If you worked for your self you would see why a 401k is neccessary!
Big brother forces it on us with very little choice ,put it in a 401k or give it to them.They still get it, it just takes them longer this way!
I don't put any money into 401K, stock funds, or any of the sort. My retirement fund is the land investments I've made, the properties I own etc etc. In other words, other than what my company might give me, I have no retirement fund.
I don't plan to ever retire though - its not Biblical and geeeesh what would I do ? I can see myself scaling back in 14 years to a partime job, something I WANT to do instead of HAVE to do and go from there.
I will not rely on others to invest my money in stuff they think might be good deals. I'll invest my own thank you very much
As a sub chapter "S" all money is taxed at your personal rate.By investing in a 401 K I am taking money that I would have to send to the gooberman on March 15 and investing it for my own future.It is not my money to do with what I want, big brother tells me I can keep it if I invest it,if don't care to I could just mail it to him.
But right now I will do the best I can within the channels they give me.
Land is a great investment but they only give me that option if I chose to borrow agains my 401k money ,but if I borrow that way I get no tax benefits.
again - no thanks fellows. I'll pay what I have to pay, and use my money to buy what I want to and invest how I see fit. If I want to cash out and liquidate my assets, I do it. No early penalties, no rolling over ........ mine to do with as I see fit.
My cousin is extremely astute when it comes to the stock market and averages about a 20-25+% return on his investments. He doesn't use mutual funds or otherdiversifiedmulti-unit type investments. Just does a lot of research. pretty cool.
Investing in something is always better than any savingsor cds imo. I bought a piece of land back in '97 for8,000, nowworth 60,000.
You're right though bawana, anything to keep your money sheltered is also important.
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Looney tunes deductive reasoning:
--Me smell Mohican burning
--Me last Mohican
--Must be me!!!
--EEEOOOWWW!!!!!
again - no thanks fellows. I'll pay what I have to pay, and use my money to buy what I want to and invest how I see fit. If I want to cash out and liquidate my assets, I do it. No early penalties, no rolling over ........ mine to do with as I see fit.
If your income is low enough that you don't pay taxes then you are doing the right thing.I how ever earn enough that I pay a substantial amount of taxes .By putting money in an account for myself instead of giving it away makes amore sense to me.
401 K's
