Simple_5ive on Nostr: I learnt my lesson in a hard way. I wish you don't fall into this trap. 401k or ...

I learnt my lesson in a hard way. I wish you don't fall into this trap.

401k or Mutual Fund is a PRODUCT, not an investment.

Why would you put your hard earn money into 401k and see it gets "LOCKED" up until you turn 65?

If you want to use that money before retirement age, they will hammer you with the penalty of early withdrawal and you have to pay heavy tax on that.

It is your money, why can't you access to your money freely?

While you have to PAY for management fee on top of fee to manage your portfolio.

They profit 60% of the gain and give you only 40% of it if you are lucky in the good market.

If it wins, they take the profit
If it loses, YOU take the loss and they still win because they collect fees from you.

This is why I am #Bitcoin