FYI: We generally only share links in this space when we see stories on other sites that we think will benefit our readers. But today marks a rare case where a competitor is offering advice that is so egregiously irresponsible it needs a rebuttal.
James Altucher, in a short video on Business Insider, is telling young people not to invest in a 401(k). This is terrible counsel on many levels. The disappearance of pensions and underfunding of Social Security have made the 401(k) our de-facto national savings plan. Altucher’s recklessness is exacerbated by an implication that 401(k) accounts are some sort of black box – “you have no idea what’s happening to that money,” he says darkly.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2015/04/21/yes-millennials-please-invest-in-your-401k/tab/print/
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