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Money Guy Show
"Should I GIVE UP Trying to Buy a House?"
Apr 8, 2024
Exploring the challenges of saving for a house on a school counselor's salary, navigating the complexities of 401K plans and Roth IRAs, maximizing savings through mortgage refinancing, setting personal financial goals, and strategizing for early retirement and financial independence.
22:37
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Quick takeaways
- Maximizing 401K benefits beyond matching contributions by analyzing tax advantages and long-term growth potential.
- Considering interest savings and break-even points when contemplating mortgage refinancing for financial optimization.
Deep dives
Factors to Consider in 401K Investing
It is essential to evaluate the benefits of investing in a 401K even without an employer match. Not all 401Ks offer matching contributions, but they can still provide significant advantages beyond the match. 401Ks serve as a valuable way to save money from taxes, whether through pre-tax contributions or Roth contributions. Analyzing your tax bracket, state taxes, and potential tax savings can highlight the benefits of utilizing a 401K for long-term financial growth.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode