The Ramsey Show Reacts To Horrible Advice About 401(k)s
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The Ramsey Show, hosted by renowned financial expert Dave Ramsey, has been helping millions of people around the world gain financial independence and make wise investment decisions. With his no-nonsense approach and practical advice, Ramsey has become a trusted source for individuals seeking financial freedom. However, even the most reputable sources can face misguided advice, as exemplified in a recent segment where The Ramsey Show reacted to some horrible advice about 401(k)s.
401(k)s are widely regarded as one of the most beneficial retirement savings vehicles, providing individuals with a way to save for their future and often offering employer matching contributions. However, a recent article by an uninformed source attempted to debunk the advantages of 401(k)s, presenting misguided information that could harm unsuspecting readers.
In the article, the author argued that investing in a 401(k) is not a wise decision, claiming that employer contributions are not worth the potential gains. They argued that individuals should focus on other investment options, such as real estate or stock market speculation, rather than relying on the traditional retirement savings route.
Dave Ramsey and his team were quick to respond to this horrendous advice. In a segment of The Ramsey Show, Ramsey stressed the importance of understanding the power of a 401(k) and the long-term benefits it offers. He explained that employer matching contributions are essentially free money and emphasized that opting out of a 401(k) plan is equivalent to leaving cash on the table.
Ramsey’s team further debunked the claim that real estate or stock market speculation should take precedence over a 401(k). While diversifying investments is crucial, it does not mean abandoning established, reliable methods of saving for retirement. Ramsey emphasized that real estate can offer great returns, but it is not a guarantee and often requires a high level of expertise and capital.
As for stock market speculation, Ramsey’s team highlighted the volatility and high risk associated with such ventures, emphasizing the importance of long-term investing. They stressed that relying solely on speculation is like gambling with your retirement funds, leaving individuals vulnerable to significant losses.
The segment served as a reminder to viewers of the dangers of misinformation and the importance of seeking advice from knowledgeable and reputable sources. Ramsey’s decades of experience in the finance industry and his commitment to helping individuals achieve financial peace make him a reliable authority on matters like 401(k)s and retirement savings.
The Ramsey Show’s reaction to the horrible advice about 401(k)s serves as a valuable lesson for individuals seeking sound financial guidance. It underscores the necessity of doing thorough research and consulting reputable sources when it comes to investment decisions. By relying on established financial experts like Dave Ramsey, individuals can make informed choices and work towards a secure and prosperous financial future.
That finger pointing is so cringe. Lol
401k not perfect but it's the best we have. I guess
How do financial advisors not know who Kim Kiyosaki is?
I bet you anything that lady and the guy in agreement with her sell whole life insurance products.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding
401k Have exised 1978 in the tax code!
I thought the guy pointing was making fun of the woman on the screen above him, since he seemed to be mugging for the camera a lot.
Isnt that the rich dad show?^^
Ok, first off, she was saying 2% on "savings", which I think is referencing a savings account. Which is generous, many banks savings accounts are Far lower than this.
So a 401k Is a good option, but she is right, with the uncertainty of performance of market and how many people lost almost Everything they "built" by leaving it in the markets- all those people retiring after covid, they're screwed unless they had a very diverse portfolio, or good people managing their money well even through all the crashes. And then with record inflation, PUTIN's inflation, mind you- Putin did it, not me. Trump maybe did it too, we don't know, we'll see. But its not that Bad right now, the inflation is low! Its not even in triple digits!
So….
I think she's right.
The only way to prepare to retire, is launder money through Ukraine and China.
And get some investment properties. Buy a few hundred thousand dollars worth now, and it'll be worth a million in 30 years, for sure.
And take a Huge life insurance policy on your employees. And work them to Death! Win-win! They work Hard and are stressed beyond belief, and then they Die young, and You reap the rewards!
All the big companies are doing it! You should do it!
She always look like she have no eye balls. This is Kiyosaki. Do reach people use/have 401k?
Why is that guy calling it “the Google”
How could you not know that this is Kim Kiyosaki??? Something is not kosher here.
That is Kim Kiyosaki and I'm sure she has plenty of wealth.
401k only makes sense if you are going to be a much lower tax bracket when you retire.
Also, the money being tied up is an issue.
She's actually wealthy. She makes money owning income producing assets. Like well into the max tax rate. That's why they DGAF about deffering taxes until later. They will always pay the max rate cause they make soo much money anyways.
This world is full of idiots
Most teachers invest in their pension plan, not a 401k.
Tiktok is the sewer of social media.
They do have some guts, "that lady" is Kim Kyosaki, worth +$100M.
Is anyone else getting the YouTube ads telling them to replace the 401k with “whole life insurance”?
i invested in a universal index fund thinking it was a good idea. after listening to ramsey and actually learning about it for myself rather than just taking the word of a salesman, i understand just what a piece of garbage it is now. thankfully i learned my lesson unfortunately it came at a cost but, you learn through experience. it doesn't surprise me that the salesman is pushing the fallacy that a 401k is a bad investment. it's sad because people buy into this garbage and therefore, allows him the opportunity to leach off of people and sell them a bad product.
They are guilty of same thing. She’s into Real Estate and building businesses like Dave Ramsey. She’s Robert Kiyosakis ex.