401K Explained Simply for Beginners

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[DansBackcountry]

These are the kinds of videos that we all can benefit from.

[VictoriaAbercrombie-dj]

It is advised that you contribute at least 15% of your income to a 401(k). You can use online calculators to determine how much you should contribute based on your age and income. By contributing at least 15% of your income to a 401(k), you can take advantage of compound interest and potentially increase your retirement savings over time.

[fuyu]

Awesome 401K 101 tutorial! It was basical, interesting n informative vid! Kudos for upload. Will be watching ur more in-depth vid on 401K. Looking forward to ur next one. Peace

[oopsminjung]

Brian is my finace daddy that I never had, thank you for your education, school should teach this kinda stuff

[OliverTilney]

I started my 401K in my mind to late 30s, I think I was either 36 or 37. Honestly during that time of my life I didn’t have reliable income, was laid off from at least 2 jobs and wasn’t making much money. So I didn’t contribute much. I’m now in my late 50s and fortunately in the last 10 years I’ve had steady employment with promotions. I got more aggressive in my contributions taking advantage of the up to 6% match my company offers and now have over $100k.

[jamesfoster]

Who else already knew all this and just watches every video

[Theresaa]

I’m 53yrs never had a 401k, wondering if there is any point setting up one at this point.

[zDufferman]

Good timing. I was about to do a presentation to my coworkers on our 401k program at work. Good info

[Serbslayer]

I knew all of this but here to support the channel ❤

[dasfahrer]

Clarification on employer matching. A 100% match is only often up to a certain percentage, usually ~5% of your salary.

[shortiejayyy]

This came at a great time! I have been thinking about mine. I feel really stupid for not starting a retirement at my first job at 18 so now I've got more ground to cover. Thank you for the video!

[Mexican_Mike]

When Brian said he had an "amigo" I subscribed immediately!!! Aside from that Brian is the GOAT!!!

[berenisse]

High school should teach this. They teach nothing there.

[Vfnumbers]

Consider the benefits of contributing a lot and early in your 20s and 30s if possible. Compounding+rate of return with a large 401k balance makes growing it easier.

[sonnyvtsax]

I kind of knew all this stuff but you organized it and summarized it very nicely. I like you doing both orally and visually too, it's wonderful teaching, learned so much from you. Thank You!

[jimv]

I started my first full time job in summer 2000. Been doing the annual max each year since then when my salary allowed.

The amount it grew is amazing. 20% of my current account value is from Employer match alone.

For me at the ~15 year mark is when it REALLY took off like a rocket from compound growth!

The value literally doubled from the 2019 to 2023.

I quit working there in 2019 and the growth is more than my yearly earned income.

It's beautiful kids to not have to worry about it for your future self!

I'm also only 47 years old, not an old fart (yet!).

[Steveknowles]

Great video, Another factor to add is Do they spend a lot of time planning their financial future? The majority of people do not engage in planing for their future

[davidedwards]

I remember finding your channel during the pandemic. Thank you for your calm demeanor and information then and now. Outstanding.

[MAINTENANCEPRIORITY]

shout out to you brother, you have been consistent as heck ..thank you been watching for years

[llclo]

WOW this is so useful and clear. You're the best.