This mini-episode comes directly from a question sent to our team and is part of the show's Lightning Round where we answer your questions.
Listen In & Hear the Answer
Context is everything here, but this answer is relevant for anyone with or without a 401K employer match. We dive into if the 401k is the best use of your personal finances.
Here are the Foundational Things You Need To Do Before You Invest In A 401K
1. Do You Have An Emergency Fund?
We recommend building three months of liquid savings.
2. Open A ROTH IRA
A 401K is pre-taxed. A fully funded ROTH IRA gives you a bigger pile of liquid funds and allows you to withdrawal without penalty.
3. Time to Consider a 401K
But, if you're not getting a match... there still could be better options.
Helpful Links to Learn More:
- The 401k is Under Attack
- Certain Bank Specials Can Ruin Your Retirement Dreams
- Where You Should Invest if You're In Your 20's, 30's or 40's
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