Intro: Do you feel like you were meant to have a kick-ass career as a hair stylist? Like you got into this industry to make big things happen?
Maybe you’re struggling to build a solid base and want some stability. Maybe you know social media is important, but it feels like a waste of time because you aren’t seeing any results. Maybe you’ve already had some amazing success but are craving more. Maybe you’re ready to truly enjoy the freedom and flexibility this industry has to offer.
Cutting and coloring skills will only get you so far, but to build a lifelong career as a wealthy stylist, it takes business skills and a serious marketing strategy. When you’re ready to quit just working in your business and start working on it, join us here where we share real success stories from real stylists.
I’m Britt Seva, social media and marketing strategist just for hair stylists, and this is the Thriving Stylist Podcast.
Britt Seva: What is up and welcome back to the Thriving Stylist Podcast. I’m your host, Britt Seva, and today, we’re going to talk about something that makes everyone a little bit uncomfortable: retirement planning 101.
This is something I’ve coached in Thrivers Society I think forever. I think that I’ve coached this since day one of the program launching because it’s something I’m very passionate about. I know it’s a really uncomfortable topic because for me too, I don’t love the idea of getting to an age where I can’t work anymore. I really like working. I like being active. The thought of retirement in that season of life is complicated. For some of us, it’s like, “Oh my gosh, I don’t even want to think about that. Let me live. I have so many other things going on right now. I just want to enjoy the present.”
Listen, I want you to enjoy the present. However, the future coming is inevitable if we are so lucky. We should be so lucky to get to the place of retirement ’cause many people never do, so we need to plan for what that season of our life is going to look like or be at the mercy of the choices we make today.
The reason why I think this is important is that retirement is much, much, much easier if you start preparing for it when you’re younger. It is exponentially harder to make retirement happen with every single decade that passes. It doesn’t mean it’s impossible. It’s never impossible. Anything is always possible. But retirement relies on what’s called compound interest—we’re going to get into a little bit of that today—and compound interest requires time. That is the ingredient that makes it all come together.
If anybody listening to this as a baker, you know how you can’t make a really great, well-risen bread without yeast. It’s the same thing. You will really struggle to retire if you lose the gift of compound interest and compound interest only works with time. That’s why starting early, investing early, making good financial choices early costs you so much less in the long run then it will if you wait.
I really want to dig into this and I will say there’s going to be pieces of this that are a little bit geeky. I’m going to make it as light and easy to understand as possible. We are going to talk about why to worry about retirement, how to do it, different types of account life insurance, do you need to be contributing to your team members? We’re going to dig into it. What do you do with the money you have? Tell me about high-yield savings. I want to get into as much as I can. We’re going to go into some stats and figures. I have a lot of sources to reference today.
I hope this is one that at least gets your wheels turning and makes you start to think about what’s possible. I also want to say at the top of this episode, I’m not a financial planner, I’m not a CPA, I’m not certified to give financial advice at all. Everything I’ve pulled into this episode is sourced and it’s sourced from places like Yahoo Finance, NerdWallet, Fidelity. What I’ve done is pulled resources I have found. I really encourage you to do the same, to find a professional who can walk you through this.
When I look at my financial house, I have several people who help me. I have a CFO, it’s a fractional CFO, who does not do my bookkeeping, doesn’t do my taxes, and does not do my personal finance. My CFO simply runs the finances of the business I have. They’re fractional, meaning they do this for my business and many others. Then I have my bookkeeping team, then I have my CPA who does my quarterly taxes, helps me to best plan for taxes. That’s a CPA. So far I’ve got three people. The bookkeeper’s another person. If you use QuickBooks, that’s operating as your bookkeeper.
Then I have a personal finance advisor. I will say I did do my own investments for a time. Things got exponentially better when I brought in somebody to help. But that being said, if you’re like, “I’m at a place where I just want to do it myself,” I did it myself for a really long time and I got by.
The way I was able to do it myself for so long and do it successfully is I chose to be very well-educated on it. I read books on investing. I read books on retirement. I geeked out over the stuff nobody wants to geek out over and I was able to do it myself.
If you don’t want to geek out, please hire a professional. It makes just such a huge, huge difference.
Let me first get into an interesting fact about retirement. Yahoo Finance reports that most Americans are not saving enough for retirement. According to a 2023 survey, only 14% of Americans have a hundred thousand dollars or more saved in their retirement accounts. And yet to think about it, like that includes some retirees, right? 14% have a hundred grand. We’re going to come to find out that’s not even close to enough. We’re going to get into that in a minute.
78% of Americans have $50,000 or less saved for retirement.
Let’s dig into what we can do to prevent that. We’ll talk about Social Security, we’re going to talk about all of the things that come up when it comes to retirement.
So why does this matter so much? I can remember being a young, naive person and thinking \what do I have to worry about? Cost of living? Yes, but cost of living as a person in your seventies, eighties, nineties, hopefully hundreds—like we’re all going to be healthy centurions, right? So when you get to that age, living doesn’t mean like what it means today. It’s a really different way of life, right?
When you look at what it costs to live, when you reach an age where life does get a little more complicated, yes, you’re definitely thinking about cost of living, like putting the roof over your head, feeding yourself. Those are the things we worry about today. But then there’s additional things that enter the picture.
One of which for a lot of people is travel. I don’t know about you. I must have put something into the universe. I see a lot of TikToks about people who are older and they’re like, “Well, I’m 78 and I’m finally going to Scotland ’cause I’ve dreamed of this trip for my whole life and I’m finally doing it because I don’t want to go this lifetime without doing it.” It’s having the freedom financially to be able to do the things that maybe you didn’t do before, right?
For some of you, it’s travel. I also noted living life in full.
There’s somebody in my life who’s got a few grandkids and she always says it breaks her heart because she has a gift budget for her grandkids every year. It’s $50 a year and I think that’s very acceptable and understandable. But for her, she’s like, “Man, I just look at what I was able to do for my children, and now for my grandchildren, I have $50 a year to spend on the holidays, their birthdays, everything.” She’s like, “It just makes me sad because it’s not what I pictured for myself,” right? It’s things like that, like how do you want to be able to show up? That answer’s different for everybody, right?
Then we look at medical expenses and in-home support. If you’re somebody like me, I’m at the age where I’ve lost all of my grandparents. My children have lost all but one of their grandparents. We have seen how expensive cost of life gets in later years. It is not cheap and that money has to come from somewhere or subpar care is the only option.
With that, I actually saw a really interesting article that I want to read. This comes from Covenant Wealth Advisors and they created this great infographic that says “Nine Reasons Why Retirement Planning is Important.”
Number one: you don’t know what you don’t know, meaning life is unpredictable. We all know that at this point. Money makes the world go round. The more of it you have, the more you’re prepared for the unexpected.
Number two: generally people have better health due to less financial stress when they have a plan for retirement.
Number three: send less money to Uncle Sam. That’s because there’s a lot of really great tax benefits of savings for retirement.
Number four: big picture context helps you to make better career and financial decisions. Again, when you know you’re planning for something, it helps to have you make smart money choices the entire way through.
Number five: enjoy a happier marriage. We know that statistically 50% of marriages end in divorce and financial discomfort is one of the primary reasons for it.
Number six: forced early retirement won’t be so scary. I’ve known a lot of people who had to retire earlier than they thought they were going to. That is a very vulnerable position to be in. We are in a very physically demanding industry. I don’t know how many times I’ve said I think it’s adorable when stylists say, “I’m going to be doing hair in my eighties.” Your body might laugh at you when you say that. That literally might not be physically possible, so what is your plan B?
I don’t know about you, but when I go into—Target is one of the places I can think of, at least in my local area and I see people who are clearly past retirement age and they’re packing bags at Target. And I think to myself, “I can’t imagine that this was this person’s vision for retirement,” right? But they ended up in a position where they ran out of money and they have to do this.
Nobody should be in a position at the end where they have to do something. But more and more Americans with each passing year are ending up in that spot. I don’t want you to just think, “I’m going to own the salon forever. I’m going to do the hair forever and I’m going to be fine.” Odds are there will come a day where your body doesn’t want to do it.
Number seven (this one is a huge part of my why): You won’t worry about being a burden to your kids. I’m an adult whose parents have asked her for help for a long time and I don’t ever want to be in the position where I’m leaning on my children for my survival.
It’s a very uncomfortable dynamic and a lot of people get into that position. It is okay if you’re somebody who’s hearing this and you’re in that position. A lot of Americans are in that position, but for me, I don’t want to be in that position with my children.
Number eight: you can be a really cool grandparent. Again, I just share that story about somebody in my life who’s not able to be the kind of grandparent she wished she could be.
Number nine: continuing your legacy of charitable giving. That’s the cool thing too, and this is something my financial advisor said was it allows you to really give in a way that people who are on a tighter budget cannot. It’s not just about you, it’s so much bigger than you, and the impact that it has. So I just wanted to share that context. I thought it was such a great article.
Let’s talk for a second about Social Security before we get into retirement savings and putting your hard-earned money to work for you.
When we look at Social Security—let me just start at the beginning. There’s a lot of talk about Social Security is going to run out. I did a little bit of research on that and U.S. News reported that based on how benefits are looking today, benefits are expected to be payable in full on a timely basis until 2037 when the trust fund reserves are projected to become exhausted.
Now that being said, there’s a ton of supporting articles that say likely the government is going to step in and do something to help subsidize the program. Most articles I was seeing were saying that the likelihood of the amount of Social Security support decreasing is quite high. Meaning they’re not going to allow Social Security to fall altogether, but that it’s probably not sustainable because the workforce has changed so much, so you can’t rely on it. It’s like this X factor, this question mark. In 15 years, I might be able to come back and report on what’s happening. But a lot can happen between now and 15 years and you can’t bank on it.
We don’t know what it’s going to be, but I will talk about what the program looks like if you are retiring within the next 15 years.
You’re eligible if you’re 62 or older, but 67 is ideal. If you wait until you’re 67, you can claim the higher rate of benefit. If you retire at 62, you can still get benefits, but they are smaller, but then when you get to 67, they increase. No. You’re taking the benefit for a longer period of time. The amount you receive annually is decreased, so if you can wait until 67, that’s where you get the most benefit from it.
You’re eligible if you’ve worked and paid Social Security taxes for 10 years or more.
This was interesting. So you know how our industry does not like to claim cash? Here’s another example and another place where that will really catch up with you, and this is pulled from the Social Security Administration website. “Social Security benefits are comput—”I hope I’m saying that word right—”computed using average indexed monthly earnings. The average summarizes 35 years of your highest earnings. We apply a formula to this average to compute the primary insurance amount, the PIA, and the PIA is the basis for the benefits that are paid to an individual.”
If you are not claiming your cash, your Social Security payout will be much less. Some people live off Social Security for 30 or 40 years. I don’t know about you, I want whatever benefit is coming to me to be as high as it possibly can, and I want you to think about it that way.
Yes, you might save a little bit now ’cause you’re like, “I don’t want to pay taxes on that.” Taxes, depending on where you’re at and what your write-offs are—claiming all your cash tips may increase your taxes by a couple thousand bucks or something like that. Totally understandable. But if, at the end of life, it would increase your Social Security payout significantly, it might be worth it to pay the couple thousand now to get the bigger payoff in the end. Just a little food for thought on that. When you look at social benefits, most of those things are based on how much you claim in taxes. They don’t go back and say, “…but how much did you make in tips that you didn’t pay tax on?” They don’t care about that. Something to think about.
Now, Fidelity, when it comes to how much should we be saving, Fidelity, which is a big name, big face in the retirement game, says our guideline is that the average adult should aim to save at least 15% of your pre-tax income each year, which includes any employer match.
Let’s say your employer matches 3% of what you put into retirement. Well, then you personally would only have to contribute 12%, right? And then your employer would make up for that other three. It’s 15% total is what Fidelity is suggesting.
But here’s the caveat, that’s assuming you actively save for retirement starting at age 25 and you continue that rate of investment until retirement at age 67. What Fidelity is saying is if you start later or if you at any point take a break from the investing, the rate of investment is going to increase above and beyond that 15%. This is why starting early is important.
Here’s another calculation that I thought was helpful: We estimate that most people looking to retire around age 65 should aim for assets totaling between seven and 13 and a half times their pre-retirement gross income.
Here’s the math on that: if you currently make 90 grand a year, you’ll want $1.17 million invested in order to sustain retirement. If you’re married or if you’re living with somebody, if you’re in a domestic partnership, if you have any kind of combined income, you want that math to math for both of you. That’s not for one person. It’s whatever’s coming into your household that is sustaining your lifestyle. You want between seven and 13 and a half times. That seven is the bare minimum, meaning you could likely survive. It wouldn’t be pretty.
13 and a half is more like you could sustain a decent lifestyle. Something to keep in mind.
One more statistic for you and then we’re going to get into where do you put the money. I really like this calculation. This was the investors’ age-saving benchmarks. If you’re 30, you should have half of your annual salary saved today. So again, if you’re 30 years old and you make $90,000 a year and maybe you’re living just you solo, you would need to have $45,000 invested in retirement right now to be on track.
If you’re 35, you want one to one and a half times your salary saved. If you’re 35, you’d need at least $90,000 invested to be on track.
If you’re 40, that’s from 1.5 to 2.5. We’re closer to $180,000 invested by the time we’re 40, 45, two to four times the salary saved today. What’s four times that? $270,000 invested in retirement.
50, you’d want three to six times the salary saved.
If you’re 55, 4 and a half to eight times the salary saved.
60 is going to be 5.5 to 11 times the salary saved.
At this point, if you’re in your sixties, you want to be really close to that initial calculation of having almost 13.5 times your rate, right? Then if you’re 65, you want to have seven to 13.5 times your salary saved today.
I hope that that statistic is helpful and if you google this phrase “investors’ age-saving benchmarks,” this is from Fidelity, but there’s a ton of resources that use a calculator like this and it will say like if you’re aged 42, you should have about this much currently saved and invested.
It’s nice to just know, like it’s nice to have that target. So I found that to be very helpful.
One of the things I looked at—I’m not going to dig into this super deep—is like is real estate a good retirement investment? Like I said, I’m not going to get too far in the weeds on this. I’m not a financial advisor. I’m not a real estate investor so I’m not super versed on this, but I know it’s one of those things where people talk about diversifying your investments, right? We hear diversifying all the time.
I actually asked my financial planner about this and his response to me was like, “Well, okay, how much research have you done?”
I was like, “Zero. I’ve done no research.”
He was like, “Okay, great. So you’re interested in something you know nothing about.”
I was like, “Well, yeah, that’s why I’m asking you.”
He was like, “Fair,” and he said, “If you want to be a real estate investor, that better be something you’re passionate about. You better do copious amounts of research. You better want that to be almost like a part-time job for you.”
For some people, they like it. It’s like a game, like business. I was like, “I don’t know if I want to do all that.”
He was like, “Fair.” He said, “I’m going to give you the same advice that I give somebody who’s investing in the stock market. Do it from a knowledgeable standpoint. You don’t go into anything based on a TikTok you saw.” No matter what viral meme you saw that says like all the money’s in blah blah blah right now, he was like, “Everyone’s going to try and spin you whatever all the time. Do your research, get educated and then make a choice.”
I really appreciated that advice.
Anyway, he was like, “Let’s skip in becoming a real estate mogul for now and let’s see how interested you actually get in it because there’s plenty of ways to make a great return.”
That’s the point of me saying that if you want it to be real estate, have it be, but do your research on that. U.S. News said when people are looking at comparison between traditional retirement savings and real estate, the truth is that both tactics have their merits and drawbacks. Stocks, for example, offer greater liquidity and higher profit margins over a shorter time horizon. Purchasing real estate may be more suitable if you want consistent returns and tax advantages.
Again, it’s not so simple as what’s going to make me the most money? That’s the standpoint my advisor was coming from is like what are your goals? What is it we’re trying to achieve here? I really like that clarification.
Let’s look at how you’re going to make this money possible ’cause here’s what you don’t do. You don’t just try to take 15% of the money you make and put it in a savings account that will never amount to millions of dollars.
Well, depending how much money you’re making, maybe it will, but it’s not the easiest way and it’s not the way you’re going to maximize your rate of return.
Let’s first talk about high-yield savings, which I think is a very good entry point. Especially now, there’s some really fantastic high-yield savings options, like some very high-interest savings accounts that give like a three, four, 5% rate of return. That’s pretty phenomenal.
When you look at a high-yield savings, you basically put a chunk of cash in there and there is a guaranteed interest rate of return versus in the stock market, right? You can make a ton of cash or you can lose money. With a high-yield savings, you’re guaranteed to gain. However, the gain is not what it could be going somewhere else.
High-yield savings is a nice, safe place to start if you’re not ready to get into something else. Generally speaking, that’s not going to be the end all be all, but it’s something to look into.
When you look at the cons of high-yield savings, it’s smaller returns versus most other investments restrictions on withdrawals. So even though it’s a savings, you can’t just be taking money off at any time you want to. You got to put it there and leave it there.
Every bank that you invest with high-yield savings-wise has their own terms, but generally speaking, it’s not like come and get it whenever you want it. That’s not usually the terms. Then there are always going to be maintenance fees that apply.
You have to look at how that offsets, like okay, you’re making an interest but there is a fee versus other investments where there’s no fees.
Again, yes, it’s an easy entry point in a lot of ways. It feels really cozy, which is nice. It’s a good first step into the world of investing, but there’s pros and cons like there is to everything else.
Let’s really quickly dabble into life insurances and then we’re going to get into all the different types of retirement savings and what those can look like.
I actually leaned into Policygenius when I looked up life insurances. Again, this is something I’m not super well-versed on but people ask about it a lot, so I wanted to hit it.
There are three main types of life insurance. There’s first term. Term life insurance is the most affordable and it is the most widely used. Most everybody chooses to start here. It’s relatively inexpensive, it works for a set number of years, and then it expires. Hence the name “term,” right? You pay premiums every single month. The insurance company sets that amount and then when in a few paths they call it the death benefit, your designated beneficiaries get their portion of whatever the policy looks like. The main pro is the affordability, the con is the length.
If the term expires, the insurance is done. But what’s interesting—I’ve read a lot of articles about term. You may have higher term life insurance while you still have a mortgage to pay or kids to put through college versus when you get to a place in life where hopefully your home is paid off. What your family would need in time of your passing to make sure that they could settle your estate and still carry on it shifts and changes, right?
Term is meant to increase and decrease in investment as your life changes. That’s why it’s an option to be term.
Then there’s whole life insurance. This is the one that people get most curious about because it can be an investment, like tax-deferred savings. It does earn interest at a fixed rate set by whoever your insurance carrier is. The problem is it’s expensive and it’s complicated, so that’s the cost.
When you look at who is it best for, the description is high net worth individuals. So while it has the benefit of you don’t have to pass to make a claim, it does have some perks where you can take loans out against it and things like that. It is not simple, it is expensive. There’s a lot of fees and it is complicated.
When you look at the description of how does this work, whole life insurance has a guaranteed death benefit and cash value that earns interest over time. A portion of your premium goes towards the cost of maintaining the insurance, which makes sense just like term, but the difference is that the rest goes towards the cash value of the account. Once you’ve accumulated enough cash value, you can borrow or withdraw the money from it. Almost think of it as a hybrid high-yield savings and insurance account. Not all the way through, but in the simplest of terms that kind of makes sense.
Then there’s universal life, which is like a hybrid again. This is the one where they say you need to have a pretty significant income to have this make sense for you. It has that combination of you’re paying towards a death benefit but also paying into a high-yield savings type of an account. There’s more flexibility, like with the term where you can shift the insurance up or shift it back down based on what’s going on in your life. However, there is some investment risk.
When you’re looking at something like a high-yield savings, there’s essentially a guaranteed rate of return. Not with this. It’s riskier. You can make money, you can lose money. Again, I am not super researched on life insurances. I would strongly suggest talking to an insurance professional or a financial advisor to learn more. But for those who are curious, I encourage you to get curiouser and curiouser because I personally have been approached by insurance brokers who have tried to sell me something and then I looked into it and I was like, “Oh bloop, that’s not an investment at all.”
You need to be sure that you’re getting good advice from who you trust, so that it actually makes sense for you.
When we look at retirement, generally speaking we look at things like IRAs or people say, “I have a 401K or a 403B,” so I want to talk about the primary types. Now there are other types beyond the ones I’m going to get into, but these are the ones most commonly used in our industry. So we have Roths, traditionals, 401Ks, and simples, oh and SEPs. How could we forget the step? There’s pros and cons to each. Each has maximums and different things to keep in mind.
I want to try and keep this simple. This is already a long podcast.
When you look at a Roth, the biggest benefit and the thing that makes a Roth different and special is that a Roth IRA offers tax-free growth and tax-free withdrawals in retirement.
You pay the tax now, not later. So when you fund a Roth, you’re funding it with post tax money. Basically like net earnings are what fund the Roth. There’s a limit of a $6,500 per year contribution currently in 2023. It changes all the time, but currently it’s $6,500 a year. It’s post-tax. When you go to withdraw off it when terms are applicable. At the time of retirement, you can take that money tax free.
Now, if you withdraw off any of these retirement accounts early, there is a massive tax implication. When you are contributing to any kind of IRA account, like the ones I’m about to go over or like a Roth, that is not in any way a savings account that you should be withdrawing against unless the terms of that account allow you to do so without a major financial impact, which some do. Read the fine print, know what you’re buying into, sometimes that’s possible.
Then there is a traditional IRA. This is a pre-tax contribution. Roth was post, this is pre, Again, a $6,500 a year maximum contribution, so you cannot contribute more than that. However, it is tax-free, so it reduces your tax implication, which is nice.
Remember, I’m saying that these have $6,500 a limit maximums. For a lot of you, if that represents less than 15% of your income, that will not be enough. You might do a Roth and a traditional and maybe something else. A lot of people have multiple accounts, so don’t feel like you only have to pick one.
Then let’s talk about the 401K and the simple IRA.
The difference between a traditional IRA and a 401K or a simple is you can set up a traditional IRA anytime, okay? A 401K or a simple has to be associated with a business.
There is a pretty significant difference between the 401K and the simple. The 401K does not require employer contributions. So if you’re a salon owner, potentially you could open up a 401K offering to your team, like as an administrator without having to do matched contributions. If you do a simple IRA, you must contribute to those employee retirement accounts.
Both would be administered through companies, both have different annual limits and maximums. The difference being the simple is much easier to put together, hence the name simple. However, as an employer, you must contribute to your employees’ accounts.
One of the things a lot of people do is they decide that once they have put themselves on payroll—we have a lot of stylists listening to this who are self-employed, but they’ve put themselves on payroll, right? They’ve established themselves as an LLC filing as an S-corp or something like that. They’ve put themselves on payroll and now they want to contribute to a retirement account. You can do that. However, you have to be very mindful about the type of account you set up and how those contributions are being made because as soon as you go to hire one employee, whether it’s an assistant or a stylist or whatever, there may be retirement complexities with that.
Here’s something that you should really, really know about SEP IRAs. I am going to read you a quote. “Generally, SEP IRAs are best for self-employed people or small business owners with few or no employees.”
Here’s why: If you have employees whom the IRS considers eligible participants in your plan, you must contribute on their behalf and those contributions must be an equal percentage of compensation to your own.
So if you are contributing 15% towards your SEP, you must also contribute 15% of that employee’s compensation to their plan. Often, that is not ideal. If you currently have a SEP—a Self-Employed IRA, the cool thing about SEP is they have pretty high maximum. You can be socking away a lot of money in a SEP. The cap at this point is over 15%. If you are working on your own, you can do like a SEP and maybe a Roth and really be hitting all of your retirement objectives. As soon as you hire your first employee though, things get really complicated.
When we look at all these different IRA options and it’s like whoa, there’s the SEP, there’s the simple, there’s the 401K, there’s the traditional, the Roth. It’s because there’s nuances to each and every one of them. I gave you the most 10,000 foot view without getting into the details on all of those things and there are more. We didn’t talk 403Bs. There’s more options out there.
My point in sharing all of that and possibly even making it sound complicated is to let you know it is very complicated. What I wouldn’t want you to do is say something like, “I’m self-employed. I should probably do the Self-Employed IRA.” Be careful because you don’t know what the implications of that will be. Some of the verbiage is very misleading. Working with somebody who can tell you, “Honestly for you, I wouldn’t go SEP. I would maybe go traditional and Roth for now or maybe you do simple and we look at administering something like that.”
If you do a simple IRA, like I said, the employer must contribute. For me, we have a simple IRA set up at my business. I contribute to myself, I contribute to my team as well. That’s how it is set up. I wanted to do it that way. That makes me feel good. But you have to be abiding by the rules. That’s why there are so many different types of accounts.
Now lastly, no matter where you decide to put your money to prepare for retirement, you must invest it somehow. Remember, at the beginning we talked about compound interest? If your interest is not compounding, it will be very difficult to meet your financial goals. You must be allowing that interest to accrue somewhere.
If you’re putting money, let’s say into a 401K, you must then on the backend do something with it. It can’t just sit in the 401K and make money. You got to put it in the market, you got to put it in stocks, you got to put it in mutual funds. That’s where working with a financial advisor really helps is they can tell you where to navigate your money to a place where it potentially grows.
Whoa, this was a long one. We probably could get into more. I started talking super fast. This was jam-packed.
I hope that in this episode you’ve just gotten a curiosity about retirement. I planted a seed in you that makes you think like, “I need to figure this thing the heck out and make sure that I am on track to, at the end of my working years, be in a place and space that I feel proud, confident and comfortable.”
Y’all, so much love, happy business building, and I’ll see you on the next one.
