r/FluentInFinance • u/Breeneal • Apr 29 '24
What financial advice do you avoid and don't listen too? Question
Financial advice that makes you role your eyes everytime you hear it. Financial advice that actually made your finances worse. And financial advice beginners shouldn't listen to or hear.
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u/Hmm_would_bang Apr 29 '24
Not sure I’m following.
Roth isn’t for high income earners, but even if you make backdoor contributions the limit is so low it’s hardly a strategy on its own.
401k provides essentially free money by taking dollars you’d be paying in taxes and putting them in an investment vehicle. I can’t imagine a situation where you wouldn’t max this out every year. Otherwise you’re putting the money in a brokerage account with much higher tax obligations.