Chris Miles discusses options with a 401k. If you cash out your 401k, what are your options? Is it wise to cash it out, or should you leave it where it is? Learn 3 strategies to consider with your 401k, whether you leave it in a 401k or could you do something else.
Remember, these are only options, not recommendations. This is not intended to be advice, but merely given for informational purposes.
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Learn how to pay off your debt better than the typical answer given by financial “experts”, like Dave Ramsey, who are not looking to improve on their own methods. The secret? IGNORE THE INTEREST RATE and use our Cash Flow Index (CFI) to determine which debt to pay off first!
Although interest rates are a factor, banks and other financial institutions are able to manipulate you to pay off debts that help lessen their risk while increasing yours. For instance, if you put more equity into your home, you are still at risk for being foreclosed on if you can’t make a payment. In fact, they may be MORE willing to foreclose on you if you have more equity in your home.
Ask yourself the following questions:
Every answer is about them getting your money to be used as fast as possible. Ironically, they teach us to not touch our money until much later! Why do they play by different rules than what they teach us to do? Instead of being suckered into using the strategies banks teach you to GIVE THEM MORE MONEY, DO what is in YOUR best interest! REMEMBER THIS-Pay off debt that gives you the greatest cash flow with the least investment.
You can also get more details with our previous podcast on how to more effectively pay off your debt.
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Listen to the 5 common traits that made middle-class individuals become millionaires. And no, it’s not the lottery, a 401k, or an inheritance.
Srully Blotnick, in his book, Getting Rich Your Own Way, did a 20-year study to find 5 common traits of those 83 (out of 1057) that became self-made millionaires. They are:
To hear more personal experiences of applying these principles, LISTEN HERE.
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Lisa Nicole Bell of Inspired Life Radio interviews Chris Miles about why should people fire their adviser, how to know whether the advice they receive will help them create wealth (not just for the adviser), and what is the basic principle to securely build wealth.
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