Why Should You STOP Investing Into A 401(k)? / Garrett Gunderson

we're valued in the market because people are putting money into it not because it's actually worth that it's worth that because people keep funding their retirement plans without question [Music] so the tricky part i see like i want to talk about that because that's the number one thing that i got the number one theme of all these questions is getting out of debt and the scary thing there is like wisdom through experience is huge like my very first business deal with clovis i lost multiple six figures i got murdered i don't talk about that a lot but just because it was there was a lawsuit and all this craziness right it was awful but i touched a very hot stove that i'll never touch again you know the wisdom through experience but that's the other thing i find is that people feel like they're so far gone they've been burned by college they've been burned by whatever bad credit card debt so these people that are in debt have this built-in excuse of like yeah justin yeah garrett you guys can do this but i'm still over here stuck in this debt now your methods have been staggering to me in terms of how quickly you get people out of debt so if someone is suffering from that debt and that's a big obstacle for them where do you start with them well it's my three r's restructure reallocate and renegotiate okay so what a lot of people do is they just kind of take a haphazard shotgun approach like ah this bill's due i've got a little extra money on this i'll just pay that short of this loan oh hey this this time this one came up i didn't have extra i paid the minimum and so they just kind of based upon their circumstance pay towards things the better way to do it is first take your cash flow index which is take your loan balance and divide it by the minimum required monthly payment so just what's being required loan balance divided by minimum monthly payment it spits out a number if that number is less than 50 you have a cash hog on your hands you don't have a lot of money that you owe to the institution but you have a really high payment in relationship to that balance so loan balance divided by minimum monthly payment gives you your cash flow next if it's over 100 you have a pretty efficient loan i wouldn't rush to pay that off i'd make sure to build up your own cash and then you could pay it off when you have enough cash to pay it off so you keep control your money but the restructure part is a lot of people could refinance loans and get better terms or combine loans for overall lower interest rate so if you have a paid off car if you were to refinance that car you can get a 1.9 2.9 interest rate pay off a high interest rate credit card and guess what your car loan improves your credit score your credit card probably hurts your credit score so obviously when you boost your credit score you can now go negotiate better interest rates with your other lenders so find the cash flow index pay the minimum to every single loan other than the loan with the lowest cash flow index pay extra to that one restructure loan so you can improve your cash flow index maybe you have equity in your home you refinance it you pull in a credit card you pull out a business loan make sure you've got an automated infrastructure this is kind of a point to capture that so it doesn't just get spent but now you're in a tax deductible situation versus non-tax debt deductible lower interest rate situation versus higher interest rate and then the renegotiation is if you have credit cards a lot of credit card companies will lower your interest rate if you know what to say when you call them so there's four c's that are really important when it comes to you know having purchasing power and and restructuring your negotiation first is good credit get your credit above 760. and if it's above 760 you're gonna have better options now to do that you might have to limit the number of inquiries of letting people look at your credit you have to make sure you're paying on time you might have to have an installment loan like a car loan to boost it up you might have to increase your limits available to you on your credit card so that there's nothing over 20 or 30 percent of the utilization you might have to make sure there's no errors on your credit report there's some basic things you could do that could really boost that score number two have good cash flow reporting like institutions if if everything's disorganized they're not going to want to you know help you out and give you a loan when you come very organized and when you speak the language of the institution you know how to present yourself then you look at collateral like a car versus a credit card that collateral can lower your interest rate like a home versus a business line of credit you can get a lower interest rate and the right connections there's just certain institutions that lend better to certain type of people than others so it's important to build those relationships so so restructure the loan you know uh you can reallocate is the other r which is if let's just say you have like cash value and insurance or you have a 401k or you have a certificate of deposit that's not earning much any time you're earning a lower interest rate than you're paying why not use that cash pay off the loan it's going to improve your cash flow it's going to get you a better immediate guaranteed return by saving that interest and then again go back to your lowest cash flow index and only pay extra to that loan so you might pay off a loan you might restructure a loan you might get a better interest rate on a loan and then you only pay extra to one loan at a time and this makes a massive difference in the time it takes to pay off loans yeah cash flow index was huge for me and i just uh paid off my last actual loan personally besides my mortgage um i went through this with tim at wealth factory and my my cash flow index on my car was like 47 and he's like dude he runs the numbers for me he's like if you pay this off i had the cash on hand to pay it off because if you pay this off everyone's thinking about investing you pay this off you get a 25 return on your money i was like oh i didn't even realize that you know so i just went ahead and paid it off just got the title in the mail which is which is awesome but so that brings me to like in terms of the uh uh an efficient loan that turns out of an efficient loan because so a lot of people i hear this term thrown around constantly and especially from the ultra conservative like the dave ramsey world and everything it's this idea of debt-free besides my mortgage so people get there and that's beautiful that's where i'm at right now but my mortgage is an asset because it's an airbnb so that's a little bit different but people get to this place which is a beautiful place but then everyone i see them zapping all of their cash flow they go now i'm going to pay off my house as quickly as possible and be completely debt free and they scrimp and save and they're misers and they suffer until their house is paid off can you explain why this isn't necessarily the best approach from a from a cash flow standpoint well there's multiple issues we're facing here the first is most mortgages are amortized right so you could pay extra next month and your payment still stays the same it just shortens the term of your loan what if that what if that's a 30-year loan you're like extra and now there's you saved two years that's still 28 years away that you've tied your money up in what i call equity jail yes every jail is money inside of your house that you can't get access to and by the way you can only access that money by refinancing getting a line of credit or selling the home now banks never want to work with you if you're in a cash crunch so let's say that you've got 50 of the value of your home and equity and now you hit a cash flow crunch and you're like i need to get that equity the bank's gonna say i don't think so your financials don't look good you're not earning the kind of money we wanna and then why not for why not have them for they wanna foreclose there's equity in that thing they're like cool right but my problem is people that try to pay off their mortgage do it at the expense of investing in themselves exactly right they might not take supplements they might not have a trainer they might not you know be investing and everything's going towards that so it's like this weight on their shoulder so they're trying to get through and they're so tunnel vision that they're missing out on life along the way now the bigger problem the bigger problem is those people that actually pay it off they're not teachable anymore i think they've figured it all out yeah just like the doctor that's an amazing surgeon and knows nothing about nutrition that's giving nutrition advice 100 man yeah yeah i see that too and the uh there's a lot of young kids falling into this i actually i researched it quite a bit for a while before i found wealth factory uh that fire financial independence retire early and it's like these people just like for all of their 20s are like living with eight roommates and living on rice and beans so they can retire early and i'm like and then what like you don't even know what you like problems we're facing the world don't don't uh we don't get value if someone retires they get taken out of service we need people to stay and help right i get being a minimalist that's fine being a shameless is fine but sacrificing is absolutely not sacrificing like my partners died at age 35 what if they lived a life of sacrifice well one of them his widow told me she goes i feel like we lived a lifetime in the last 18 months yeah they'd been on trips they had done night diving in hawaii they had hired a photographer to get pictures on the beach they had gone to south carolina and you know like they just did all these things yeah and and i was in my 20s like oh i could always do that later damn what if i was the one on that plane right right in in my 20s man i had a great career i did reality tv a whole bunch of fun stuff right for 10 years straight i played 300 shows a year literally i was on stage all the time and i looked at it finally now it's part of the reason i started an e-commerce company is i was like this is no way to live every weekend every holiday yeah i'm on stage watching everyone else have fun i'm on stage that's kind of cool but you're burnt out after 10 years then i started clovis and i quit playing bar gigs and for the next year it was i traveled to eight different countries i lived in chiang mai thailand i joined baby bathwater and i went to these islands and this amazing stuff i'm like i feel like i lived 10 years in one year just because i had more freedom of my time freedom of time and quality of life at the forefront so yeah man i mean like all this money thing the first thing i would say is we don't have to know everything that we think we need to know about money we need to know how it works and and conceptually about it like i would bet that people think i know 10 times more than i do when it comes to numbers right but i probably know 10 times more than they even can consider when it comes to philosophy yeah i understand the concept of money so i know the questions to ask right how it applies right but i can't look at a tax form and really know what's going on there but i do know the tax concepts right so so that's i think helpful to not get intimidated by money you know and and know what to actually pay attention to and what not to pay attention to yeah man this mortgage thing i put a video on youtube that said paying off your mortgage destroys your finances and people lost their about that i actually don't believe it destroys your finances i believe you put yourself at risk if you're just paying extra to the bank versus saving that money on the side and then people like well i'm never going to do better saving money on the side than the interest i save paying down my mortgage i'm like really because my mortgage right here in the house i'm sitting in four percent the place i've been putting the money has been earning 5.32 and it's secure and it's locked in once it's earned and so i'm actually going to pay off my home faster if well actually i could pay it off tomorrow if i want i have the money to pay it off i'm not going to because i'm not staying here forever i'm just staying here until my kids graduate high school and then i'll probably my wife and i think we'll move right so why would we pay that off tie up that capital when i'm earning more than it's costing me 100 yeah and i i get it like i think that sometimes dave ramsey's really pandering to people that are reckless with their cash for sure but man i'm not going to do that i'm going to talk about how it really works and if they need to go to a psychiatrist then they go to a psychiatrist we can't we can't create the lowest common denominator for everyone in money everyone should pay off their mortgage really so we are no longer responsible human beings at all we're just gonna assume the worst instead of look at the economics behind our choices and decisions i'm not willing to succumb to that i'm not willing to say this is just how it is let's just tell people think what's the easiest most thoughtless thing that you could do that will harm the least number of people even though it's harming everyone because it's like being like ah we're just going to accept obesity yeah yeah that's just it's how it is now no i don't accept that i don't accept that no i totally agree man and it's crazy too because the finance thing i look at the dave ramses of the world i see so many people with like horrific credit card debt and i compare it to nutrition like okay if you're in a really bad spot dave ramsey's advice is probably going to help you get better so if i have a client that's 300 pounds and they want to be 150 pounds i'll give them the clear path to get there if they hit 150 pounds and they say now i want to gain 20 pounds of muscle they need to forget everything i just taught them about how to lose 150 pounds because that plan is going to work directly against them building 20 pounds of muscle the same way the ramsay approach will work directly against getting rich you see what i'm saying yeah he's the best at getting a train wreck on track exactly mind you it's a very slow track yes yes no um and it still comes with the shackles of scarcity it still comes with the shackles of pinching cutting reducing eliminating because i mean maybe he's changed his mind i read his books a decade ago or longer and a lot of that was like you know i want to adopt but i might have to borrow somebody to do he's like don't adopt you're not ready i'm like whoa whoa whoa whoa that's a pretty crossing the line of like a human life and that they might have to borrow a little bit i'm like that's and and then another person wrote in one of his books is like hey my uh daughter's been blowing your advice so much but now she won't spend any money on anything at all and you know it's like yeah when you take to that conclusion so it really always has to be about investing in yourself enjoying life along the way but being responsible enough to pay yourself first and then just live off whatever's left over no reason to budget if you don't go out of bounds you only have to budget if you go out of bounds yeah absolutely and something quick i want to touch on that was great in budgeting sucks um because you ran some numbers there about getting out of debt and everything but this seems like really low hanging fruit and it goes to the concept of one of your sacred cows which is 401ks so i've seen this happen with clients where i am no garrett gunderson and i'm like hey have you ever looked at it like this and they're just like oh my god no but let's say you have someone and this is very easy to to to see happen in numeric happens all the time but you said this and budgeting sucks you said when you have loans and investments you may be earning less interest from your investments than you're paying on your loans so for listeners it's easy to imagine somebody who might have fifty thousand dollars in a 401k let's say it's returning three to six percent and then they might have fifty thousand dollars in credit card debt that they're paying 16 to 24 apr and the answer is staring them in the face in this sacred cow of the 401k that they refuse to touch so am i right about that is that do i have that correct why in the yeah and yet they just don't think about it they just go yeah well i just find my 401k you can't touch that that's accumulation like come on man you're losing money with every deposit you make in there there's people with 17 22 credit cards yeah and they're still funding their 401k right your 401k is not making that not even clear i mean if i pulled up software is like a lot of people like yeah but i'm getting matched that's free money i'm like well is it free money because there's strings attached you usually have to work a place for a certain amount of time it's not always immediately immediately vested two is depending upon the underlying returns and you don't have losses on the market once the money goes in three it's not fueling it at a hundred percent because they're only matching new dollars going in not the existing funds that are already in there so i did a lot of analysis on that back in the appealing sacred cows days and it's not as good as people think so yeah um yeah it's not even close man and that's your work sent me down such a rabbit hole whereas like i was listening to you um i believe we have a mutual friend in ryan daniel moran i was listening to a lot of his stuff i've spoken at capitalism.com yeah yeah that's killer man and he actually sent me the book heads i win tails you lose by patrick donovan great guy he's he lives close to here i actually uh made him throw up when he came and worked out with me uh so you were you're the king badass of the financial well the problem is uh you know he he did crossfit before i ever did but i i have an air assault bike and and if you get 30 calories in 60 seconds you get a t-shirt for my gym and he did do it and then he went and threw up afterwards that's awesome but yeah man i loved his book and then i read another one that was like it wasn't as good like your books were way more entertaining patrick's book was great but there's a book called the bank on yourself program i'll show you from here yeah that was really cool too and it just kind of blew my mind but i got into this um this concept of cash flow banking which i'm now involved in and super thrilled i pulled the trigger with dale clark and mass mutual and like dude if i had known about this in my 20s when i was like killing it in the music industry i'd probably have 10 of these things but here's here's a random thing i want to talk about this is very personal for me and i know that you're gonna be like oh okay i totally get it in the world of nutrition people will change this like high fat low carb diet and their entire family tells them that they're gonna die of a heart attack and this is terrible for them see strongly held false beliefs again so i was recently in mexico with my dad and my brother like two days before i had signed the paperwork for mass mutual of dale like all excited didn't talk about it didn't tell anybody about it nothing now randomly in mexico we're talking business and finance my brother says these words he goes yeah man that's like someone telling you to buy a whole life insurance policy which is the worst financial advice you could ever give someone now the kicker is my brother has two degrees he has a degree in finance and economics and he's a lawyer and he's basically a genius right and he says this and now my newly held belief i'm like oh no like did i do something terrible here but it's just it's like you said he was taught what he was taught in school it doesn't make it right but where does this stigma come from for cash flow banking well here's first off 90 of the policies are designed terribly with companies that aren't really suited for it so it might be four or five years before you see cash right right so because if they're designed with commission in mind versus really what's best for you um you know then that's that's part of the problem so so they deserve that rap because like in my book what would the rockefellers do i say well dave ramsey and suzy ormond rail against cash value insurance yes i go well here's where they're right when it's designed this way it does take forever and it's not it's going to underperform here's where they're wrong they're only looking at expense they think of as an expense and they want to lower expenses to lower the amount of money required in the budget so they're not looking at it from the benefits standpoint sure so it really you know it really is super popular with the highly affluent from an estate planning standpoint um it's especially with private placement life insurance but when we look at whole life when i first learned about it someone said it's a whole you throw your money into you showed me some of the old antiquated policies and the way they were designed and i'm like yeah these are no good but when they're designed properly then we treat it like a bank treats their reserves a bank puts a portion of their reserves into cash value insurance because it has a higher return than their than their reserve rate it has more protection it has more tax benefit so we it's it's simply because so many people have not designed it properly that it gets that that that kind of bad rap that it deserved yeah totally and it's interesting i'm a big believer in the universe and stuff i kind of get the feeling you are too but um it was i had read uh killing sacred cows was first for me then what would the rockefellers do and then i had to wait till budgeting sucks was released to read another one but like after what was what the rockefellers do i go down this rabbit hole and i end up finding you know ryan sends me heads i win tails you lose i read emily's book the bank on yourself program then i'm listening to ryan's podcast all these people like you dale clark ryan patrick emily the author of the banking yourself i think you said her name's emily but like i heard all these people say the same thing of like oh yes the core foundation of my finance my finances is overfunded whole life insurance and i'm like whoa how how have i never heard of this thing prior to now and this crazy stigma thing so i mean i'm thrilled to have it now i don't know if you want to touch on i know that's like a big lengthy topic but if you want to hit just bullet points of of cash flow banking it's pretty unbelievable i'm sold on it yeah cashflowbanking.com is the site that uh i endorse for it um it really comes down to like over funded whole life policies the reason whole life a lot of people are using indexed universal life that's not cash flow banking because it has too many levers and and risk that could face in the future whole life has guaranteed premium guaranteed cash value you know guaranteed minimum interest rate and guaranteed death benefit when you put more money into it it goes straight to the cash value you can push that benefit up that's known as paid up additions so it takes a there's a capitalization period your first year you're not going to have what you put into it you might have 50 60 70 of what you put in after the first year the second year it gets a lot closer third year by the fifth year somewhere between three and five you should be at break even and then from there you're just gonna wall up your savings account because your savings accounts can earn two percent taxable you know my policies have been over five percent tax deferred but i can access that money tax free i don't have to wait till 59 and a half it's protected from financial predators and bankruptcy and liability because of the way it's designed i don't have to buy term insurance because i have a death benefit that's attached i'm dealing with you know uh mass mutual is a trillion dollar company the one that you mentioned you had a policy with you know uh they're they've got a pretty stable structure that's behind them in what they're doing here and they've been around for 150 60 years or whatever so they've survived recessions depressions and wars so like i i just i like it as a place to be my mid-term money now i can use that cash to buy things like investments or businesses and i can put it back down on my in in my own terms but right now i just got to sit in there why because it's getting more than five percent where everybody else is losing money in the stock market and it's and it's secure so once there's major deals and opportunities i might use that cash to buy something to buy a business to buy an asset that's distressed and depressed yes i haven't found a good way to explain this to people it makes sense in my head because i've read all these books but can you just detail like i can borrow the right now i've had the policy for like 60 days i can borrow the money from my whole life policy have that cash on hand but it's still invested and still gaining interest yeah so they use your money as collateral it's in their earning then with that clutter they'll lend you the insurance companies money at usually the same interest rate maybe a slightly different interest rate right you can then use that money didn't take credit it just took the collateral your money still is interest you're paying interest on this money you pay that money back this money was always earning so you never interrupt the compounding curve and you have flexibility if you don't pay the loan back they subtract it from your death benefit tax free it's it's just an insanely good deal and i try to explain this i do have some entrepreneurs i know you kind of catered entrepreneurs really and for entrepreneurs listening to this it's like if you need equipment or something for your for your company you can literally use your cash flow banking money and then have the company pay you back plus interest and you can earn income from your company paying you back on a loan that you gave yourself like it's staggering right yeah so i mean i i wanted to touch on that in case people didn't know about it but again it's like it's the peer pressure thing that it's the same with nutrition people just come at you with these these stigmas and all these different things and the other thing is what was great about the bank on yourself book uh because i think you you were talking about some percentages there is she really hammers the point home like chapter after chapter after chapter of the stock market returns over time versus these insurance policies and how astronomically close they are without that risk so look at coronavirus like what it just did to the market people got killed you know yeah yeah so how do you how do you feel about that the um what just happened in the market like do you see that that's one of the questions we have from people too is is do you see that as a real correction or just fear-based sell-off look man it's we're at a very fragile place for a long time in the market yeah so it's going to have exaggerated um movement when things like this happen sure if it wasn't so overvalued we wouldn't see that level of exaggeration but it's overvalued yeah so do people lose their on stuff like a like a virus way too fast yeah like i was supposed to fly to asia and go there for a month and take my son i just moved the trip because i'm not worried about the coronavirus i've got a good immune system um i am worried about getting quarantined however exactly i totally agree so i moved the trip to november i mean which means i think that this should pass overall and but yeah man we're just we're just at a place where we've been going at such a high and hard rate for a long time it doesn't make sense that we're gonna have something like that have a more quick impact yeah you know i've been putting out videos that 2020 was the year the recession i didn't know it would be a coronavirus that would you know put that much of a damper but i think it was going to happen whether we had an incident like the coronavirus but you know we have anything like all these trade agreement issues there's just there's just it's it's a fragile place man people are we're valued in the market because people are putting money into it not because it's actually worth that it's worth that because people keep funding their retirement plans without question 100 it makes sense absolutely man it's crazy too a little uh an amazing thing that happened because of wealth factory i think it was sometime over the summer maybe september or something but i had a 401k traditional because i had an employee match i had a roth ira i had some money in stocks and everything i went everything to cash and i had a long talk with tim about it he's like you know based on your age your income level how your company's doing now would be the time to do this and pay the penalties or whatever i mean could not be happier that i did that just based on what just happened and went into something like whole life just a far more but again the 401k is a sacred cow man people think this people think we've been funding 401k since adam and eve when they're really like 40 years old you know the real reason they came out is pretty fascinating because they came out more because pensions failures right and because it was the right plan like you realize companies like what happened was companies wanted to recruit high talent they want to recruit the best in order to recruit the best they created pensions hey come work for us we want to get you here we'll pay you after you know your working years are over and this is a time where people aren't living at the age that they're living to now especially in america so what happens is people find out about these executives getting pensions like hey that's unfair i want pensions so then we get the government i mean then all of a sudden everybody's getting pensions right and by the way the reason why pensions got decimated is because they were reliant upon the stock market performing at 8.7 i believe wow and it didn't everybody says the average is 10. so that's why those things collapse is because the stock market they were running off numbers of the 90s which were astronomical and a pipe dream today so was the stock market really killed the pensions more than anything um you know and it's like i read a book called the fate of the states pensions collapsed certain towns in in california because they had to pay the pensions before they could pay the police force wow and and it really created major problems where some of these places you could only report a crime if it was in progress and i mean it was crazy you know right so so as we look at this the the movement was companies couldn't afford the pensions so they started saying well match on a you you pay you know rather than a defined benefit like a pension where we're telling you what you get in the future you can contribute and we'll will match your contribution it's less responsibility on the company more on the individual and the problem is it gives people false hope oh cool i'm going to fund this and i'm going to be able to retire 95 of people can't retire so they're funding it they're now involved in the market they know little about the market just like their companies knew a little about the market the market is continuing to continue to be overhyped and underperforming and i've had people say there's more 401k millionaires now than ever i'm like oh really well let's talk about that let's dissect that for just a minute you said you need three hundred dollars to eat organic and live pretty healthy right if you had a million dollars right now based upon the interest rates that are out there that people can earn in the in a 401k guess what the average amount is being paid out of 401k to a retiree with a million bucks right now i have no idea 25 to 30 000 a year so you're a millionaire on paper but not living like one no interest rates are so low so i mean that's less than half of what i would need yeah so so you have to now have two million dollars and by the way that's what if in 10 years from now you need to adjust that for inflation sure three million that you need so so it's a moving target it's not performing and like yet people still believe in these plans but they've failed people far too often the first thing that sells people on is has them it lies to him and says you're gonna save tax well how are you going to save tax you put money into the plan pre-tax but you have to pay taxes when you pull it out what happens if taxes go up the government's 23 trillion dollars in debt right now what if they raise taxes in the future you know we've had over a 50 highest tax rate since on average since the inception of the taxes in 1913. so from 1944 all the way to 1981 the tax brackets were above 50 right so like right now we're historically low the second thing is if it takes more money because of inflation to buy things in the future you're gonna pay more tax because you gotta have more money to buy the same things so you're paying more in tax so that's another issue and here's my question do you want to live off less money in the future like that whole notion that people can live off 70 at retirement do you want less money in the future that seems crazy so i don't think people are going to be in a lower tax bracket so all we're doing is delaying our taxes not saving our taxes in these plans we're not getting cash flow along the way we're investing in a market that has been underperforming for a decade now really since 2000 the stock market's been a disappointment so it's really been two decades yeah we've had small run-ups but overall the returns are not close to what people think when they look at the actual returns right and by the time we account for fees and inflation it's been horrendous and so i think that it's just something that people are are buying into the 1990s in the year 2020 and it's gonna disappoint them severely if they don't question it and they'd be better off paying off their loans they'd be better off putting some money in savings accounts so they have a little bit of liquidity and they'd be better off putting that money in themselves so they can earn more money and then go to cash flow banking to store their money and then invest in something that they understand beyond that where's the place you can invest like you know how to invest in health and nutrition companies if that's where you really want to invest right you probably don't know nearly as much about i don't know maybe you do i don't know about technology like i'm not a teenager so i can't keep up with all the technological trends so i don't think i'm a good investor in that side i'm good at investing into infrastructure with technology in my businesses not only predicting which technologies are going to blow up and do well yeah you're not going to go to silicon valley and try to invest in startups by meeting with founders or things like that but i mean the the path you just outlined is it was incredible because i mean you think about the one two punch of that as well people are funding these 401ks and their their lifestyle of debt and all this by scrimping and saving scripting and saving with accumulation philosophy so imagine scrimping and saving 35 40 years then you retire only to find out that you only have enough money to scrimp and save until the day you die like that's insane and it happens almost all the time dude that's the problem that's what people are facing the article is my life there's an article that changed my life in 2002 because look admittedly 1998 1999 i was a believer in the stock market i mean it was crushing people then in 2000 it started to go down i didn't really know why or how long it would last i was trying to learn about it and then in 2002 there was an article it was about this guy that was at the company that you mentioned earlier mass mutual he was executive vp of the retirement services so he's basically as high up as you could be on the retirement side of things he retired in the year 2000 he took 10 percent of retirement funds and he bought like a small company and then he put the other 90 in aggressive funds and lost so much over the next two years that he was now driving a limo to earn a living wow and that's the person that's supposed to be able to tell us how it works right

Channel: Garrett Gunderson

Views: 20,020

Keywords: Garrett Gunderson, Wealth Factory, Wealth Building Strategies for Entrepreneurs, Financial Freedom, Financial Independence, Getting to economic Independence, what would the Rockefellers do, business, success, entrepreneurship, Robert Kiyosaki, Matt Clark, Ryan Daniel Moran, Tim Ferriss, Grant Cardone, Why Should You STOP Investing Into A 401(k)? / Garrett Gunderson, StengthsVesting, ask the money nerds, Why Should You STOP Investing Into A 401(k)?

Id: vg_8jWUZDLQ

Length: 33min 34sec (2014 seconds)

Published: Wed Nov 11 2020