Thread 60816158

why does he hate 401k so much?

>>60816158 (OP)
>Sorry goy we have to taxmaxx your life savings tee hee

Because the “based right” is a retarded grift machine.
>”The lefty boomers are all short sighted consumers taking out reverse mortgages, a real man leaves their kids an inheritance!”
>”Tax advantaged retirement accounts? What a fucking scam, you should gamble it all on short term speculative investments”

>>60816158 (OP)
Who gives a fuck?
Why did you even post this retarded thread?

>>60816235
sam pays him to instead of paying chris a 401k

because he doesn't have one

>>60816158 (OP)
>lock up your tokens for 40yrs

He has a point.

>>60816235
401k's are a literal government scam
and you're a seething jeet
back to the shitting streets prakesh, the humans are talking

>>60817676
You're thinking of social security. 401ks are the last decent thing the government allows us to have and are almost too good to be true. I have to imagine they will be eliminated in my lifetime.

>>60816158 (OP)

>>60816227
>>60817676

If you're against 401ks, you're retarded.

>>60816158 (OP)
tax free (for now) investment capital for big investment firms that earn a lot of big fish a lot of money

>>60817703
>Lock up your money until you're 100 years old
>Pay income tax on it when you finally withdraw

>>60816227
t. risk averse manchild in his 30s with a low 6 figure net worth

>>60816158 (OP)
401ks are a massive grift with the sole purpose of dodging pensions. Rich fags didn't want to pay you out after 40 years of slave labor, so they created a shiny new demonic financial product where they put your money in stocks, after stealing a little, but everyone puts their money in stocks, so you have gigantic bubbles. You feel rich and safe, by old age, when you can really spend it. And like magic they just tricked you into:
>working longer
>being compensated less
>gambling your retirement
>paying them for the pleasure
Once you start imagining that the world is run by literal psychopaths all your life questions will be answered.
Oh btw, that whole social security thing, yeah you're gonna keep paying for that but I guess we stole the money or something lol so here's like, idk five bucks. Enjoy retirement!

>>60817701
They won’t disappear but they’ll be used against you.
>Oh you have one million on your 401k?
>Looks like you’ll get a reduced social security payment even though you paid the max in
>Sorry goy, it’s only “equitable”

>>60817715
If you’re trying to leave your children an inheritance of some sort and don’t see why a tax advantaged retirement account can help with that, you might as well just mail your check back to your boss you fucking slave rube.

That is, assuming you’re not some Chinese bot trying to convince people to dump their savings into your shitcoin.

>>60818242
>tax advantaged retirement account
dont need this when i can just stack Bitcoin and have them liquidate it in fiji after i croak

>>60816191
But you don't pay taxes on your contributions

>>60816158 (OP)
I'm the guy who simply hasn't filed taxes for the past 7 years and marked myself as exempt from withholding despite working in a Fortune 100 company. I realized this year that since I probably won't get away with it forever, now is a great time to liquidate my 401k, not file taxes and hence not pay any penalty, and hope I don't get caught again this year.

Turns out it's way harder to do that than I thought if you're still working at the company and under 60. But I took out what I can.

>>60818288
You pay taxes when you withdraw from it after retirement. It's 100% a scam.

>>60818190
>Rich fags didn't want to pay you
Yet they'll match your contributions so you're getting an instant 100%
>after stealing a little
at what point do they steal a little bit?
>>working longer
this is independent of your retirement funds
>>being compensated less
not my fault you can't negotiate for salary increases
>>gambling your retirement
market always goes up
>>paying them for the pleasure
again at what point in the process do you pay them?
>Oh btw, that whole social security thing, yeah you're gonna keep paying for that but I guess we stole the money or something lol so here's like, idk five bucks.
The one thing you're right about, but I'm guessing it's just accidental since you seem to froth at everything.

Reminder kids, don't let anything on /biz/ influence you. It's only good for celebrating the green candles.

>>60818294
Duh. You pay taxes on everything faggot

>>60817703
High-fee scam 401k's aside I mostly agree. The problem is lots of people are very retarded. Most people simply are incapable of extracting any benefit and would be better off if a pension fund did it for them. It doesn't help that it's relatively easy to pilfer the account before it ever takes off.
My 401k match at work is roughly equivalent to a pension contribution, I simply have to take ownership of managing it. Which is too much for the lowest common denominator.
When markets crash, pension funds bleed out just as bad as a typical fund in a retirement plan, only that someone else is managing it behind the curtains to stop morons from selling the bottom.

>>60818254
Or you could buy Bitcoin… in your 401k holy Kek. This board is so fucking financially retarded

>>60818303
Early withdrawals are subject as taxable income along with a penalty fee. The penalty fee is like 15% i think.

I personally just have a 401k and HSA that only contributes to the employer match. When LINK pumps to 200 per token within the next few years ill divide 75k with 60% of that going into my ROTH IRA and 10% of that going into precious metals. The remaining 22k USD is my reward for holding that piece of shit token for so long.

After that I'm set for life with a decent retirement account. Then i can finally plan on vacationing around the world occasionally.

>>60818348
plus tax rates are expected to go up in the future. So we will all be fucked multiple wayts

>>60818348
How are you planning on putting 75k in a Roth? I don’t think there’s anyway to backdoor that much in a single year.

>>60816158 (OP)
fuck 401ks
who's to say i'll even live that long
if you die early you get totally cucked out of all that money lol no thanks

>>60818293
Lmao hope this is a larp. If not, enjoy prison.

>>60816227
I really, really hope libtards are all-in on the "crypto is a scam and it's bad for the environment" bit. A future where bitcoin/crypto is uniquely chud-coded is unironically a very bright future.

>>60818570
Once again, you can purchase crypto in your 401k if it’s self directable.

Although it’s cute you retards are that self absorbed you presume because you’re right on one thing you’re infalliable.

>>60818650
I know what a 401k is, but thanks for the (You). Crypto is a scam. Definitely stay away from it. It's also bad for the environment and causes global warming.

>>60818674
Are you just pretending to be illiterate or are you seething so hard you forgot what we were discussing?

>>60816158 (OP)
401k is a great deal for certain people who have high income and know the meta.

>be high earner in 30-50% tax bracket
>defer tens of thousands a year in taxable income that would be subject to these level of taxes
>retire early in your 40’s or 50’s and live off of taxable accounts
>start doing Roth conversions when you’re in a low tax bracket. If married this can be 100-130k a year of conversions with an effective tax rate of ~10%.
>do this for a few decades and now you have millions in tax free Roth that you went from 30-50% tax down to 10% or less on.

Pretty good deal if you’re a high earning index fund Chad. I think the reason why right wing Chud grifters hate 401k isn’t so much the lockup but the lack of investment options because they want to make degen bets on crypto and meme stocks. A lot of them are low income so they’re not in a high tax bracket to begin with, and they don’t have much $$$ to work with which means getting 7% a year isn’t good enough for them. They NEED a quick 100x even if statistically 98% will go broke trying to achieve that

>>60818722
Crypto is the reason I haven't had to work a real job in 8 years. It's pretty sweet.
The other week I bought a Nintendo Switch 2 just to take pictures of it to flex on a redditor who was mad he couldn't afford one. It's just collecting dust now.

>>60817701
Traditional 401ks make you wait until you're an old man without "penalizing" you, and once you withdraw you pay regular income tax rates instead of capital gains.
Seriously don't get how it's such a good idea versus having your own personal retirement account

>>60818722
You're the guy with 5 posts in this thread (and each post is you being angry and condescending to people who are most likely richer than you), but what the heck I'll take another (You)

>>60818777
Eww stalking my posts? Cringe seethe cope anon.

>>60816158 (OP)
This guy couldn't even build a gorilla nest

>>60818777
checked and kekked
>>60818806
poorfag trannny

>just lock all of your money in a retirement account that you'll only be able to access without paying a penalty when the tax rate is 80% to support all the browns
At least put your money in a roth account if you're not going to do something useful with it.

>>60818294
You used to stop working completely when you started taking RMDs. Now every boomers works until they die, so you're going to be in an even higher tax bracket than if you just paid the tax twenty years ago. Taxes will only go up too. Someone has to pay for Israel and Ukriane

>>60817714
Roth

>>60816158 (OP)
401k is for normies that don't realize the government can take that money if they want

>>60818333
NYK
NYC

>>60818989
Yes, the government will raid your 401k, but don't worry, they totally won't touch your social security, medicare, medicaid, or crypto...

>>60818874
>Now every boomers works until they
I don't know a single boomer who is working. You're just reading some logfag shit the Internet, probably from this very site

>>60817715
speaking from experience?

>>60818190
Shizo faggot has no response. Probably doesn't even remember making that post because he is deep in a shizo pill binge. Very sad

>>60816158 (OP)
he wants attention. the way to get attention is to say something unusual

Once you understand that he comes from a rich family all his retarded financial advice makes sense.
I do quite enjoy seeing broccoli head zoomers destroy themselves by following his debtmaxxing plan however.

>>60818888
checked
>>60819384
>crypto
not your keys not your coins

>>60816158 (OP)
You should hate it as well because they use it to control who makes it and who doesn't and this leads to their complete control of the world you live in.
Want to stop migration and send migrants back? Banks say no, they need more cattle to buy products.
You want lower taxes? The banks say no because they need you to fund people who aren't capable of working and contributing to society to buy products.

Pension funds now completely control the direction of Western civilisation and every bad policy comes directly from their desire for perpetual profit.

401ks were invented after the stock market decline of the 70s to get people to pump their bags. You retire by taking money from younger workers. It's a vampiric pyramid scheme that only works as long as employment keeps going up (hence fake unproductive jobs, mass immigration, etc).

>>60820325
>You retire by taking money from younger workers. It's a vampiric pyramid scheme that only works as long as employment keeps going up

How is a 401k taking money from anyone? It's literally all your own money. Completely self-funded

>>60819814
>>60818993
>not your coins
A completely valid point, I would say however that in a world where your concerned about the savings of the entire middle class being usurped either by force or intrigue, and the social fabric of law breaking down in favor of independent technocrats, society is pretty irreparably broken and the only people who would want to support and benefit from such a status quo have very little to gain and have lost all that matters anyway.

>>60816158 (OP)
he makes internet videos for paypiggies, factor this in when considering the advice he gives

>>60818774
You're just paying the taxes upfront instead of at the end with a personal retirement account. All that money that was taxed from your paycheck could have been earning you money in a retirement account and taxed at a later date. The more money you have invested the more you make. That's why delaying the taxes is powerful.

But let's be real here. 401k's are only better than Roth IRA's because of the employer match. After you max the match, you should be dumping retirement savings into a Roth IRA instead.

>>60816158 (OP)
you think i can pay this shill whore 20 bucks to talk about son and spx real quick in that podcast he does with his ugly, balding, fat piece of shit friend he has 0 chemistry with? serious question.

>>60821603
Whether I pay 40% taxes now or at the time of withdrawal doesn't make a difference on gains.
What I would like to do is pay capital gains, whenever, not pay 10% on top of income tax unless I'm 60.
Idk what you even use excessive amounts of money on when you're 60, your house is paid for and surely you're over buying a bunch of junk.

Is it a good deal if your company does matching?

>>60818650
Unfortunately I sold all my bitcorn because only Nazi incels get involved in crypto.

>>60817715
Yeah, we should be like all the brown teenagers that watch Sam Hyde and think we’re gonna get rich with our $1,800 in niggercoin

>>60816158 (OP)
Sam Hyde raped a girl btw

>>60818727
>98%
99.99%

>>60816290
for 99% of the population that is terrible with money, it's probably for their own good.

Most people don't even know what a 401k is. How it works. They say that stock market is a big scam, then I ask what do they think their 401k is composed of and they give me a retard stare. They will be in their late 30s and have zero idea how much is in their 401k or its performance, or how much in fees is being taken out. They just assume "oh the company is matching 3%, I'll put in 3% and that should be enough to retire!"

>>60818727
>I think the reason why right wing Chud grifters hate 401k isn’t so much the lockup but the lack of investment options because they want to make degen bets on crypto and meme stocks

Didn't trump just pass a law to change this?

>>60824119
It's a good deal even without matching, but yes, if the company matches, then you are making a 100% return that is tax advantaged.

Anyone not at least hitting their return cap is retarded.

>>60816158 (OP)
>why does he hate 401k so much?
1. that money could be going to a gumroad subscription instead
2. sam hyde is a brazillian

>taking financial advice from a grifter artfag with a rich daddy
chuds deserve to stay poor and retarded

>>60816158 (OP)
aw jeez dude, four hundred thousand?