BULLDOG MINDSET $7 TRIAL MEMBERSHIP
I took all of the money out of my 401k 10 years ago, paid all of the taxes on it (which is in the high tax bracket for me), and took the penalty.
Let me explain what I did with it and why you should stop investing in your 401k immediately.
#401kinvesting #stopinvestinginyour401k #realestateinvesting
🐕 ARE YOU A BULLDOG? 🐕
Take the quiz and find out
► IMPORTANT LINKS:
Bulldog Mindset Website:
Bulldog Mindset Membership:
Personal Coaching Services:
If you have a question, email me at john@bulldogmindset.com…(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Not in a high tax bracket now and I don't see that changing… so …
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.
Im 43, and just getting started in real estate, is it too late to become a millionaire?
Right now I'm only getting my company match for my Roth 401k and maxing out my Roth IRA. The extra cash will be used for investing in myself and my eventual business.
What's stopping me from saving up for a down payment on a rental property inside of a 401k, then taking the money out when I'm ready to put it into property or a business? Isn't it a better deal to use a 401k like a taxable account, than to use a normal taxable account? "tax my money now, tax my money at withdrawal" vs "don't tax my money now, tax my money at withdrawal and 10% penalty"?
A 401k is a terrible investment for retirement anyways. When the stock market crashes you will lose it all
This is the way.
It's kind of old school conservative financial advice that is all about playing it safe. It's not necessarily bad advice, it's helps you to not go homeless or starve to death, but at the same time it's a very low bar to set, especially in the modern world with near infinite possibilities. There are so many interesting things I could do with my life, but I have to give up all of that once I am an adult and just live a mediocre life rotting in muh wagie cagie until I am 60 or 70 and incapable of doing most of the things I could do while young and that's when I can finally enjoy my life. Yeah, fuck that.
60 is the new 30
"Don't invest in 401k, buy my content instead"
I am using the 401k to build my individual stock portfolio with 2.6x my average rate of return compounded with just 6% of my income. So I'm leveraged at 15.6% of my income with employer match and tax deferment. In 5-10 years when I retire early I'll roth ira convert the stocks over so I can withdraw principal without a tax penalty of 10%. In 5 year blocks. It's a strategy to invest in stocks for me.
i dont plan on being rich when im 45 but i will be financially secure and im so glad to hear someone else confirm what i've being doing and not putting in money in that 401k. i cant touch that money until im like 59 or something and i need that money now.
How can I become financially free with $60 per paycheck? Lmao imma keep the 401(k)
I agree with it and get backlash when people ask me, especially older people.
I will always be doing something but what I’m doing will change as my resources multiply. I don’t think about retiring. There are people just working towards retiring but that just seems hopeless. I’m not really living to have retirement be the highlight of my life. Locking everything in a 401k and crunching the numbers on my match just seemed very limiting so I invested elsewhere the past 3 years.
I think the mindset around retirement is outdated.
Love this John! Keep holding us to that higher standard. Great polarizing video. Let the chihuahuas unsubscribe. Bulldogs only!
Opinions on crypto and defi?
To say Jim Cramer like him or not is not successful is not even close to accurate. It’s a bit insulting to cal people that aren’t tied up in the material world mediocre. Wealth is personally defined and that is a true bull dog mentality.
What about roth ira
Dumb advice.
I get what you're saying. I'm making 50/60% on my 401k. YOY the last 3 years and 25% YOY historical. I'm only doing enough to maximize my company match ("free" 6%) So, that "free" money isn't calculated.
For me, that's a hedge and wealth building for the kids. I've also got a 529 (unused funds are kept by account owners and isn't tied to a sate or individual college).
I'm doing a new home every other year, focusing on duplexes and multi family properties. The only reason I'm working now is to cash out of my stocks. Once I'm able to cash out I'll have based on current rate an additional 500k, and I won't count my chickens for more than that since who the fuck knows.
Every major up lift in cash goes into realestate.
Once I sell my current house I'm going to move to a less expensive state and again dump the earnings into 1) lower payment so I have less risk there and 2) commercial property.
I will give you credit though. I didn't have liquidity or enough funds in 2007-2010 to take advantage of that market crash. I can guarantee if something like that happens again I'm going to cash out of all of my retirement and take that hit and immediately buy up as much commercial and multifamily homes as I can. The 2 deals I had an opportunity to get before they listed (but didn't have enough cash to do it) would have made me 20 Mil no problem in todays market. I would have been making 100-200k a year in rents as well. I wish I could have made that happen but simply didn't have enough cash and leverage to cover the deferred taxes on the properties. (1 mil cash on signing for one property).
That experience and learning about your realestate ventures is what led me here. Anyway, thanks for the advice and videos and motivation
I got mixed feelings on this. The advice is solid but the company matching is free money in my mind. I contribute the least amount to get the max matching and if I need cash I can take a loan from the 401k which is typically a higher amount than if I didn't contribute. Also lowers taxable income. My advice is contribute the least to get the max, borrow if you need it, and put the money in a Roth account investing in index funds.