriate move for long term investing. This is mainly due to volatility, the value may suddenly take a big dip right when you need the cash. It’s safer in money market mutual funds inside a brokerage account that are currently earning well over 5%. Hysa tied to a checking account is a step down from there, even more quickly available when the right car comes along.
Capital gains tax is one difference, I guess.
How' should I rollover my 401k,they sold the company
Social security and pensions are not net worth, they are income flow only just like when you were working
My parents were the same as Brian’s in that they lived frugally and saved, but didn’t know about investing really. They have several million still from my dads business, but I can’t imagine how much more they would have if they had been investing.
I don't understand how do you open a Roth IRA or any type of ira and it's not already invested that doesn't make any sense to me
I got screwed on a rollover IRA by a former co-worker from the old company (who i thought i could trust). She put it in actively managed funds that had a high up front sales charge, made a bundle off me. But I guess it would have been worse if it had been put in cash.
I remember when you got your first 100k subscribers
Omg!!!! That’s me!! I only noticed this last year. It was sitting in a money market fund. I thought it was my mistake! What is someone able to do about that huge mistake??
Nothing about the past. Invest now into target date and it'll rebalance automatically going forward
It was your mistake.
@@LeaMcCawonly target date if you want low risk low return.
My 401k was automatically going into a target day fund. For nearly a decade, i was contributing to it, but never looked at it. I assumed it was a good investment, but after doing some research, i found out that the average 6% return was pretty horrible. I immediately put 80% of it into the s&p and it exploded. I asked my coworkers if they were also in target day funds, and most didn't even know what they were invested in.
@@mr.tomatohead5648 it must depend on the fund. Mine is through Vanguard & it’s earned 8% averaged over the past 10 years.
I was planning on going to the fair on Saturday, but Brian has me nervous...
What do you think of rolling an IRA into a 401K when you're in your 70s and still working? I've heard it's a way to avoid RMDs until you finally stop working.
RMD is now 73.
Rolling over their money and it not getting reinvested is SO SAD. 😢
Please help any and all help is greatly needed I’m 62 y o divorce woman I received half of his 401k and $750 a month alimony by the time uncle Sam gets his half and $220 an hour to the principal group for preparing it. I end up with nothing I am destitute. I will lose my home.
The sale is going to get a whole lot more on sale!
Up 8% or so since the date you posted...
So sorry for your loss.
Remember when the Brady’s put in a pay phone?
College conversation should include them pursuing a degree that actually has a well paying job at the end or going into the trades. Also, many of my friends had their children knock out basic courses at the community college and then finished at a bigger college. This saved them boat loads.
On the housing discussion my with and I bought in 2019 and we refi'ed twice. When we bought in 2019 we had a rate of 3.875%, in 2020 we got it down to 3.25% with no closing costs, now we're locked in at 2.375% from 2021 again with no closing costs and overall we ended up adding about 1 month on to the repayment term because of the closing dates, but our goal was to keep it the same length of time. We now have about 46% equity in the house so if rates do come down to those 2021 levels our goal would be to refi again to eliminate the MIP on the loan.
Interesting.
This is a prime example of why, for the vast majority, staying in the 401K is a good decision. For the last couple of years, numerous talking heads have been talking about a market collapse and so I can see many folks hesitating on moving into the market. That’s not to mention the correction that’s occurred now in August 2024.
❤❤❤
Seriously minimal financial content available here, c’mon guys!
I enjoy the money guy show but but holy moly there was way too much side talk. Save that for the break room ? Lol jk love ya guys
My fiancé had a Mickey Mouse corded phone as a kid. Still have it at 40, we let our kids play with it when they were younger.
Why is Brian's voice so deep lol
I just got out of school, haven’t even started. Russell 2000 lookin better than spy
Whatever works, just don't keep it in cash.
With copytrading, you could be sipping coffee on a balcony overlooking a bustling city skyline or lounging on a pristine beach, all while your investments work for you. Picture the freedom to pursue your passions, travel the world, and create lasting memories with your loved ones, all because you took the initiative to harness the power of copytrading and build the life you've always dreamed of.
Do you invest with a professional broker? I'd appreciate it if you show me how to go about it.
Can't share much here, I take guidance from ‘Sophia E Haney’ a renowned figure in her industry with over two decades of work experience. I'd suggest you research her further on the web.
Use her name to quickly conduct an internet search.
SHE’S MOSTLY ON TELEGRAMS APPS WITH HER NAME.
Sophiahaney she’s verified
OUCH
56:30 … I don’t agree with Bo. It’s actually better to refinance for the new 30 and use that payment differential to go strictly towards principal You’ll have a faster payoff rate (Brian’s Troll here)
Gosh imagine working jobs that have no retirement plans, no benefits, no bonuses.
Oh that’s me and half the population 😊
Keep looking, they are out there
ABB ABB ABB ABB ABB
40:46
She is 51 and plans to work only 9-ish more years. People who retire before 65 should be automatically disqualified for all government programs for life (Medicare, Social Security, etc.). Barring special physical or mental circumstances there is a lot of gas left in the tank. What else - retire and stare out the window for the next 10, 20, 30+ years?
Reasoning: either you have the money and shouldn't be looking to take funds better spent on those who really need it or you are milking the system.
So even if I pay into social security for 40 years and retire at 59 I don’t deserve any of it back?? You probably voted for Sleepy Joe
@@zs5002 If you read the end - reasoning - it makes sense. Ironically personal interests and government interests ( for society ) are usually at odds. Looking at it from macro point of view (not micro or personal finance) welfare programs and social security needs to be kept solvent to serve everyone, so the most vulnerable of society can use them, as they were intended for. That is how a society works.
@@stevenporter863 nobody disagrees with that. But retiring 5 years early should not disqualify you from SS and especially Medicare. What a horrible take. Everyone deserves to draw from it if they put into it. Social security will be fine once the boomers go extinct.
Ss and Medicare are not welfare. The difference is we're forced to "invest" in them. A lot of us would happily opt out and invest that money elsewhere for a better return. As it is, the "benefits" are simply a small return on everything that was paid in.
This show was much better without the gal interrupting and talking over everyone...
The comment section was better without you
@@lags34 Uh oh. Sounds like another mouthy feminist