this episode features
About this episode
Key Takeways
- The 401k is a massive liability for any business owner.
- As the business owner, you are in charge of setting up the account for the sole benefit for your employee.
- The providers of 401k are broken. There are too many so you need to choose the right one for your team.
- There are many funds within a 401k plan. You need to know what and why it is being offered and what fees are being charged.
- The best scenario is a level playing field where there are no middlemen and you get access to all funds regardless of how big your plan is.
- You can hire a fiduciary to handle your 401k liability for your employees.
- Investigate the fees being charged to your 401k plan. Most can be cut off.
- Dentists are easy prey for 401k brokers because of several factors: high income, recession proof, want to look out for their teams, etc.
- Brokers don’t earn from startup 401k plans so they give a different kind of plan that will earn them a lot. You can save on these fees by going to a fiduciary company.
- The earlier you start your 401k plan, the better – you’ll save more for less equity / contributions.
- Auto-escalate your contributions to your 401k fund.
Key References
Mentioned:
www.freetonybook.com – Unshakeable by Tony Robbins
