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Money Guy Show
Financial Lies That Are Going VIRAL (Money Guy vs. The Internet)
Dec 15, 2023
Debunking financial lies including the myth that 401ks are a scam. Exploring misconceptions about effortless wealth and the importance of hard work. Discussing the myth of not saving in your twenties. Highlighting the value of money as a tool for maximizing each decade of your life. Emphasizing the need to avoid financial lies and take control of your financial future.
39:21
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Quick takeaways
- 401ks have lower costs with average fees around 1%, debunking the myth that they are a scam due to high fees
- Saving and investing early in your 20s is incredibly valuable due to compounding interest, providing more flexibility and financial security in the future
Deep dives
Myth: 401ks are a scam
Some influencers perpetuate the myth that 401ks are a scam due to high fees. However, current 401ks have lower costs, with average fees around 1%. There are better and worse ways to utilize 401ks, but alternatives like whole life insurance or real estate come with their own fees and complications. It's possible to advocate for lower cost plans and hold employers accountable for improvements.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode