The Power of Zero channel was created with the express purpose of helping 1,000,000 Americans get on the road to the 0% tax bracket in retirement within the next 10 years.
David McKnight has made frequent appearances in Forbes, USA Today, New York Times, Fox Business, CBS Radio, Bloomberg Radio, Huffington Post, Reuters, CNBC, Yahoo Finance, Nasdaq.com, Investor’s Business Daily, Kiplinger’s, and MarketWatch. His bestselling book The Power of Zero has sold over 350,000 copies and the updated and revised version was published by Penguin Random House. When it was launched in September of 2018, it finished the week as the #2 most-sold business book in the world. For two consecutive years Forbes Magazine has ranked The Power of Zero as a top 10 financial resource in the country. This book was recently made into a full-length documentary film entitled The Power of Zero: The Tax Train Is Coming. David and his wife Felice have seven children.
Grant owed the bank $52 million and still had $1 million on hand. If he doesn't want people to have an emergency fund then why did he have a million dollars on hand?
I noticed alot of these wealthy gurus similar to grant tells their audience saving money is a waste of money. Thats not good advice for the average person. Always have emergency savings. But anything after 6 to 12 months you should be investing it
We gotta strap in for a bumpy ride. Don’t cut taxes, cut spending. And I mean government and personal. We have way to much debt to continue like business as usual
Dave’s retirement makes no sense. He’s very close minded. 8% is way to risky, because the market doesn’t have a set return of 12%, that’s an average. You need less to account for low years or worse yet a run of low years. Georges advice seems prudent regarding someone trying to make retirement last 50+ years, ie trying to touch little to none of the principe only the returns.
9:02 it's taxed starting at your marginal rate but 250k is a lot. If you are stating at the 22% bracket, once that fills up you will pay 24%. It might end there for married filing jointly but for a single filer you can end up in the 32/35% brackets. Trad 401k's are great for tax arbitrage in retirement (For example, I avoid 24% when working to fill from the bottom up in retirement {0, then 10, then 12 etc}), not for lump sum withdrawals.
Opinion vs Data....Dave is incorrect. Nothing personal. He is an entertainer looking for eyeballs. Very different motivation vs the facts which are easily available.
Harris said she would tax the ultra wealthy, not the middle class. Trump says he will put tariffs on foreign goods which is a tax on all products, on all Americans. The expert financial gurus (even on Fox) say it will cause inflation to go higher.
It’s actually prorated based on contributions and growth. So you could pay some penalty on contributions. I have a video coming out soon that talks about it.
The dude has 34k in liquid assets and Dave recommends locking up a third in the house!? WTF. The guy needs that liquidity plus plus plus. Much better strategy from you David IMO. ESPECIALLY since Ramsey believes you can get 12% every year in the market
Damn, not saying Dave was right. But it is funny that the dude looks like a nerd living in his mom's basement. 😂 if anything it makes me trust his math more!
If you’re over age 59.5 and so long as 5 years have passed since your first Roth contribution or conversion, then both principal and growth are tax-free.
@@DavidMcKnight ... and you can just keep adding funds to the original roth.??? like taking a RMD.. paying tax on it and then the remaining funds go into a brokerage account and then transfered into the existing 6 yr old Roth ???..
I think it is as easy as buying an s&P 500 index fund and just buying regularly on same date no matter what and letting it role. There is no need for advisors at all. Buy your company match in your 401k and Max out Roth Iras. Withdrawl rate will depend on your expenses for retirement along with social security. So many people out there want to charge you fees for nothing or advise you so they get more in fees its really a scam if you ask me.
Most people don't have the discipline to stick to their investment objectives through wildly oscillating markets. To the extent that an advisor helps hold your feet to the fire, they can be worth their fees.
You’re not very good at engaging the material here. Munger is criticizing get rich quick schemes and I’m literally promoting a get rich slow perspective. Dig deeper people!
The biggest wealth transfer happened under the Obama administration. It is now happening again under the current failing liberal administration. The rich get richer and the poor get screwed Yet all the stupid poor democrats are still voting Blue. Wake Up Americans!
Lol don’t buy other people’s books… but you can buy mine! Come on man. It’s easy to take cheap shots at gurus and clickbait people into watching your video. But it comes off very self-righteous when you say that all these people are misguided and are only in it for the money, but you’ve got it all figured out. By the way, I’d be surprised if you’ve read a single one of Grant Cardone’s books. Sure he’s obnoxious and arrogant, but he didn’t become a billionaire by accident. I’ve read every book he’s ever written, and my financial life became much more fruitful once I started applying what he taught me. If you want to promote your program, that’s great. But you don’t have to do it at the expense of others.
Lol. You missed the point of the video. Don’t take retirement advice from Grant Cardone, particulary since he tends to traffic in get rich quick tactics. All of my books promote the slow and steady way of getting rich which will make far more Americans millionaires than anything Cardone is preaching.
This is why I'm going to utilize a financial advisor..one who will provide tax strategies in retirement... and if their fee covers that tax savings amount, I can still call that a win-win
First and foremost Charlie Munger is not the co-founder neither is Warren Buffet. The company was founded 175 years ago. Go Charlie. Advice like this guy is for people too lazy to learn to invest and most importantly control their emotions.
You’re counting when it was a textile manufacturer?! For all intents and purposes it was completely re-launched in 1965 when Munger and Buffet took over.
@@DavidMcKnight you must be a leftist so I will go slow. Founder is someone who started the company. You can’t found a company 130 years after. They rebuilt it, took it in a different direction, rebranded it. Turned it into what is today. Elevated it. It does not make them a founder. Words have meanings. Without them we have chaos and lunacy.
I am a proponent of the following: During the accumulation phase (Pre-retirement), have the mortgage for all of the reasons stated in this video. In the post-retirement phase, I like having the mortgage paid off to help alleviate the sequence of returns risk. During post-retirement, you need 'safe' money to make the mortgage payments which requires you to stash more funds in safer investments.
So at least two things, complaining about people selling you something online then pushing your own book hurts your own credibility. Second taking a nap is a horrible idea, you need to look at your portfolio every month or so and make sure you are on track for retirement. Everyday may be obsessive but just throwing your money in the market and ignoring it for twenty years in hopes there will be money there is a terrible idea. Your investments are your responsibility to monitor and modify as needed. Ever you say to check and make sure you are not unbalanced so you can't do that if you ignore your investments. Don't just hope things are OK you have to pay attention to what they are doing.
I’m not complaining about people selling things. You missed the point of the video. It’s selling get rich quick schemes. That’s what Munger was talking about. My book reinforces the principles that Munger believes in. Secondly, all the data from Dalbar’s behavioral studies show that obsessing over your portfolio on a monthly basis dramatically reduces returns over time. Buy and hold yields the best returns by far.
@@DavidMcKnight I didn't say you shouldn't buy and hold if you can but you can't just invest and ignore it. You have to make sure it is balanced and adjusted based on changes in the market.
With the example given, at 11% over 25 years, investing 20k per year, he’d end up with about $2.5 million. If he simply bought a 25 year term policy, or a 10 year term and a small whole life, he’d be better off. I have written various types of life insurance, and never would I ever pitch them as an alternative to traditional Longterm financial investments. I write more P&C insurance, and the vast majority of life insurance I have written has been term, with no cash value..
Spoken like a true whole life agent! Primerica term life insurance coverage is in the top five lowest premiums in the entire industry! And the policy is ironclad, no gimmicks, and no conversion into a very expensive life policy once your term runs out. PRIMERICA‘s term life insurance is guaranteed to age 95 like any other product in the industry. There is no life insurance company that carries term life insurance to age 95! The reason being, we are the onlycompany in the industry that sells just term life insurance, and teaches our clients to invest into the proper vehicles for their best return of monies. And also allowing them to understand what a Roth IRA investment is for tax free income at retirement.
I don't think he is slow, I think he is presenting a persona to sell courses and get investors. Most individuals do this, they are not the same in person as when they are on stage or doing a video. Is it inauthentic? Yes, is it the wrong marketing move, I don't know, he is making a lot of money.
I think it’s as simple as the law of large numbers. If you have more than enough to retire, you can make it through a few years that tap into the nest egg, relying on a 50 year market average. If you have barely enough to retire, you cannot afford 3 years in a row in a down market, and the 50 year average doesn’t apply to you.
Apparently this dude's demeanor is attractive to some people? I've had 8 rentals, 7 at one given time. Five had mortgages, not a good feeling. Down to three now with no mortgages and plan on selling one each of the next three years. Glad I did it but there is A LOT of stress and it is not for everyone. Max out your Roth 401K and IRA. If you still have extra cash schedule an appointment to see David.
wow his bro is only making 1400 a month working for him???? is this a cult? also don't forget the 10% closing cost when buying real estate and yearly property tax.
LOL Iis all I can do with his advice. 1. 401K is the best way to grow my investments for retirement. Taxes have not gone up And I can get the money at 55. 2. A home is the best investment for retirement and keeping the cost of living the same. Nothing in retirement is cheaper to live than a paid-off home. Roth no taxes he never remembers that and I can if I really really need to take out what I invested(IRA).
I had probably half that saved by the time I was 33 but at 38 I pissed it all away paying my house off. I'm 45 now and have socked away around $63k in the meantime. With no debt and minimal expenses of any kind I am able to save at least 25% often much more. Every persons situation is different there is no "tipping point" or minimum requirement for saving. Just very broad, general rules of thumb. Don't live beyond your means and don't piss away too much money renting a place to live are far more valuable goals than a certain dollar amount by a certain age
I thought this guy was Captain John Luc Picard. I really don’t care what any Richie Rich has to say about anything. They really don’t give a fu.. about us. When you have more than enough money to live way beyond what you really really need, you go on vacation, you do a lot of things that you never, ever could do before. Why would you if you really cared about someone? You wouldn’t. Most rich people, or people in general, would turn on anyone, even their families. That, is what money does to you. I don’t have money, so crap you people?
