Arguably the most important decision you make when you participate in a 401k plan is how to invest the money you're contributing to your account. The type of investment portfolio you choose determines the rate at which your account has the potential to grow, therefore determining the income that'll be available when the time comes to withdraw at retirement age. In this episode of The Agent of Wealth Podcast – the second in a three-part series on 401ks – host Marc Bautis shares some of the biggest mistakes people make at this point in their journey to saving for retirement.
In this episode, you will learn:
Listen to the first part, Mistakes to Avoid When Contributing to Your 401k.
Resources:
Part 1: Mistakes to Avoid When Contributing to Your 401k | Schedule an Introductory Call | Bautis Financial: 7 N Mountain Ave Montclair, New Jersey 07042 (862) 205-5000
Timestamps:
0:32 - Introduction | Why Investing in a 401k is Important
1:12 - Mistake #1: Contributing to a 401k, But Not Investing the Balance
3:13 - Mistake #2: Allocating 401k Assets Based On Previous Fund Performance
4:52 - Mistake #3: Failing to Take Fees Into Account
5:28 - Mistake #4: Investing in Too Many Funds
6:33 - Mistake #5: Only Considering a Target-Date Fund
9:58 - Mistake #6: Investing Too Conservatively, or Too Aggressively
11:40 - Mistake #7: Buying the S&P 500 Index In Your 401k
