Demystifying the Traditional 401k:Growing Your Garden of Wealth

06/25/24 • 40 min

Welcome back to Money Elementary, Season Two!
We break down the Traditional 401k, using a vivid garden analogy to illustrate its growth and the inevitable tax implications. We delve into tax brackets, 401k history, and real-life scenarios to help you understand and maximize your retirement savings. How will understanding these concepts change your financial future? Tune in to find out!

Previous Episode

Season 1 Wrap Up: Personal Finance Foundation

In this week's episode, Heidi and I, Vanessa, take you on the ULTIMATE REEEECCAAPP of the season. We dive deep into the heart of financial literacy, revisiting the personal finance foundation topics that should be ingrained in your head, like enhancing your credit score, mastering your lifestyle changes (formerly known as budgeting) techniques, and navigating the complex processes of purchasing your dream car and home. Remember that the more informed you are about your finances, the less complex these subjects become, and soon, you will be sharing what you learned with your friends. The goal is always to share the wealth of knowledge! Prepare to build your financial foundation as we gear up to explore the exciting world of investments in the upcoming season. Join us, and let's make a brighter financial future together!

Next Episode

Roth 401(k) 101: Your Guide to a Tax-Free Financial Future

In this episode, we explore the world of Roth 401(k)s, using the analogy of buying a rare Pokémon card on layaway to explain how this retirement plan works. We break down the benefits, comparing it to traditional 401(k)s, and explore the history, contributions, and tax implications. Vanessa and Heidi share personal anecdotes and provide actionable advice on managing deductions, understanding employer matches, and planning for a tax-free retirement. Join us to learn how to maximize your retirement savings and secure a comfortable future!