Personal Finance and Investing

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The Fans of Tony have a word.... stop procrastinating, time goes by and retirement is closer, eeeeveryday. Make it now.

#1 Retire with any money fans? ;)

Tony Robbins fans...?

Want to lose 10 years of your retirement OR have to work 10 years longer that you want?!
Just pick a 401(k) / 403(b) plan and funds that total 1% more that what you need to pay.

For example, a Vanguard S&P 500 index should cost 0.05% (for your large, US, growth allocation) but some plans charge over 0.50%. Seems small but if you have a few like that and any "life funds" that allocate for you, the fees add up easily to over 1% more than you need to be paying.

Let me know if you'd like more info!

Some of the wealthiest people I know walk around in jeans and another in always in tank-top because he loves them. Ironically, some of the most high dressed people I have met in my life may have a high income, yet are broke at a higher level.

Think I heard "they" - the good 1% ;) - even where the same clothes most of the time. Probably have clean sets, just don't like the distraction of picking.
Like Einstein not knowing his own SSN.
Like Walton or Buffett driving old beater cars.

Reminds me of the Millionaire Next Door. You'd think the rich guys would be spending it. It gets more to how they got rich - not spending it!
http://www.evancarmichael.com/library/dan-lacy/the-millionaire-next-door-summary.html

Yep. This reminds me of a joke I once heard from a wiity Englishman: the punchline was 'if you have a big penis, you don't need a sports car!'

This section was buried in the second half of the article:

SO WHAT CAN YOU DO IF YOUR EMPLOYER'S 401(K) PLAN STINKS?
"First, contact your employer and point out the problem(s). Your employer has a fiduciary responsibility to offer a plan that is in your best interest — not its own. If it doesn't remedy the situation, not only will it have dissatisfied employees, but could find itself in a lawsuit or in trouble with regulators, who can be very responsive to anonymous employee complaints.

Second, if your 401(k) plan offers in-service withdrawals (some plans allow this), transfer however much the plan will allow into an IRA, where you'll have full control of your funds.

Third, see if it makes sense for you to reduce your 401(k) deposits to the level that will provide a full employer match (get that free money), and then direct the remainder of your retirement savings into a Roth IRA (limited to $5,500 if you are under age 50, and $6,500 if age 50 or older).

Finally, petition your congressman or senator to broaden your retirement savings beyond your employer. The only thing that prevents you from saving in an IRA of your choosing versus being stuck with your employer's options is, I'm sorry to say, our outdated legacy tax laws."

No, I don't work for Robbins or AmericasBest401k, or even use them. Yes, I tried with my company, but was told by management that they had already fulfilled their DOL duty and moved to a better plan. Hogwash! At least I tried...

"Protection Matters:
The business owner (aka plan sponsor) is liable for their 401k choices! Increasingly, employees are suing employers for not taking the steps to eliminate excessive fees. The DOL is also out in full force in the matter."
- http://americasbest401k.com/


"Among the key points that HR plan managers should keep in mind:

• The employer and any board, management or staff committee involved in decision-making for the plan are already fiduciaries, obligating them to adhere to participants’ best interests when selecting and monitoring plan investments and service providers—and subjecting them to potential liability if they do not.

• Certain financial advisors, including broker-dealers, insurance agents and mutual-fund firm representatives, generally have not been subject to liability under the fiduciary standard.

• Under the new rule, nearly all the types of advisors that a plan would rely on to provide investment advice to plan sponsors and plan participants will now be held to the fiduciary standard."
- https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/fiduciary-rule-plan-sponsors.aspx


Check out my post for more info on index funds and investing:
https://www.bebee.com/producer/@jaredwiese/how-to-invest-better-and-safer-than-warren-buffett

"funds offered in your 401(k) are selected based on the investment firm’s willingness to kick back some of the fees they make off of you. In short, the funds offered are chosen based on how they benefit the 401(k) provider, not you.

So how much does the limited selection of funds really affect you? Aren’t all funds basically the same? That would be a resounding 'NO.' Funds vary greatly in both their return and the fees that they charge, so the selection of funds could make the difference between a comfortable retirement and running out of money when you need it most.

This conflicted advice is costing Americans $17 billion dollars a year, according to a report (pdf) earlier this year from the White House Council of Economic Advisors. You know now how 1% in fees can cost you 10 years of retirement income, so how do you select funds that will return the maximum performance at the lowest cost?

Warren Buffett gave us all the answer in a letter to his shareholders:
'Most investors, both institutional and individual, will find that the best way to own common stocks (shares) is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after the fees and expenses) of the great majority of investment professionals.'

Essentially, the answer is indexing."
- https://www.tonyrobbins.com/wealth-lifestyle/ab-401k-funds-matter/

(more...)

My real-life example:

A Vanguard S&P 500 index fund has an expense between 0.05 and 0.17%, depending on share class. Not too bad, right?! Many funds charge closer to 1% and that does not even include additional "plan expenses", easily bringing what you pay from 1-3% in total fees.

When I first started looking into my company's plan, they had 4 funds with the S&P 500 as a benchmark. So, for the exact same fund and performance, I was paying from .32% (6x more than 0.05%) to 0.51% (10x more!). After I pointed this out, they agreed to get a Vanguard fund. You guessed it, at the 0.17% - still 3x too much. That was just one example, but with THE fund Warren Buffett says is all you need. (More on that later.)

The best 401(k) company I've seen is AmericasBest401k. Google it! They act as a fund company AND a fiduciary. That means they are on the hook for their investment advice and can charge rock-bottom fees. Their "all-in" cost is .75%. Like I said above, most companies think they are doing well if they charge their employees 1-3% in fees. "Come on, what's a little 1%", you ask? Well, each 1% in fees takes 10 years off your retirement money!...

"For 30 years, the 401(k) industry didn’t have to tell anybody how much they were charging! Now that they must disclose, 401(k) providers bury their fees deep within long and difficult to understand documents, effectively keeping their customers in the dark. But what the majority of Americans don’t realize is that an increase in 1% in fees will cost you 10 years in retirement income!"
- https://www.tonyrobbins.com/wealth-lifestyle/401k-fees-matter-video/

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An S&P500 index fund should be

In short, if your 401(k) does not offer INDEX FUNDS with the lowest fees, you are being ripped off. Your company might not even be aware!

Good one !!!

This is YOUR RETIREMENT $, folks. So important and so much you can do about it!

Sharing all over...

401k plans have been a ripoff from the beginning.
Anything subject to fluctuations in the market is a gamble at best. Ask anybody near retirement age.

#4 Generate Capital CEO Jigar Shah is my new #SugarDaddy in Hydrogen giving PLUG loans based on Walmart accounts receivables!!! Walmart has signed for over 100 million in 2017, 18-24 Distribution Centers and over 5000 more Hydrogen Forklifts

#3 Well, that speaks volumes! Congrats.

Blackrock own 9.4 million shares of my $PLUG Power, they are the largest shareholder

Sharing in investments

Sharing in Investing

You work hard. Shouldn't your money work hard too?

See my story/honey:
https://www.bebee.com/producer/@jaredwiese/10-rules-to-invest-your-money-or-1-word-indexes