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Episode Info: Hi everyone, Dan Thompson here. Thanks for joining us on another wise money tools video. You know, I've used this analogy of the golden goose over the years and in the next video or two kind of want to lay out how this might be one of the most important money concepts you'll ever learn. I know that sounds Whoo. But really it's true. You know what's fascinating to me about money and investing is it's really not as complicated as we make it. What's happened basically is you know, financial advisors Wall Street the suppose the Guru's make it seem so complicated, that they want you to kind of feel like you have to have their assistance. Well, worse than that is they don't really care if you know anything about money because they're happy to make You feel like you're incapable of understanding. And this way you're gonna turn your money over to them to manage. Well, then after years, you know, maybe some good years and bad years, some ups and downs, some winners some losers, the all the management fees and taxes, in that you're, you know, your destination, the journey is over. It's time for retirement. And then well, what happened, I thought I was gonna have a bunch more money than this, or I thought I was gonna get a lot more income. And I didn't think I was gonna have to take so much risk, whatever that case may be for you. Well, I hate to be the bearer of bad news. But if you take this approach with your money, you're gonna be like most of the world and you're either gonna be or you're going to die broke. All right, broke. That's not a very fun word. Most people are gonna be broke because they just don't have enough money or the gonna be broke because the income that's generated off the money that they have is keeping them near the poverty level. Did you know that the average 401k at the end of 2018, was about $103,000. Now, the good news is that's up 8%. Because as you've probably noticed, these markets have been on a tear for the last few years. But obviously, that's not gonna last forever. We've got way too many people thinking that this is normal. And what is normal is that we typically have some sort of a setback or recession, you know, least once in a 10 year period of time. Well, that average for everyone who has a 401k has kind of been inflated, if you will, or a little bit. It's been a little bit out of control. Now, so that's for the average 401k. That's everybody, right? However, just between the ages of 60 and 69. If we look at both IRAs and 401ks, the average account value is hovering right around $200,000. You can see by this graph, now folks, listen to me. $200,000 just isn't gonna do it, quite honestly, 300 to 5000 or even $700,000 isn't really gonna give you the income and the lifestyle that you may be dreaming of having someday. So many advisors talk about this elusive million dollar mark. And if you have a million dollars, you're gonna be just fine in retirement. Well, you know what, a million dollars just ain't what a milli...
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