How to Grow Your Net Worth

In this episode, Jeff discusses:

• Investing in the 401(k)
• Taking money out of your 401(k) should be your last resort
• Making a few changes in your lifestyle

Key Takeaways:

• Employer-sponsored retirement savings plans, such as the 401(k), offer significant tax benefits as well as help you plan for your retirement.
• When you invest in a retirement plan, you are supposed to let the money grow until you reach retirement age; so if you withdraw the money from it, you will not only be paying taxes, but you will also be paying a 10% penalty if you're under 59 and a half.
• A little change to your lifestyle can yield a $1,000 investment, and keeping a record of everything you spend on a daily, weekly, and monthly basis would amaze you as to how much money you could have.

“With the small sacrifices and a good retirement plan, you will be enjoying the good life and they will still be working after age 65." —  Jeff Hockett

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