Be honest: do you know how screwed you are?
Everyone knows how Social Security is going broke but did you know that you have no chance of living off of your 401(k)/IRA proceeds?
Captain Capitalism even suggests the "Smith and Wesson" retirement plan (suicide).
youtube.com
Really makes you think...
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What? I contribute18k to my 401k, even if I'm not expecting much of a return out of it over the years it saves me some cash on taxes, and I can still save on top of that. This is stupid.
If you're not going to be honest, then GTFO.
what do you mean? My 401k is up 8 percent this year anyway.
kys
Triggered, poorfag?
A 401k is literally a brokerage account with less taxes. You would be retarded not to take advantage of it.
>30%
In my (Western European) country government retirement plans are 100%.
I have never really trusted them even though they worked in the past, because of aging demographics. I'd even have to work until 65 to get my money back so I'm staying faaar away from it.
I'm pretty much set even if I get nothing from social sec or 401k
Sure did OP.
No 401k.
Work all my life for good job with 1. 2 monthso latter I learn of the scam that is unregulated mutual funds. I ask wtf I can invest in 401k. Silver to Unger salesman gives me 5 options of mutual funds. None van guard master race even.
>mfw I cancel my 401k 3 months after working 15 years to get a job with 1.
>mfw all Co workers think I am insane and my bosses make me promise not to run them off when I become king of my trade locally.
And then 2008 comes back to say high. RIP retirement.
Work for a company that isn't shit.
Retarded not to take advantage.
Here user. Buy lotto tickets with my money and also take commission on the winnings.
Are you at all aware that stocksome are watered down investments of the poor and they legally do not have to divulge "management expenses" of your fund.
Fund makes 100% gains 1 year. Give u 20% chucked u is thrilled. They keep 80% as "fees."
Learn about shit before you blindly throw money at it. Jesus fuck this board be triggered me.
>I work for a shitty company with shitty 401k options so everyone must also
>They keep 80% as fees.
Finally someone watched the video in OP.
My work matches up to 15% of my income that I put into my 401k, I don't even give a shit about the the return I get off it because I would have to lose 50% of my investments before I even start losing money so hell yeah I am going to invest in my works 401k.
>no chance of living off of your 401(k)/IRA proceeds
Good thing I've got ten times my 401k/IRA amount in cash and real estate, as do most people I know.
Were you planning on retiring next year?
>still thinking about "retirement plans"
>not going all in on bitcoin
stay poor
I'm not shooting myself with a Shit & Wesson; I have more dignity than that.
retirement plans were originally designed as tontines, meaning most of the people that paid into them died and the few survivors got to retire.
Social Security was originally set up this way, with the retirement age also being the average age of death, meaning about half of people wouldn't live to collect it, and the half that did wouldn't be collecting it for long.
Once you understand this, you'll see that the concept of retirement is pretty new, and probably not sustainable. If it can be sustained it's only through population growth. That can't go on much longer.
face it, you were tricked. Retirement is the realm of the wealthy and the disabled. That's about it.
This is a good option for most, but stock market crashes can really hurt unless your fund managers are good.
SS is financially viable for decades and a few changes will extend that even further. Fucking hate that meme.
I like my career too much to retire, most architects keep practicing into their 90s.
This. Retirement is a meme. Keep yourself healthy and invest into real wealth and experiences now.
>having a 401(k)/IRA account
>invested $1000 on a mutual fund just to try it out
>watch OP's video
Bah. I'll just invest a thousand at a time to ETF's like Vanguard and S&P 500 and pay the $10 brokerage fee per trade (1%) on a TFSA. And if I feel like investing a thousand on a meme stock just for teh lulz, I can.
I was going to do that before, but I fell for the salesman meme.
I'll be better off. And if you don't want to be fucked over by the mutual fund shills, you'd better watch OP's video too.
TL;DR:
>Warren is a fucking god
>everyone else is a shill
>mutual funds are cuck enablers
>DIY investing in ETF's
>ALWAYS assume that money serves itself first
Almost forgot:
>ask retirement investor if they are legally a fiduciary
AKA: "fiduciary or fuck off"
You're right in assuming that most 401k accounts offer lousy fund choices. But not all mutual funds aren't inherently bad; you're confusing high-cost actively managed funds with all mutual funds. The Vanguard 500 index ETF (VOO) has a mutual fund equivalent (VFIAX) the tracks the same thing, has the same costs, and performs pretty much exactly the same as the ETF.
There are certain advantages to owning a MF over the equivalent ETF and vice-versa. Which one applies more to you depends on your investing goals/strategy.
>VFIAX
You mean most 401k plans don't offer Vanguard options? I have half my 401 in that and the other half in VSMAX (the vanguard small cap option).
Some funds don't. The funds they offer a choice from are usually dependent on who's given them the most kickbacks in exchange for offering their fund in the first place.
Other funds will offer an option like VFIAX, but charge a shitload of fees to "manage it" so it winds up being almost as costly and detrimental as one of the actively managed funds that charge a lot of fees up front.
You have to watch these faggots like a hawk and thoroughly go through the paperwork of your specific 401k because it's different all across the board.
>There are certain advantages to owning a MF over the equivalent ETF and vice-versa. Which one applies more to you depends on your investing goals/strategy.
If there is, I don't see it.
Most mutual funds can't even beat the market due to fees, taxes, and human emotion. Add that to the fee of somebody doing it for you in the case of a mutual fund and that's an extra hurdle to get over.
investopedia.com
Hell, even at 37:00 on OP's video, Michael Falcon (Retirement exec., JP Morgan Asset Mgt.) used the excuse of saying the same thing that you pointed out. That there is supposedly a role.
I know that Frontline edits things to validate their side of an issue. Wall Street does the same. But explain what the role of the mutual fund to the average fund it and forget it wageslave. Why should I invest my energy in keeping my mutual funds from screwing me over when that's their main advantage in the first place? Seems like a bad investment of my and the average person's time and energy to be honest.
Sorry for the poor phrasing.
FIrst of all in 30-40 years everything will be so different all the retirement plans and system have changed multiple times. In 10 years there will be a basic income in all western countries and automatization will replace 50% of jobs in 25 years, or like 60-70% of all jobs.
Dont worry too much and earn as much as you can
You know if you were born today you are likely to live 120-140 years old.
Scientists say somebody who is born in 2016 will live over 150 years old
I finally do. They match like 5% 401k. They rented a knockoff Dave and busters and gave us a Hoodia and 2 weeks pay for Christmas bonus. Imy Avent done shit for 2 hours and nobody cares. There is nothing to do short of pickup the office some.
No. I'm saying that's essentially all people look for. I got a $2 raise my first week here. I'll fucking die here if I can't retire.
Nah but I will tonight. Guessing it's a repeat of the same shot I see over and over about what is wrong while zombies suit up or throw on workboots and go be slaves.
Where the fuck do u live. I would like to know 1 fucking person that will read a damned personal finance book around here and not try to shove stocks down my throat... fucking hate this town sometimes.
No. But probably less than 5. Have several rentals and I should be able to beat my income next year. Once I get around 100k a year or more I will quit my job and invest full time while working cash jobs for fuck off money. If I play my cards right I will own my home and a few acres and all my cars and shit paid off. 1 shitty house and 0 assets. But it will be like a fresh start with good credit and a near 1 year cash coushin.
Read the rest of the post, not just the last line. Not all mutual funds are actively managed and high cost like he ones you're referring to. VFIAX has the same costs, performs the same, and is essentially identical to VOO in terms of benchmarks but one is and etf and the other is a mutual fund.
If you want to talk about the differences we can but I think you're confused about what a mutual fund actually is. There are are reasons why one person would want to invest in the mutual fund version of a particular benchmark over choosing the etf version. But like I said, it's situation dependent.
>relying on social security
You've already set yourself up for failure
Los Angeles
>fucking hate this town sometimes
You too?
>And then 2008 comes back to say high. RIP retirement.
Every dollar "lost" in 2008 was back by 2012, and is up over 100% more since then.
2008 was bad for people who lost homes, lost employment, or got scared and sold their stocks. If you weren't in an overleveraged house, if you didn't hold a marginal job, and if you showed some discipline and perspective on your 401k, you were better than fine almost immediately after.
>You mean most 401k plans don't offer Vanguard options?
No, sadly. There are lots of shady fund management companies that only offer high fee mutual funds. They get kickbacks from the mutual funds to steer dollars into the higher fee funds. These fund managers give kickbacks to your HR department to get them to sign exclusive contracts so they can manage your 401k. In the end, the employees get fucked.
is correct. You're making the common mistake of believing that all mutual funds are actively managed mutual funds, and high-fee mutual funds at that. Bad high-fee mutual funds are called "mutual funds" but good low-fee index funds are called "mutual funds" too. You need to use the correct terms.
While it's more words, start referring to bad mutual funds as "actively-managed funds" or better yet, "actively-managed high-fee funds" (because in truth, not all actively-managed funds are bad).
My situation is I'm not ever trusting money I can't gamble with to a fucking stock market. I don't care what the research says. I want control of my money. I can't force appreciation of a stock and if I can it's probably illegal somehow. No thanks.
Good luck to the rest of u tho
Used to drive a truck. Had a terminal in fontana. So yeah I fucking hate la with the fiery passion of 10,000 burning suns.
Southeast Kansas shithole here. It has its perks tho. Real estate be cheap after and half the time I buy a house the owner just decided to sell and hasn't even bothered with listing it short of a shitty cardboard "4 SAIL" sign. Kek. We only have like 4 tweezers and they are entertaining as hell. Oh well. Will probably die in this town.
Maybe. I was building houses in Wichita for a faggot cocksuckers and renting a place way out of my pay grade so I got the long dick financially.
I'm only mildly screwed. I don't mind living cheap and intend to own a decent sized chunk of land in the country where I can grow most of my own food, and hunt/fish for meat. I will die eventually of old age on my own land watching civilization burn around me.
>drop $43k/yr pre-tax into my 401(k)
>401(k) account up over 63% YTD
whew, it's going to suck waiting on the bread line
wow, that sucks for them
>terminal in fontana
>terminal
That sounds like Fontucky all right.
>4 tweezers
wat