JW’s Financial Coaching Podcast Lesson #114-Why the 401(K)’s are not the safe investment we’ve been led to believe with Guest Greg Whitaker

  • Guest Greg Whitaker joins us to share his take on 401(K)’s
  • Why fees cut into our retirement saving and what you can do to avoid paying them
  • What to do to learn about investing
  • How the inability to delay gratification is impacting our retirement
  • Quote of the lesson

The JW’s Financial Coaching Podcast_114

Greg Whitaker from DebtSheperd.com joins us today to share why the 401(K)’s are not the safe investment that we have been led to believe.

Greg teaches financial freedom gained from 16 years in the mortgage business and 10 years of financial literacy training.

I love Greg’s passion for teaching and sharing financial wisdom. In short he believes the 401(K) isn’t a safe investment primarily due to the following primary reasons:

  • No way on insuring against loss
  • Fee structure
  • Individuals not knowing what they are investing in

One of the main ways we get in trouble with our 401(K) is that we have no idea what we are doing when it comes to investing. Rather we just pick a random fund or pick one at the advice of a co-worker who may or may not know what they are doing. Greg and I discuss what you can do to learn about investing, not just in a 401(K) if that is what you choose, but also investing in other areas such as a business, real estate, commodities, or anything else you feel comfortable putting your money.

The main point of this lesson is to basically pay attention to what you are investing in. Know the fees that you are paying for each fund. Know what you are investing in, know what the goal is of the investment, know why you are investing in it, and properly diverse.

For more financial information and opinions that you don’t hear in traditional financial media, please check out Greg’s podcast Debt Sheperd radio. In addition below are material Greg mentioned in the interview.

Today’s quote of the lesson is brought to you by Audible.com

“I didn’t sign up for my 401(K) at work, because there is no way I can run that far”

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