Why 401ks Are a Waste of Time

[Anonymous No.55690702]

Watch this video before BlackRock and Vanguard take it down.
https://youtu.be/1AWk77l8ET8

[Anonymous No.55690712]

What is that hairstyle called?

[Anonymous No.55690757]

>>55690702
Wow, Anon. I have been enlightened. Not once, had I (in my blissful ignorance) even considered this perspective. I am at once both joyous and exuberant at this epiphany, for it perfectly encapsulates society's demise. So eloquently, you have described this veracious juxtaposition, and, consequently, I must now retract all of my previous beliefs regarding this subject matter. As a newly educated man, I feel absolutely nothing but pure and unbounded sorrow for those who have not yet come to this wise and prudent realization. I will do my best, anon, to teach the less-informed. In fact, I vow devote my life's work to it. This message transcends any one man's needs or wants as it is unquestionably integral to the prosperity of future generations that its contents supersede you and me. If I must die to gain even one new believer, then it will have been a life well-spent. Thank you, Anon.

In all seriousness though anon, if this is you in the video and you are trying to shill your channel, you come off as mentally disabled. Do you have a diagnosis? If you lean into it and continue to give the worst advice possible, maybe you can become a sucessful meme.

[Anonymous No.55690762]

>>55690712
the we-todd

[Anonymous No.55690926]

>>55690702
I guess Jon is taking spam advice from Sam's little boys.

[Anonymous No.55690938]

>>55690712
looks like something you'd see in the 60s

[Anonymous No.55690947]

Don't self promote here nigger

[Anonymous No.55690965]

>>55690702
>Getting financial advice from a male-model fireman wetard

[Anonymous No.55690976]

>>55690712
The Cifaretto special

[Anonymous No.55691012]

Thank God i make 350k a year and can max out my 401k and still have money to invest

[Anonymous No.55691035]

>>55690702
all these /biz/tards not recognising FISHTANK JON!!!!!!!!!
JJJJJJJJJJJJJJJJJJJJJJJJJJJ

[Anonymous No.55691068]

>waste of time
it takes exactly 0 time and effort to have 5% of my paycheck automatically deposited into my 401k, which is instantly doubled by employer matching. free money with no effort and then I can invest the rest of my paycheck however I want

[Anonymous No.55691153]

>>55690702
Is this guy brain-damaged? Why does he talk like that?

[Anonymous No.55691204]

>>55691068
>which is instantly doubled by employer matching
This requires you to be employed though, which the guy in the video clearly is not and probably never even considered to be an option.

[Anonymous No.55691602]

>>55691153
He's a jeet so yes

[Anonymous No.55693057]

>>55691068
his argument is that even though you could deposit that money into 401k youre not able to use that money now, and that even though the money grows the time value of money decays the actual growth, especially during high inflationary periods, and that inflation is only going to cool off, never reverse, while your 401k is almost always playing catchup. another thing he talks about is that youre transferring that value to the asset managers so they can make more money, buy more of the top companies, and profit off your money, while they give your money back later, you lost the opportunity to use it for yourself. from that perspective, the employer matching almost seems like a gimmick to get you to buy into it, and a bigger employer match requires you to forfeit more money for the sake of "free money" to help fuel the system that makes asset managers more money with your money

[Anonymous No.55693167]

Okay /biz/, say I get fired or quit. I like to job hop a lot, because I don't feel loyal to the company. Regardless, the 401k sounds like a good deal because it's just free money.

What's it take to get that money out if you quite a year or two into the job? Do you have to pay like a million dollars, making it not worth the effort? Doesn't sound so good unless you plan on staying with a company for your whole life, at least that's my impression.

[Anonymous No.55693315]

>>55693057

It's a pretty dumb take. The S&P has averaged 11% returns over the last century while inflation has averaged 3.15%. You're still way ahead, the last year of 9% inflation has been an outlier, not the norm. Management fees are not unreasonable at all, especially if you just go with VOO or another S&P 500 ETF that requires basically no management. Plus there are significant tax advantages that you get with IRAs and 401(k), especially the Roth variants, that you don't get with basically every other type of investment or income.

I mean if someone wants to hustle and invest a portion of their income in a business venture to try to make more money, nothing wrong with that. But I look at retirement as a backup plan as well. It's not money to play fast and loose with, it's money you stick in boring, conservative investments so that it (and the compound growth) is there when you're too old to work so you're not living in poverty during retirement. Then whatever money I have left over I'll gamble some of it it on crypto and shitcoins, but putting nothing or next to nothing in retirement during your working years is just dumb.

[Anonymous No.55693403]

i miss fishtank so much bros...

[Anonymous No.55693460]

>>55693315
It's dumb because bitcoin/crypto has way better returns and you can instantly access your money whenever you want. Employer matching is nice if you refuse to do anything but stocks, but employer matching is the ONLY good thing about it when you could easily just get on etrade and buy your own SPY or other index ETF.

Obviously it all depends on your personal financial situation. But even if you're a totally median employee, a 401k is only just barely better than managing things yourself. (etrade even does automatic investments straight out of your paycheck, no need to think about it at all)

[Anonymous No.55693570]

>>55693460
>bitcoin/crypto has way better returns
>5 year return on btc: 71.5%
>5 year return on total US Stock: 78%

[Anonymous No.55693845]

>>55690712
Bro about to get mind controlled

[Anonymous No.55693912]

>>55693460

Retirement accounts have tax benefits that regular brokerage accounts don't, though. Especially the Roths, if you're investing over a long period (like your entire working career, 40+ years) then you're talking about potentially millions of dollars in growth in the value of your assets. Roth allows you to take the money out at retirement with zero income or capital gains taxes. If it was in a brokerage account, you'd be paying long term cap gains, which is not especially high at 15%. But say you're drawing $80k a year from that retirement, that's still $12k a year to the tax man when you could have been paying $0 if it was in a Roth.

Most employer 401(k) plans also give you a number of investing options to choose from. Obviously not anywhere close to as many as a traditional brokerage account, but the ones they give you (like generic domestic stock/S&P500 funds, domestic mid-cap funds, etc.) are the ones you'll want to be investing in for retirement anyway. I wouldn't be putting my retirement in any especially speculative or risky single stocks or sectors of the economy.

[Anonymous No.55694852]

>>55693912
Yeah I didn't mention the tax benefits, but those are outweighed by the inability to withdraw the money if you need it before retirement in my opinion. Lots of people have an emergency and wind up paying the penalties to withdraw early, totally wrecking any benefits they would have had.

Anyway I do think those 401ks can be good for some people. Like government workers or people who have super solid job security. But for anybody who's expecting to change jobs and have to transfer 401ks around, I think a regular account is better just for the flexibility.

>>55693570
Bitcoin was $8,185 in July 2018 (five years ago). It's $29k today. That ain't 71% retard.

[Anonymous No.55695277]

>>55691153
Talks like a dead person

[Anonymous No.55695311]

>>55694852
This can all be avoided with proper planning. You should be doing the boglehead method of matching your investments to your goals by splitting them into needs/wants/wishes.
Retirement funds, being basic needs for living, should be the lowest risk you can get while still beating inflation and even making some gains. Then you allocate other funds to higher risk/yield investments for your QoL wants and higher risk/yield again for the stuff you could live without but wish for. This way you're sorted in all three areas of your life if you're successful but can sacrifice from the top down when failure and emergency rears their heads.
But that's just like my opinion man.

[Anonymous No.55695319]

fr fr invest in mumble rap and tide pods

[Anonymous No.55695845]

>>55693845
topkek

[Anonymous No.55695874]

>>55690702

Thanks for wasting 3 minutes of my time OP. No, I didn't watch the rest.

[Anonymous No.55695878]

>>55690702
He's a blithering idiot, but I'm going to the barber this morning to get my hair cut like his.

[Anonymous No.55695921]

>>55690757
New copy pasta.

[Anonymous No.55695929]

>>55693167
I changed jobs and cashed out my 401k from my old job and now I am just sitting around with 10grand in my savings for a rainy day. Best decision I ever made in my life.

[Anonymous No.55696030]

>>55695878
If you have decently long hair you can get it free by letting the trainees fuck your shit up in return for doing this. Only cost is time.
Barter system is still no.1

[Anonymous No.55696131]

I'm likely gonna have at least $2 million in my 401k by the time I turn 65 if it grows 8% per year. Really it's my backup since I'm heavily invested in crypto now and that has the potential to let me retire comfortably before I turn 40. My 401k did help me when I was in a cash bind to buy my first house in 2021. I was able to take a low-interest loan from my 401k to use towards my down payment since my mortgage company wouldn't let me use $55k that I cashed out from selling some crypto.

[Anonymous No.55696361]

>>55690702
I'm not watching a finance video from someone who looks like this

[Anonymous No.55696612]

>>55690702
honestly 401k is a midwit trap the more i think about it. likely will never live to see it but because of a 2x that you will literally never see you hodl for two more weeks until you die inevitably.

[Anonymous No.55696617]

>>55696131
but you will likely die before 65 so your 2m is 0 in reality.

[Anonymous No.55696651]

>>55690702
stop promoting your channel here zoomzoom. you're just repeating what countless of people have said more clearly before you

[Anonymous No.55697766]

>>55690702
I love Jon and glad the Jontent's continuing but there's no way I'd take any advice from him on anything

[Anonymous No.55697912]

every time I see a fish outside the /ftl/ general I think I'm going insane

[Anonymous No.55697969]

>>55697912
erm we love josie

[Anonymous No.55698270]

PSA: Jet didn’t deserve to be raped.

[Anonymous No.55698320]

>>55697912
>>55697969
what happened to this retard, is she still streaming, is she making any money?

[Anonymous No.55698321]

>>55690702
>Jon's already posting finance videos

[Anonymous No.55698329]

>>55698320
She is, she’s made over 18000 streaming so far

[Anonymous No.55698348]

>>55693315
Well that historic average inflation is no longer indicative of future trends. They printed 20 years of inflation for the pandemic, and they decided to selectively exclude most assets from their official inflation calculations going forward. If you base your financial decisions on the official reported inflation you are getting giga fucked while looking fine on paper.

[Anonymous No.55698350]

>>55698329
winston status?

[Anonymous No.55698391]

>>55698350
Bummy busted

[Anonymous No.55698409]

>>55690712
The street fighter.

[Anonymous No.55698479]

>>55690702
Hahahah holy fuck look at this goofy goblino. I cannot take this guy seriously.

[Anonymous No.55698520]

>>55690702
how am I gonna take financial advice from a retard that got groomed by a chinese pedophile

[Anonymous No.55698522]

>>55690712
cunt flaps

[Anonymous No.55698601]

>>55690702
shit, I was too late blackrock and vanguard took it down

can I get a qrd?

[Anonymous No.55698627]

>>55696617
>but you will likely die before 65 so your 2m is 0 in reality.

Actually in reality 75% of men in the US survive to age 65, and for women it's 85%. The majority of people are going to need savings and a means to provide themselves income during retirement.

[Anonymous No.55698638]

>>55690712
the mom cut

[Anonymous No.55698663]

>>55693403
Week 2-3 Jon was so fucking kino. But that was when he ruled the world...

[Anonymous No.55698827]

>>55691068
Alot of employers in America do NOT match you until you are either vested (2-8 years of good goy slavery) or you are in a MASSIVE coding job or something

[Anonymous No.55698903]

I don’t see why not have some exposure to 401k if you are getting matched by your employer. You can have best of both worlds. Some people are too ducking stupid to plan for themselves so they need to do it automatically. I personally like having my money in my own control.
I don’t think people seem to grasp the concept of leverage and I have very little hope that many of these financial assets will pay off. If you net out the debt from gdp the us economy has not grown since 1983. And the bond market is twice the size of gdp. Few people seem to grasp the profundity of what I just said.

[Anonymous No.55698922]

>>55698903
>I don’t see why not have some exposure to 401k if you are getting matched by your employer
This is a /biz/ness board, wage cuck

[Anonymous No.55698928]

>>55698903
>If you net out the debt from gdp the us economy has not grown since 1983. And the bond market is twice the size of gdp. Few people seem to grasp the profundity of what I just said.
Without more debt, its over

[Anonymous No.55698982]

I am jonpilled

[Anonymous No.55699011]

>>55698320
her and Jon are by far the most successful fish post-tank, her youtube is sheep_xing

[Anonymous No.55699265]

>>55695311
Yeah that's a good strat, but people still have emergencies come up sometimes. Houses catch fire, children need to go to the hospital, or bailed out of jail, or whatever. So bad luck can wipe out everything. Of course if you save heavily and have a good run of a few years so you have a year or more's salary saved up, that'll cover almost everything that could happen. But most people simply can't restrain themselves to have that much savings. So rather than having emergency savings and retirement savings separated, in reality they dip into emergency savings regularly (so no growth long term) and when a real emergency hits, they have to go straight to retirement savings which were growing too slowly anyway.

I sincerely believe that for 99% of people, they should just keep all their savings in bitcoin and set up a private key system that requires a 24 waiting period to transfer to a hot wallet for cashing out. That way people aren't tempted to dip into it for stupid everyday shit, and in a real emergency they can get the money they need by the next day (anyone can survive 24 hours in county jail). The only threat to long term value storage is if you start buying during a bubble period and you eat the 80% drop when the bubble pops, but that hasn't been a thing for a year now. At those time periods, the smart move is to cash out, hold cash until the crash has gone on, and then buy back in later. Or switch to an ETF or some shit. Or just hold the bitcoin until it recovers.

[Anonymous No.55699510]

>>55699011
>she hasn't posted anything in 3 weeks.
Its over. Her trailer trash white meth dealing bf got her doped up again.

[Anonymous No.55699935]

>>55699510
you have to click on the "live" tab

[Anonymous No.55699970]

401k pros: instant 100% ROI from company match

401k cons: high fees
_______________________________________


401k's won't make you rich but if you don't touch your money you'll end up with a decent nest egg and won't be eating cat food when you're old

[Anonymous No.55700541]

without a 401k i would have no money. ive gambeled all of it away

[Anonymous No.55700575]

>>55698627
pretty shit odds if you ask me for a male, even then how long will you live after and what quality of life at that point in the future? will it all collapse by then anyway? better off making use of it now than that coin toss.

[Anonymous No.55700581]

>>55699970
>instant
>in 20 years goy!! we swear!
midwit

[Anonymous No.55700640]

>>55690712
The douchenozzle

[Anonymous No.55700745]

>>55693570
>BUT BROOO... IMAGINE IF YOU BOUGHT BITCOIN IN 2013 LOL OMG BRO

[Anonymous No.55700762]

>>55696612
You're a niggerbrained retard unable to have any foresight or planning. My father retired at 61 with over 2m in his 401k and is now 75. You're probably the same type of dipshit that has a bunch of CC debt and no savings that justifies his poor decision making by saying "Might as well enjoy my money now while I'm young!" and will be forced to work a minimum wage job as an elderly person just to survive.

[Anonymous No.55700812]

>>55698903
>If you net out the debt from gdp the us economy has not grown since 1983.
this is totally lost on >>55700762 ranting bout his old boomer daddy

[Anonymous No.55700931]

>>55691068
Even if you were to take out your money early, which i did. It's a 20% tax whereas your employer is doubling your 5% deposit. It's simply free money.

[Anonymous No.55700949]

>>55690712
It's a haircut that pajeets and sand niggers get

[Anonymous No.55700954]

>>55693315
Beating inflation every year means that it is overvalued, not a sign that it will continue to do so. Exponential growth can only be sustained for so long.

[Anonymous No.55700965]

>>55698903
>Few people seem to grasp the profundity of what I just said.
>hurr i am very smart and normies are very dumb
>if you apply this completely arbitrary measure for no meaningful reason, my dumb made up crypto is worth much more than your jewish scheme!!

[Anonymous No.55701384]

Do you really want to receive financial knowledge from someone who cooks their steaks like this?

[Anonymous No.55701390]

>>55690702
Jontent going strong.

[Anonymous No.55701428]

>>55690702
JONTENT HITTING THEM NUMBERS JON 3:16

[Anonymous No.55701611]

>>55701384
He has multiple companies

[Anonymous No.55702897]

>>55698827
The vast majority of companies offer complete vesting by THREE years.

[Anonymous No.55703335]

>>55701384
ITS FUCKING RAAAAAAW

[Anonymous No.55703430]

>>55701384
>>55703335
Yes, poorly cooked and mostly raw.

>>55702897
Imagine waiting three years while working a shit job to get "vested" for a match worth 1% or at the best companies up to 5% of a wage chuck's paltry salary, that is locked up pre-tax in a 401k for 30 years while the currency inflates. Outright slavery would be less demeaning.

[Anonymous No.55703437]

>>55690712
90s rat

[Anonymous No.55703782]

>>55696131
Why wouldn’t your mortgage broker allow you to use your crypto proceeds? How is that any different than if you liquidated stock in a brokerage account?

[Anonymous No.55704660]

>>55690702
>>55690712
It looks like he failed at growing a mustache on his face so he compensated by growing one on his head

[Anonymous No.55704779]

>>55691068
401k's are a classic prisoners dilemma, a ponzi with state enforced economic coercion. Once the backstabbing starts, and boomers sell, bagholders will get blown out.

[Anonymous No.55704945]

>>55698827
My minimum wage job did a 50% match on the first 6% the first 4% might have been 100%