(#105) Hostage to your Job? I Created My Own 401K!

Does leaving your job directly equate to unsecured retirement? As that may be the ultimate reason why mental health professionals shake the idea of leaving their employers, Doctor TK gives out some mindset blocks that helped her breakthrough being held hostage at her job. Through these profound methods, you’ll no longer depend on your company’s defined-contribution pension account. Instead, you’ll have more control of your cash flow, afford your own health benefits, and most of all, be able to retire later.

It’s time to invest on your own 401k plan. Ready to learn and take fast action? Hit the play button now and connect with a Financial Psychologist by heading over to this website: https://www.workwithdrrosche.live/optin1593934954434 

 

Podcast Goals:  
  • Be informed of ways on how to secure for retirement without depending on the traditional 401(k) plan

 

Episode Timeline:
  • Doctor TK talks about her previous stream of income as a Licensed Life Insurance Agent (00:53)
  • What keeps mental health professionals from leaving their job?: The main common denominator (01:39)
  • Tip #1: Know your Numbers (03:09)
  • What’s the significance of knowing the difference between your gross and net income? (03:27)
  • Determining the number of hours you had to work to get that net income (04:54)
  • Importance of knowing your contribution (05:59)
  • Matching only the amount from that of employer’s (09:12)
  • Tip #2: Do additional research to look at your other options (09:53)
  • The Life Insurance policy option (11:04) 
  • Being informed whether your money is put directly in the stock market or not (11:13)
  • Setting up an Autodraft for your new 401K (12:39)
  • There’s a win-win situation when comparing policy to a 401k (13:07)
  • Tip #3: Stop leaving your 401k around like something of low value at your ex's house (14:22)
  • Doctor TK shares how she took both social security and retirement fund accounts with her after transitioning out from the county job (15:10) 
  • What’s the best option to be informed of ways to rollover your contribution? (16:45)
  • Episode recap (17:31)
 Standout Quotes from Doctor TK:
  • “A lot of us with jobs with the W2 paycheck tend to get so used to just checking our bank balance and maybe the direct deposit amount that we forget to look at how much money this job actually paid me overall before taxes were taken out. And the reason why that's very important is at least you know how they VALUE your work.” (03:29)
  • “You want to look at your net income because then you’ll be able to look at how much additional money do I need to bring into my business in order to fund my own 401k.” (04:39)
  • “You want to know about the contribution that you're actually giving and giving because you may be looking at it as ‘Well, they match me’. Well guess what? If you make enough money, you can match yourself!” (08:59)
 Resources Mentioned:

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