Liquidating my 401k
After about 2 yrs sweating got it back without interest. I decided I may not be a pro, but I won’t steal my own money 9) Investing (before I learned about personal finance) through a professional who gave “free” advice steering me to load mutual funds and life insurance with high fees 10) Listening to an attending during med school for stock pick advice 11) Paying a lawyer to do my tax returns for 10 years . Stay away from those RIPOFF variable annuities; get a tax-deferred or even taxable account like everyone else 13) Relying on money managers for too great a percentage of my net worth…It’s best to learn enough to oversee a lot of your assets on your own 14) Bought front loaded mutual funds 15) Getting ripped off to the tune of 11 k for a real estate closing by my lawyer who charged by the hour.
For example, I’ve made the mistake of using a commissioned financial advisor who sold me crappy, expensive, loaded mutual funds; I’ve bought whole life insurance (still hadn’t broken even after 7 years), and I’ve incurred unnecessary taxes in a taxable account due to not fully understanding the kiddie tax laws.Most employers match employee 401(k) contributions up to a certain percentage.This increases the value of your 401(k) retirement plan exponentially.As a general rule, people don’t go into these fields for the same reason firemen and kindergarten teachers choose their jobs.There is no Hippocratic Oath among financial professionals.