401k Mistakes You Didn't Know You Were Making

Building Your Money Machine

Ever wondered if you're making some major mistakes with your 401(k)? You could be losing out on free money or taking on dangerous risks without even knowing it!

In today's episode, I dive into the top five mistakes people make with their 401(k) plans and how to steer clear of them. I discuss the importance of participation, the perils of being over-focused on company stock, and ensuring your portfolio is structured just right. From avoiding loans to understanding the severe consequences of early withdrawals, I lay it all out to help you maximize your retirement savings and set you on the path to financial freedom.

Want to make sure you're getting the most out of your 401(k) and securing your financial future? Tune in to the full episode now!

IN TODAY’S EPISODE, I DISCUSS:

- The critical mistake of not participating in your 401(k) and how to fix it

- The risks of over-concentrating in company stock and why diversification is key

- Ensuring your portfolio evolves with you and maintaining the right balance of risk

RECOMMENDED EPISODES FOR YOU

If you liked this episode, you'll love these ones:

• How to Get the Right CPA & Why It Matters
• 7 Money Excuses That'll Keep You Broke!
• Your Financial Advisor May Not Be Telling You the Truth!
• Traditional Financial Advice Doesn't Work for Entrepreneurs

RECOMMENDED VIDEOS FOR YOU

If you liked this video, you'll love these ones:

• How to Get the Right CPA & Why It Matters: https://youtu.be/zj26Wwqe0bk
• 7 Money Excuses That'll Keep You Broke!: https://youtu.be/dMyNonXrxVE
• Your Financial Advisor May Not Be Telling You the Truth!:https://youtu.be/1FDZfejefQ8
• Traditional Financial Advice Doesn't Work for Entrepreneurs: https://youtu.be/Rz3gSOxSeWQ

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1. Wealth and business tips for entrepreneurs. (00:00:00)

2. Spend consciously, invest for long-term wealth growth. (00:04:19)

3. Diversify portfolio, avoid overconcentration in a company. (00:07:41)

4. Simplify investing with target date index funds. (00:12:21)

5. Losing employer's free money, contributing ability, consequences. (00:16:10)

6. Ignorance led to cashing out retirement funds. (00:19:48)

7. Have the right portfolio structure for success. (00:20:58)