/biz/ - Business & Finance

Step 1: don't pay taxes.

>>50515721
I don’t know why this board hates him. His steps are fine for getting out of debt

>>50515760
Jesus this seems so unrealistic in today’s economy.

>>50515658
>you should max out your 401k contribution

>>50515760
Step 1 should be ignored and step 3 should be reduced. Step 4 is cringe boomer shit and should be chucked in the bin

>>50515760
>Step 1-7: just have more money

>>50516003
yes why wouldn’t you? it’s free money

>>50515760
I don't have a house how do I pay it off.

>>50515819
His fatal mistake is that debt is used to pay for everything now, making everything unrealistically expensive

>>50516003
If your 401 plan lets you specifically allocate towards certain industries/sectors, its definitely worth it. 100% so if you get an employer match since its not too hard to hit the 6k annual cap on 401ks.

>>50516060
If it wasn't getting matched and you have to chose between 10 funds of negative yielding bonds or 10 funds that either track the DJI, S&P, or the same 4 "growth" tech stocks that are already monsters in their markets, then I can see the appeal of just doing a Roth IRA since then you can at least DCA into defense contractors for your retirement.

>>50516039
Throwing 15% of your income at a combination of 401k and IRA means someone that earns 80k will hit the contribution limit. If you want to get the compounding going, you need to dump in as much as you can while young. And 6 months of banked expenses sounds like a lot, until your job gets eliminated due to an economic downturn, nobody is hiring, your wife is pregnant, and your car needs a transmission repair. 6 months of expenses does represent a large opportunity cost, but its actually pretty cheap insurance against having to liquidate assets to make ends meet and eat tax and withdrawal penalties. If you can't understand this, you're too young to post here.

>>50515760
His advice for basic personal finance is sound, and its so easy even a moron can do it and succeed. And most people are morons, which means that it is going to be good advice for most people. He gets a lot of shit here because he apparently believes that only Residential real estate and bloated mutual funds are worth investing in, to the point that a good number of people that turn his advice into a cargo-cult will get destroyed in the coming decade. He is the quintessential "boomer investor" that spent all his working life in one of the most capital drenched, risk tolerant, overly permissive investment periods in human history, and has never seen valuations of assets get slashed across the board.

>>50516060
oh yea totally free money bro
the mutual funds are totally guaranteed to be lucrative
they are totally not underwater, insolvent and co-dependent on turbo-MMT
free fucking money bro

>>50516757
literally too big to fail

>>50515760

>Save 15% of the household income

After taxes, benefits, monthly expenditures, most people barely have 5%