Also in this playlist...
This transcript is automatically generated
Okay for one pays a -- my next guest launching an all out assault on the popular investment tool over 64 million Americans are using right now joining me now is -- citizens.
-- -- and aren't author of the best selling book killing sacred cows now.
Some may slow one -- seem like a kind of a no brainer the company matches a portion of your proceeds it's free easy money.
It's locked away it's come my analysts say things now you're saying it's -- to the end when he.
Now because people are responsible led to set money aside they haven't they don't know what investments are and how it's performing for them.
What they're exit strategy is -- -- think it's instrument that's sitting in real or tax bracket when that mean the plan wasn't successful -- or tax -- the future.
What do you make just the company that's feature let's say you don't even now how your money's invested but that.
Oftentimes 50% matches this for easy money to me I mean even the most basic map petition to look at that and say.
-- Well there's a match Smith because you have to ask when you vested.
When can you actually get the money -- -- few people don't have an exit strategy your way to spend it that's going to be left behind to -- a generation would you have them do there.
Well first of all they need to increase their financial literacy.
Make sure they have at least six months of emergency savings.
Improve their credit score so wake up more cash flow but most importantly invest where they have some expertise.
And some influence and some knowledge and if that's a business that might you have business and.
I don't take exceptional and edit your fine points in a very good at what you do welcome but my concern here it is you're sending a bad message so a lot of folks that the young folks.
Who start at a company don't know a thing or two about savings.
But there at a company is saying look.
Take a portion of what to learn we're going to match of course and what you learned you're very young who despite the vagaries of the market over time given just you're youths.
The return will appreciate measurably and you'll be much further ahead.
Had you done nothing at all.
Well I do think it's wise counsel to start investing.
But I think too many people are gambling because they don't know what's going on with it and if they don't know how to get to the money in the future.
What was good you know -- -- -- -- -- in the first I understand but a lot of them aren't gambling it's a sort of like mindless thing now on the a lot of companies that -- start these automatic deductions and and you've got someone young kid is not really good at that are pre disposed to say it.
And now automatically a certain amount of money is being taken out of his or her paycheck every week or two weeks whatever it is.
That's better than nothing.
It might be I'm not saying that you never do for long take is always depends on the situation.
But if there's other opportunities or you don't have certain basic things covered like -- protection component your insurance or your savings plan as far as emergency savings now you got your money walked away how do you get -- money you know what about if you have really high interest rates and I don't.
Don't need -- already -- that sometimes we make access to are saving so easy and so transparent.
That it's almost too tempting and one of the nice things about -- one cases you have to go through a few -- to -- to take a loan against that money or to get that money out.
And then that's the way it should be it should be a little onerous for you get your hands on on on valued savings.
Right if there are people that just aren't able to be responsible.
I mean that is definitely.
They have now that's a lot of people right that's cited an indictment that.
This is a vehicle that helps both the savvy in the non -- -- But -- -- in seeing how without responsibility we find ourselves is Americans in this situation politically where people are trying to make our choices for a throw them.
Be responsible for our own prosperity and our own life and our own happiness I think that's the problem we turn our minds off.
And just hope that it's going to work out keep our fingers.
-- -- do that it's subtle bars parents it's gone zero for the -- thank you very much and I just didn't respect I don't agree to do but I do respect you Derek Anderson thank you Burma are.
Filter by section