4 Reasons Why I'll Never Invest in a 401(k)
Subtitle
401k: How to set a bunch of money on fire
Reason 1
It's for suckers.
It's money that's given back to you in your 60/70s for playing it safe. And taxed heavily.
It just sits there, lining the wallets of fat execs. Everyone touches it and fondles the fuck out of it for 40-50 years, milking your hard earned money. And God forbid you should decide to take some out, that's when the real ass rape begins. You're only supposed to touch it after everyone else has had their fingers all up in it.
Reason 2
It's pretty much the matrix, but for your money.
Money is your life energy since you ultimately trade hours for money (hours/time= life energy...In case I'm not making myself clear). So, you're a Duracell battery that pumps the system with 30-50% of your pay in taxes and any excess energy is pumped into 401ks
It's what keeps this fiat system alive, without 401ks being sloshed around daily wall street would seize to exist. Whose money would they play with? Certainly not their own. OPM baby, other people's money, it's the best kind of money there is.
Reason 3
There's wayyyy better options.
Pick up a fucking book, no seriously, there's this thing called a library, and if you're not careful in there you just might come up with your own great ideas.
Take a risk on yourself, I wouldn't even call it a risk. You could die tomorrow walking your dog... so why do something as boring as invest in a damn 401k.
Invest in startups, rental properties, gold, cryptocurrencies, local businesses, the list goes on and on. Just please, anything but a damn 401k.
Reason 4
Roth IRA
If after reading all of this, you're still saying to yourself, "but mike my job matches me up to 5% blah blah blah..." Then I would suggest starting with a Roth IRA, it's the lesser of 2 evils, for reasons I won't go into, it's a better starting point than a 401k.
But whatever, this is all in my most humble opinion, you guys can do whatever the fuck you want to do. #yolo
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we agree
Upvoted but i don't agree entirely. What you say about the restrictions and the taxation are all very true and are certainly the reason for not investing more than the maximum amount that your employer will match. BTW many 401Ks have a ROTH option within them. Your contributions are treated as a ROTH, the company match is of course treated as a traditional source but it will give you options later on which source you pull from.
I believe in multiple sources of incoming later. I hope that investment in cyrptocurrency will be one of those but just not the only thing. 401Ks are hardly sexy but they discaourage too much speculation which I think is OK for part of your wealth. So I keep the 401K and read and learn as much as i can about making the most of it and I invest in other assets as well and try to grow them so that I have a lots of options. Pick any asset class you like and there will always be someone who can manipulate it.