401k Explained! Want to retire with over $1M in your 401k? For anyone that's starting a new job or new to investing or new to 401ks - this is the video for you! I break down the details of what a 401k is, how it works, and what you can do to maximize this tool to earn you the most profit by retirement. You’ve finally entered the workforce with your first real corporate job. But there’s so much to learn, right? You gotta get to know your new boss and your new teammates, learn how to use the company tools & software, even figure out what the best times are – for you to use the office restrooms. And beyond that – you still gotta: · Sign up for your health benefits · Make your insurance elections · And most importantly, learn how to set up and take advantage of your 401k plan. Your 401k, is an essential part of your compensation package – and if you start early enough, it can be an amazing tool to help you save a large amount money towards your retirement. So today, I’ll be going over all of the details of what a 401k plan is and going over a couple of quick tips on how to get the most out of this program – so your money can grow & you can earn the most profit by the time you reach retirement. ✔️✔️✔️✔️✔️✔️✔️✔️ Don't forget to LIKE & SUBSCRIBE! Hitting the LIKE button helps get my video in front of more viewers like you! -------------------------------------- 💰💰 NEW TO THE STOCK MARKET & INVESTING? Check out my Beginner's Guide to the Stock Market: 💵💵 GET 1 FREE STOCK ON ROBINHOOD! Just sign-up with my link here: 📀📀 TRADE CRYPTOCURRENCY - 1 MONTH FREE! Open an IRA w/ iTrustCapital to grow your Crypto Tax-Free Get 1-Month FREE with Discount Code ($29.95 Savings) Link: itrustcapital.com?referralcode=DANIELSBREW Code: DANIELSBREW 📸📸 LIKE WHAT YOU SEE IN MY VIDEOS? - Camera: - Lens: - Bokeh Tree: - Rest Of My Gear: 👨💼👨💼 WANT TO BE LIKE TONY STARK? ❕❕❕ DISCLOSURE: Above links may be affiliate links. If you click on them and buy something, I may receive a small commission. But using these links are ALWAYS 100% FREE for you - Costs You Nothing. Thank you for supporting the channel! -------------------------------------- 👉👉 FOLLOW DANIEL'S BREW! - Medium: - Twitter: - Instagram: - Youtube: -------------------------------------- ☕☕ ABOUT DANIEL'S BREW 15+ years of corporate experience in large Fortune 500 companies has given me a unique look at how some the most successful people in the world manage their personal finances, investments and careers. The professional, financial and life lessons I’ve learned over the years has led me to work for some of the most valuable brands in the world, go from living paycheck-to-paycheck to a path of early retirement and have truly opened my eyes to what success and happiness really mean. As someone who loves teaching and mentoring up-and-coming talent, I’d love to share all that I’ve learned with you, my viewers - as my way of paying it forward. So, as they commonly say in the corporate world, “Let’s grab a coffee and chat.” - Daniel’s Brew -------------------------------------- ⚠️⚠️ DISCLAIMER The content in this video is strictly the opinion of Daniel's Brew and is for entertainment purposes only. It should not be considered professional financial investment or career advice. Investing and career decisions are personal choices that each individual must make for themselves in accordance with their situation and long term plans. Daniel's Brew will not be held liable for any outcome as a result of anyone following the opinions provided in this content. -------------------------------------- #401k #Investingforbeginners #Investing #401kplanning #401kexplained #401kinvesting #401kemployermatch #401(k) #401kretirement #401kfordummies #retirement #financialfreedom #danielsbrew...(read more)
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401k for Beginners in 2020 (Save $1M by Retirement!) As the year 2020 begins, it's the perfect time to start thinking about your financial future, particularly your retirement. One of the most popular and effective retirement savings vehicles in the United States is a 401k plan. If you're new to the concept of a 401k, don't worry! This article will guide you through the basics of 401k for beginners and explain how you can save $1 million by retirement. What is a 401k? A 401k is an employer-sponsored retirement savings plan that allows employees to contribute a portion of their salary to a tax-advantaged account. The contributions are deducted from your paycheck before taxes, which means you can lower your taxable income while saving for retirement. Many employers also offer a match, where they contribute a percentage of your salary to your 401k as well, providing a valuable incentive to save. How does it work? Once you enroll in a 401k plan, you can decide how much of your salary you would like to contribute, up to a certain percentage or dollar amount determined by the plan. The money is then invested in a variety of options such as stocks, bonds, mutual funds, or target-date funds. These investments have the potential to grow over time, allowing your savings to compound and earn returns. Why should you start a 401k in 2020? Time is one of the most valuable assets when it comes to building wealth for retirement. The earlier you start contributing to your 401k, the more time your investments have to grow. By starting in 2020, you can take advantage of potential market gains over several decades. Save $1 million by retirement! Saving $1 million may sound like an ambitious goal, but it's achievable with the power of compounding interest and consistent contributions. Here's a simple example to demonstrate how you can achieve this with a 401k: Let's assume you're 25 years old, just starting your career, and earning an annual salary of $50,000. You decide to contribute 10% of your salary to your 401k, with your employer matching 4%. Assuming an average annual return of 7%, by the time you reach the age of 65, your 401k balance would be around $1 million. To reach this goal, you would need to contribute approximately $3,000 per year, or $250 per month, assuming no salary increases. Keep in mind that contributing more or starting at a younger age could accelerate your progress significantly. Tips for maximizing your 401k savings: 1. Contribute enough to receive the maximum employer match. This is like free money and can significantly boost your savings. 2. Increase your contributions over time. As your salary grows, aim to increase your contribution rate to maximize your savings potential. 3. Take advantage of catch-up contributions. If you're over 50 years old, you can contribute additional funds to your 401k. 4. Diversify your investments. Choose a well-balanced mix of stocks, bonds, and funds to reduce risk and maximize potential returns. 5. Stay informed and review your investments regularly. Keep an eye on market trends and make adjustments when necessary to align with your long-term goals. In conclusion, starting a 401k in 2020 is a wise financial decision that can help you secure a comfortable retirement. By making consistent contributions and taking advantage of employer matches and compounding interest, you can work towards saving $1 million or more. Start early, stay consistent, and watch your retirement savings grow over time. https://inflationprotection.org/2020-guide-an-introduction-to-401k-for-beginners-achieve-1m-savings-by-retirement/?feed_id=119428&_unique_id=64ba0f6cc5b65 #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #401kexplained #401kfordummies #401kinvesting #401kmatch #401kmatching #401kplanning #danielsbrew #danielsbrew #investing #investingforbeginners #Retirement #retirementplanning #traditional401k #401k #401k #401kexplained #401kfordummies #401kinvesting #401kmatch #401kmatching #401kplanning #danielsbrew #danielsbrew #investing #investingforbeginners #Retirement #retirementplanning #traditional401k
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