Money Guy Show 84% of Americans Say THIS is the Key to Success (But They're Wrong!)
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Apr 16, 2025 A recent survey reveals that 84% of Americans believe hard work is the key to financial success, but is that the whole picture? Discover why saving and investing are equally important. The discussion also dives into the nuances of choosing between Roth and traditional 401k plans, considering tax implications and future income. Parenting finances come into play with humorous stories about budgeting for multiple kids. Learn strategies that will help shift your mindset towards achieving true financial stability.
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Hard Work Is Not Enough
- Hard work is the most popular belief for financial success but not the only factor.
- Investing money and creating margin from hard work are crucial to long-term wealth.
Start Early and Believe
- Start saving early to leverage compound growth; small monthly savings build wealth over time.
- Believing you'll never achieve financial success is often due to misinformation.
Choosing Traditional vs Roth
- Decide between traditional or Roth 401(k) based on combined marginal tax rate, age, and income projections.
- Consider goals and future tax expectations to choose the right retirement contributions.