Why Your Retirement Accounts Don't Matter Nearly As Much As You Think
Play • 39 min

People love retirement accounts.

If I had a dollar for every time someone got excited about contributing to their backdoor Roth IRA, I would probably be a millionaire.

While it’s great energy to have, it’s not that important to your long-term financial future. In this episode, I share my thoughts on why your retirement accounts don’t matter nearly as much as you think.

In today’s episode, you'll find out:

  • Reader question: Are student loan repayment grants worth it?
  • Reader question: Two key differences in employer student loan programs
  • Reader question: Can you prepay or make lump sum payments for PSLF?
  • Why backdoor Roth IRAs aren’t as great as you think
  • My shocking confession about backdoor Roth IRAs
  • When retirement accounts actually DO matter
  • Why age 50 is a key milestone in your retirement plans
  • Why retirement accounts can’t help you if you want (or need) to retire early
  • How to use a brokerage account as a financial safety net
  • What to do if you want to be financially independent
  • How low-income individuals can reach early retirement
  • Why you shouldn’t optimize every financial decision

 

Full show notes at: http://studentloanplanner.com/102

 

Links mentioned:

StudentAid.gov PSLF guidelines Physician on Fire guide to backdoor Roth IRAs

 

Like the show? There are several ways you can help!

 

Feeling helpless when it comes to your student loans?

The David Bach Show
The David Bach Show
David Bach
026: How & Why You Must Protect Yourself and Your Family
What do you need to do financially to protect yourself and your family? If you’ve followed me for any length of time, you’ve heard me talk about my 3-basket approach to financial planning. Basically, Grandma always said not to put all your eggs in one basket. Well, she was right. And this same principle applies to your finances too! Today specifically, I want to go over The Security Basket — which is all about protecting you and your family against the unexpected (such as a medical emergency, the death of a loved one, or the loss of a job.) In this episode, you’re going to be reminded why the security basket is so critical. I’m going to help you commit to getting financially organized and teach you the 4 things you must do to protect you and your family. Are you ready to make this the year that you finally fix your finances? Then don’t miss this episode! In this session, here’s what we cover: * The single most important piece of advice for making financial progress. * The importance of knowing your net worth. * What happens if you die without a will? HINT: BAD IDEA! * Why life insurance is critically important - and the fastest/cheapest policy you can buy to protect your family! * Setting up a security account to survive emergencies - and why you should have enough savings to cover at least 6 months of expenses. * The 100-day financial challenge that will push you to set up a security account that will be there when you need it most. * The reason I’m retiring soon, and how we can spend more time together this year. Your Invite to GrowthDay Coaching David Bach now offers his monthly coaching on GrowthDay, where you get David and a dozen other world-class personal growth teachers LIVE every month, all year long. CLICK HERE to get LIVE coaching from David and other experts for less than $1/day! Interview Resources * GrowthDay Coaching with David Bach * The Best Life Insurance Companies * Smart Women Finish Rich * Smart Couples Finish Rich * The 3 Minute Sunday Newsletter * The Latte Factor: Why You Don’t Have to Be Rich to Live Rich * 11 Ways to Improve Finances * The Best Life Insurance Companies * Personal Capital * Clarity Money App * Mint.com Get Access to More Great Content! To get access to the best financial tools, resources, and advice to help you LIVE RICH NOW, visit www.FinishRich.com Connect with David Bach * Instagram * Facebook * Twitter * YouTube
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