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Being realistic your millions will go to your family. Universal insurance with dividends makes your family rich not just you.

For those who know they will never retire a 401k becomes a burden when you go into a nursing home. You have to give all that money away to the facility before Medicare kicks in.

You can access it for a 10% penalty. How is that good?

Sorry I’m not taking financial advice from a dude in a tank top. Can’t do it.

Great video. New subscriber.

Lots of stupid people in these comments

Bitcoin or slavery

How many businesses fail in the 1st year? Yeah sounds like the better option. These people probably gave up after cashing out there 401k within the 1st year.

His advice is to invest in restaurants? 😂 one of the biggest business failures in retail? 😅

Excellent video, great explanation of concepts. Wife and I have ROTH IRA, 457, 401A and 401K accounts, all doing great, like you explained they are vehicles we use for retirement, as we get closer to that date (retirement), the Roth Ira is looking more and more attractive for the tax implications. This youngsters don't have any idea of what they talking about.

You have to hope you don’t loose significant amount during crashes.

A Coward and Broke? Wow, why is this guy so insulting? His words fall on deaf ears.

Erin is nothing like the others, thank goodness. The guy saying people making less than $153k are "broke" needs a reality check, and the first guy saying "be sociopathic" needs a wellness check

“Insane” is fact

The rule of 72 has nothing to do with building wealth, it a math fact to give you a time to double your money. Why would you say it’s a wealth builder?

I can't believe people listen to these clowns.

The best person to take advice from is the person who is where you want to be. I grew up poor but would like to be wealthy one day. Legally, of course. I’m going to therefore take advice from people who did exactly that thing. Not the billionaire who was born a millionaire. Not the poor bastard who’s tried his whole life to get rich but then pays $1000 month car note.

For those who aren't already aware, you do pay tax on a Roth IRA. You just pay it on the front end instead of when you make withdrawals of earnings.

Maybe it's expiration will help to lower deficit

Worst piece of advice from the second guy was saying you wouldn't get the money until 59.5. So what? I'm not intending to be dead before I turn 60, so I'd like have money for then too.

But in 28 years 1.6m could be worth very little

Where are you getting 7%?

If you're listening to wifebeater bro for financial advice, you've already lost in life

Original is right, it isn't a livable strategy. The game if for the wealthy

Lol. Who on earth takes financial advice from someone filming in their car with a wife beater because they can't afford a proper shirt and with a greasy face because their AC is broken and they can't afford to fix it!? 🤣🙅

A Roth IRA is always better. I Sell Cash Secure Put/ Cover Call and earn a monthly between 2% to 4% low-risk return. No way 529 or 401K allows self-investing of return like this.

the second guy has to be trolling just had to be. no way he’s that smug and wrong without being so on purpose

That first guy… oh man wish I could fast forward 30 years and see him then lol

I dont think people understand, these people on social media just make stuff up.

Pro gamer move: get job after college or high school, live with parents, max out Roth and 401k contributions for like 3-6 years, profit.

Billionaires didn't start at zero. Get the boot out your mouth.

lol Roth IRA phase out people who make too much how could it possibly just be for the rich lmao

Interesting how you were both correct at the same time. He got a little off track as to why a 401k or Roth is bad, but it was still true about the system and how it operates. Like his ideas on restarting a failing business too.

4:51 ROTh IRA is 1 of 2 places*. HSA's. Plus HSA gets up front tax deduction. But i agree, the tik tok influencers are all young and seem to not know what they are talking about. The wealth building is something that takes time. If you consistently invest and monitor accounts over years, that is when compound interest takes effect. I beleived it in school as an accountant, and i see it in effect 10 years later. I just wish i had started even earlier and not kept as much in cash. It makes a huge difference. All that compound interest snowballs exponentially.

yeah that's a stupid take to be like... "yeah I don't have $10M to start... better not save."

It’s always some tiktok person with $100 who thinks they know finance from watching other tiktoks

If only I had the amount of confidence and audacity to blabber without commonsense like that curly guy.

Gold double every 5 years

I have ~$30k in various retirement accounts (three) and my home appreciated $50k at 34... I still feel perpetually behind and now I have a new concern that some stupid policy or politician is gonna just wipe everything out.

The first guy is hoping the Government takes care of him into his retirement years.

Don’t forget the 5 year requirement to withdrawal Roth contributions penalty free

That million won't hit like million today... but that $0 will hit like $0 today, so invest anyway...

Sounds brilliant until you find out that due to government-created inflation, you'll need $20-million to retire in 30 years!!! My grandfather bought his house for $3,000. Now you need $1-million for a decent house!!!!

It's funny watching these 20 something year olds try to talk about retirement. fast money goes just as fast as it came

Why are you even giving someone a platform that speaks BS. He is typical fast money person. People like that are dangerous!

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All of these people are under the age of 25 trying to give advice on retirement

You seem to be unaware of some key aspects. A Whole Life Policy, like a Roth IRA grows tax deferred, and is protection against creditors. It is an excellent vehicle for long term wealth growth. While it does lack the investment options of a Roth IRA, it is a safe place to put money and allow for tax deferred growth. Plus, you can even overfund a Whole Life Policy, but please ensure you talk to your representative so that you don't put so much money in that the Government declared it a Modified Endowment Contract instead of a life insurance policy. Once a MEC, always a MEC, so this isn't something that can be fixed at a later date.

Ok, I got it. TikTok is a good place to get an advice how to clean the toilet maybe…

Only good when your old