The biggest 401(k) mistake isn’t what you think.
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00:00From your perspective, what is the biggest 401k mistake costing Americans millions in retirement?
00:05They jump in and out. They freak out when the market goes down. They stop. They start. They
00:09try to time the market. And you and I know that there's tons of research on Wall Street about
00:16people that try to time the market do not keep up with the person who's steady. The steady investor,
00:21the tortoise beats the hare every time I read the book. The steady investor always wins. And so
00:26in spite of my emotions, in spite of anxiety, in spite of celebration when things are great on the
00:32market, I'm a steady investor. And I teach people, be a steady investor. Those are the ones that end
00:37up with the most money. Don't try to time the market. The people that are trained to time the
00:42market don't do it well. And you certainly don't need to do that if you're sitting at home
00:47in a standard job and you're not sitting where you're sitting every day. If you're sitting on
00:52that floor, maybe you know what you're doing. Maybe you don't. But, uh, the data says that
00:57most people can't do it.