The discussion centers on the viability of 401k plans versus alternative income sources. Participants argue that while 401k plans have both strengths and weaknesses, the criticisms presented in the referenced article are unfounded. Key points include the importance of diversifying income streams, with successful individuals often having at least seven sources of income. Additionally, investing in personal development through courses in skills like photography and WordPress development is emphasized as a strategic move for financial success.
PREREQUISITESThis discussion is beneficial for financial planners, individuals seeking to optimize their retirement strategies, and anyone interested in developing multiple income sources for greater financial security.
The average multi-millionaire, according to tax data, has at least 7 different sources of income.
You can keep your job. But think about how to make money on side jobs. It doesn't have to be tomorrow. Just think about it and start coming up with ideas.
Or take a job where you (sic) financial success is more in tune with the financial success of the company.
With industry being outsourced and knowledge being outsourced, the best investment is in yourself.
This might mean take courses that you can later monetize (photography, wordpress development, copywriting, freelance writing, etc).
Or it might mean studying investments. The best investors are usually the top hedge fund managers. Study their investments. Copy what they do (but don't invest in them. Ugh!).