Episode 35: Financial Myth Series: The 401k "Millionaire"

Welcome to episode 35 of Wealth Warehouse!

Most people accept that you need to get a 401k when it comes to planning for retirement. It’s what your co-workers do, maybe even some friends and family have one. And most importantly, it’s in line with what your financial advisor suggested. But is it the best place for your money?

It should be no secret at this point that Dave and Paul often diverge from mainstream thought - and today’s topic is no different. In a brand new series on “financial myths”, the guys are beginning with the concept of the “401k millionaire”. 

Episode Outline:

(1:15) - Episode beginning, listener question “Can you talk about policy loans, how do they work, is the interest rate from the insurance company fixed, how do you determine a payment plan and can you take out more than one loan at a time?”

(2:05) - “How do policy loans work?”, two schools of thought for loan repayment

(4:16) - “Is the interest rate from the insurance company fixed?”

(7:12) - “The 401k Millionaire”, are you actually a millionaire?

(9:58) - What is net worth? Net worth vs. having a monthly income

(15:14) - What does a million dollars in your 401k mean for your retirement? Some drawbacks people don’t consider.

(23:22) - What do other people’s 401ks look like? Common ways that this advice is pushed and circulated

(26:26) - IBC as an alternative to a 401k

ABOUT YOUR HOSTS:

David Befort and Paul Fugere are the hosts of the Wealth Warehouse Podcast. David is the Founder/CEO of Max Performance Financial. He founded the company with the mission of educating people on the truths about money.

David's mission is to show you how you can control your own money, earn guarantees, grow it tax-free, and maintain penalty-free access to it to leverage for opportunities that will provide passive income for the rest of your life.

Paul, on the other hand, is an Active Duty U.S. Army officer who graduated from Norwich University in 2002 with a B.A. in History and again in 2012 with a MA in Diplomacy and International Terrorism. Paul met his wife Tammy at Norwich.

As a family, they enjoy boating, traveling, sports, hunting, automobiles, and are self-proclaimed food people.

Catch up with David and Paul, visit the links below!

Website: 

https://infinitebanking.org/agents/Fugere494

https://infinitebanking.org/agents/Befort399

LinkedIn:

https://www.linkedin.com/in/david-a-befort-jr-09663972/

https://www.linkedin.com/in/paul-fugere-762021b0/

Email:

[email protected]