Money Guy Show 401(k) Mistakes That Could Cost You Millions
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Mar 7, 2025 Discover the common mistakes that can cost you millions in your 401(k) plan. Learn why non-participation and delaying contributions are critical errors in wealth building. The discussion highlights the dangers of keeping retirement funds idle and the importance of proactive management. Gain insights into maximizing employer matches and automated contributions to grow your savings. Enjoy engaging anecdotes that reveal the long-term consequences of financial inaction. Prepare to transform your retirement strategy and secure your financial future!
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Participate in Your Retirement Plan
- Participate in your employer-sponsored retirement plan, such as a 401(k), 403(b), or 457.
- Even a small contribution of 10% can grow significantly over time due to compounding interest.
The Missed Opportunity of 401ks
- A surprising number of people with access to a 401k do not contribute, with many wrongly believing they are enrolled.
- This missed opportunity for wealth building is significant, potentially costing millions over a lifetime.
Get the Employer Match
- Contribute enough to your 401k to receive the full employer match, which is essentially free money.
- Missing out on this match can significantly impact your long-term savings, potentially costing you hundreds of thousands or even millions of dollars.