They basically imply, if not outright say, that you can take that money and instead of putting it somewhere someone else controls it, why not do all of that yourself and not pay the fees? Or take that $400-600 a month aside for a year, use it as a down-payment for a starter home and rent it out for $1200-1500 a month. You'll make your initial investment back in a year, plus profit and you are gaining equity at the same time.
What's The Coli's General Consensus on Grant Cardone?
- Thread starter Jimmy Two-Times™
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They basically imply, if not outright say, that you can take that money and instead of putting it somewhere someone else controls it, why not do all of that yourself and not pay the fees? Or take that $400-600 a month aside for a year, use it as a down-payment for a starter home and rent it out for $1200-1500 a month. You'll make your initial investment back in a year, plus profit and you are gaining equity at the same time.
Set aside $400-$600 every 2 weeks in savings with no return or you could have someone match that every 2 weeks and then even if you want to cash out on that after a year it still just makes more sense even with the penalty.
It makes zero sense to turn down free money no matter the spin put on it.
jilla82
Superstar
This is a balanced video on the subject
Cliffs:
1. Youre probably paying $100K+ in fees,
2. The market could be down when you retire
3. People think they dont have to pay taxes...you will when that money is pulled (and who knows what the tax rates will be then).
Like I said...if you have no interest in investments, business, making money...its better than nothing...
...but if youre interested in your well being...make sure that the 401K isnt your retirement plan (like most people).
Jimmy Two-Times™
Coli Mods Catch Me If U Can Forgive Me Imma Ridah™
Also, you're not taking into account for inflation so whatever you put into your 401K will not be what you get out of it since money depreciates as the years go on.
Inflation!!
You said set aside $400-$600 every 2 weeks for a year and put it on a rental property......How does that make more sense then having someone match that EXACT amount every 2 weeks and then withdrawing it after a year?
Withdraw it after a year eh
I did it before, Walked away with a nice bagWithdraw it after a year eh
Fam, withdrawing after a year??
You'd legit be better off taking that same money you are putting into the 401K into Stocks or Crypto and withdrawing it after a year to afford that rental property. The fees and taxes you gonna pay are crazy with what you are suggesting. Its better than nothing of course, but I wouldn't consider that a top 5 option.
He isn't wrong here though. People gotta realize that when people give advice like that, it's not really for average people who just want to live a regular life. That's the problem here when people watch Cordone or a guy like Dame or anybody else; if you want to just work a regular job and live out a regular life, then a 401(k) is probably okay for you. If you want real success and control of your life, nah.
It does if you could make more money with less fees doing something else. Most people aren't going to commit to wanting to control their own destiny though, therefore the 401(k) is good for them/y'all (that's not an insult). Like I said, no advice is meant for everyone.
With a 401k you’re only investing 1-8% depending on employee match. Tell me another investment with zero risk and 100% roi on your money.
I think the 401(k) is perfect for you.
Sure is, along with numerous other investments