Don't Invest In Your 401k Until You Watch This...
March 29, 2019
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18:18Now PlayingDon't Invest In Your 401k Until You Watch This...
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Hello Bulldogs! John Sonmez from Bulldog Mindset Here, where I teach you how to go from the Victim Mindset to the Bulldog Mindset.
Today I'm gonna be talking about your 401K retirement Plan, should you invest in it? Well the answer is not a clear yes or no, you must first analyse your position, run some calculations before you step up and see which route you should take.
So this video was requested by one of my followers who is part of the Bulldog Mindset Membership, who wanted to actually answer this on the LIVE Stream. He asked:
"Hope this email finds you well. Unfortunately, I have a prior commitment during today's LIVE Stream, but I wanted to still sneak a question in there for it.
So, as we are now in "Tax season", my father and I have been talking about my financial situation. He has more of the traditional (slowlane) mindset, and wants me to contribute a significant amount of money to my retirement fund. Currently, I am working a job while building my business on the side, and could especially use the extra funds now to invest in myself and my company. How do I explain to him that I don't think it is a good idea to contribute to a retirement account although that is what he has heard throughout his life?
I'm not looking for approval from my dad and I know that my financials are entirely in my control at the end of the day. But I love my dad and just want him to understand where I am coming from (even if he doesn't embrace the Fastlane mindset himself) and that contrary to his thinking I am setting myself up for financial success in the future."
It's not really as easy to say a yes or no. I myself have opened a 401k account and fully funded it. I know this goes contrary to my advice and what I've been saying before, but I do have good reasons that I will share with you in the video, and I'll also share with you how you can decide if you want to invest and contribute to your 401k if you are an entrepreneur.
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If you have a question, email me at john@bulldogmindset.com
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