Episode 160: The Five Reasons Why Your 401K Sucks With Chris Odegard

Is it nice to think when you can make work a choice instead of a necessity? You do what you want to do because you like it. Investment expert Chris Odegard joins us to share his insights about why 401K sucks and more tips about investing. Listen to this episode because surely,  you’ll NEVER look at your 401K the same way again!

Points to listen for!

• 401K highway to mediocrity 
• Why alternatives are superior to the stock market
• Ideas to manage our money to get a better return and not work until 70 years old.
• Tips why conventional workers need to have alternative investments
• 5 reasons why 401K sucks
• Bust 5 myths in 401K
• More tips about investing

About Chris Odegard

Chris Odegard is an alternative investment blogger and educator and author of Get off Your A$ and Manage Your Money: Why You Need Alternative Investments. Through his blog at TheProlificInvestor.net and book, Chris shows investors why alternatives are vastly superior to the stock market and the 401K highway to mediocrity.

Get off Your A$ and Manage Your Money: Why You Need Alternative Investments

A 120-page book that was released in November 2021. He shares all the missteps he made over the last 10+ years to provide tips for people who want to move in a different direction.

What is Conventional Investment?

Conventional investment refers to everything that’s publicly traded such as stocks, bonds, mutual funds, and you invest in 401K.

5 Reasons Why 401K Sucks

1. It doesn’t work for 92% of the population.

Take a sample of the population and they’re not going to retire comfortably using their 401K as the vehicle to retirement.

4% rule: if you go to a financial advisor, the 4% rule is what they give to retirees to tell them how much of their stuff on mutual portfolios they can sell off every year and not run out of money before they run out of life.

2. Big selling points about 401K: company match and tax benefits

The company match and tax benefits are so inferior to other types of investments.

Myth: you should put enough money into your 401K to get the company match.

Fact: you should never put money in there.

Chris explains more about this myth!

Smart investors figure out how to make money in every market, not just when some markets are going up and they always see an opportunity.

3-4. The 401K and all the other conventional wisdom assume that you are going to be less successful in the future.

5. It limits you to conventional investments.

Follow Chris on socials!

https://theprolificinvestor.net 

https://www.linkedin.com/in/chrisodegard/ 

https://www.youtube.com/channel/UC3QKVP2PeBCbSAxA3GF71jg 

https://www.instagram.com/theprolificinvestor/ 

https://www.facebook.com/TheProlificInvestor 

Related episode: Episode 152: Investing for Nurses With Savannah Arroyo