Timothy Sumer

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Showing posts with the label 401kforbeginners

401K Calculator Tutorial: Predicting Average 401K Balance by Age in 2023

How much money should you have in your 401K retirement investments at every age? Are you ahead or behind the curve? Download your free 401K calculator at the link below! Want to create live streams like this? Check out StreamYard! ➡️ Private Group Coaching with Psy ➡️ 🤳 Psy on TikTok, Facebook, Instagram 🤳 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨‍🏫 Free Financial Coaching 👩‍🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📧 Email: hello@firepsychat.com 📖 What’s on my display shelf? 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil...

401K Balance in the 1950s: Calculating 401K Amount for Generation X and Baby Boomers

401K Calculator for Generation Z: What's the Typical 401K Balance in Your 20s?

401(k) Calculator for Generation X: Understanding Average 401(k) Balances in the 40s

Investing in 401k for Novices: On the Path to Becoming a Future Millionaire

A 401k will most likely be the largest investment account you own throughout your lifetime. But investing in a 401k can get a little confusing because there's so much to learn. The worst part is that your employer doesn't teach you what to do. In this video, I break down everything you need to know about investing in your 401k. We'll cover the different types of accounts, your investment option, and many more things as well. Roth 401k Vs. Traditional 401k: 01:10 - 401k Advantages 02:52 - 401k Defined 07:36 - Employer Match 09:10 - Choosing A Brokerage 09:29 - How To Invest In A 401k 10:09 - How Much To Invest 11:11 - Investment Options Learn how to build a $300k HSA account here: Everything you need to know about index fund investing is right here: Here is the road map for how you should invest your money: IRA Playlist: Check Out My Recommendations (It helps support the channel): 🔥 M1 FINANCE Investing- Free $10 (once you deposit at least ...

Shorts: Steps for Investing and Achieving Millionaire Status with 401k and Roth IRA

It is entirely possible to have over $1 Million invested in your 401(k). So why don't many people have a million dollars? It's all about your savings rate. This video will have a complete breakdown of how much you should save each year based on your income. 🤳 Psy on TikTok, Facebook, Instagram 🤳 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨‍🏫 Free Financial Coaching 👩‍🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📧 Email: hello@firepsychat.com 📖 What’s on my display shelf? 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil Fat FIRE Progress (Sep 2022) - How to Beco...

401k Plan Explained: What You Need to Know

Learn What is a 401k plan with this #youtubeshorts Finance Dictionary is place to learn about everything finance in one place. 📖 New video every Monday at 7 pm EST. 📆 I am open to collaborate with brands. Reach out at- financedictionaryyt@gmail.com Remember to like and subscribe. ✅ ------------------------------------------------------------- DISCLAIMER: Finance Dictionary including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Finance Dictionary results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel o...

Achieving 401K Millionaire Status: A Comprehensive Investment Guide for Different Age Ranges

Investing in 401k for beginners

Investing in 401k for beginners . Today we will talk about Investing in 401k and roth 401k for beginners. 401k is essentially a retirement savings account provided by your employer. Your employer will give you a benefits package and inside will have your 401k details. They will provide you the details to set one. Once you setup a 401k account , you fund it by adding percentages of your paycheck into that account. At that point you have the option of investing in a variety of assets (i.e. stocks, bonds, mutual funds). Over time, your money grows. Ideally, when you retire, you'll have a big stack of money that's been growing for years. And at retirement whatever money you have in there is your new income. Now we know the basics lets understand 401k even more. Funding 401k account There are two types of 401k, traditional 401k and Roth 401k. The basic difference between a traditional and a Roth 401(k) is when you pay the taxes. With a traditional 401(k), you make co...

401k vs RRSP - What's the Difference? | Cross-Border Financial Planning + Wealth Management Tips

For more cross-border financial planning tips, please visit our website: 401(k) vs RRSP - What's the Difference? If you're moving from the US to Canada or you have investments on both sides of the border, you may be wondering what the difference between a 401(k) and an RRSP is. Although the basic difference is that a 401(k) is American while an RRSP is Canadian, there's more to it than that. RRSP, which stands for Registered Retirement Savings Plan is a Canadian tool created by the government which allows you to defer your tax. In other words, you pay tax on the investments (and their earnings) when you withdraw the money from your RRSP. When you invest using an RRSP as your vehicle, you're able to pay less tax each year. So it's best to only withdraw from an RRSP in years when your income is lower. To find out how a 401(k) works and what the differences are between the two financial tools, watch the video to learn more! Share this video with a frie...