Chris Kline

The liability was off their backs.

And if the market tanked,

that oh well sorry you lost your 401k they they would have to pay out and take losses if the market tanked and the shares tanked on a pension so i i call that a great robbery because nobody told the average joe about it all of a sudden it was just like a new name but it was a totally different structure so what you're basically saying is with the pension system uh let's say that you have company abc they make profits they are paying their employees

And the average Joe didn't know.

In the late 1980s, early 90s, a couple of airlines went bankrupt.

And where they lost the most was the regular employee was like, hey, I'm getting stock of United or I'm getting stock of American.

and not thinking about changing their strategy because they had the pension mentality.

And then when that stock plummeted, they were left with nothing.

Not only nothing, they lost their jobs because the bank company had to shrink down and lay off, but then also those shares were worth nothing and they were stuck with them because they never knew they could make individual sovereign decisions.

It wasn't really educated.

And even today, I think most people

will go into a 401k and they'll say okay i put my 300 the company matched five percent i do that every single month i'm maxing out my my 401k that's that's the one thing they told me to do uh as far as whoever is giving me advice but it's so limited you're looking at a generic abcd funds nothing's really keeping up with the rate of inflation what will it do in the deflationary measures we're coming through there's no diversification so you're kind of just left with this very boring bag of goods that may or may not grow and you're definitely not going to become warren buffett with that strategy

Yeah, that's key number one.

Now, once you get to the next layer,

uh financial times just came out that the highest number of individuals with side gig second jobs or w-2 income in the history of our our country is happening right now but when you shift over from just being a w-2 employee to k-1 income 1099 income the rules have changed for you and there's so many more opportunities in terms of tax code that most people don't realize they're still stuck in the pension 401k max contribution mentality

You are now eligible for SEP IRAs, solo Ks.

These are tools that the wealthy are using and even not the super wealthy.

Somebody that started a business opens up a SEP IRA because you can contribute 10 times more.

So right now, if you did a Roth IRA, you could contribute, you and I could do 7,500.

People a little older than us could do 8,000.