Any Fans of MGTOW Money Here?

[FunInTheSunParticipant 8283]

I like this new YouTube channel. I’ve never been good at saving money, and my goal is to start a new savings habit. My 401(k) retirement fund is my first step toward this process. My second goal is to pay off my credit cards so I’ll have more money to save. These videos inspire me:

"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

[MGTOW KnightParticipant 7477]

I love this channel. I’m subscribed. He has some sound financial advice. As a general rule of thumb, just save more than you spend.

I personally suggest ROTH IRA/401ks. You don’t have to pay any taxes when you draw from them in retirement.

Fuck bitches... literally and metaphorically

[FrostByteParticipant 19005]

Wrestling your hard earned money away from woman is only half the battle. You have posted the other half. What do you do with it now that you control it? This is something you must address or your MGTOW life will be in jeopardy.

If you rescue a damsel in distress, all you will get is a distressed damsel.

[FreedomParticipant 965]

Such good advice.

Just put a bit away. When you’ve enough buy a gold coin.

Rinse and repeat.

She cheated on me ..... my fault. I showed an interest in another woman......my fault.

[FunInTheSunParticipant 8283]

MGTOW Knight wrote:

I personally suggest ROTH IRA/401ks.

What I like about the 401(k) is: it’s pretax savings. The IRS doesn’t touch it until you withdraw it. If I didn’t have this savings plan, that money would be taxed for wars & welfare. Then I would waste it on beer & chips.

"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

[Anonymous 6]

Look into offshore accounts, and IRA’s. As well as franchising businesses. Find a niche and grow a business. Make the money, invest it, make even more.

[MarketWatcherParticipant]

MGTOW Knight wrote:

I personally suggest ROTH IRA/401ks

Traditional 401(k) money is taxed as ordinary income in the year it is received. I only play the 401(k) game for the match. The best bet is the ROTH. I had a former employer that offered a ROTH 401(k) and it was good, except that the company match was in pre tax dollars, so that money had to go into a Traditional IRA when I left.

MGTOW Knight wrote:

just save more than you spend.

Exactly!!

[MGTOW KnightParticipant 7477]

MarketWatcher wrote:

Traditional 401(k) money is taxed as ordinary income in the year it is received. I only play the 401(k) game for the match. The best bet is the ROTH. I had a former employer that offered a ROTH 401(k) and it was good, except that the company match was in pre tax dollars, so that money had to go into a Traditional IRA when I left.

My company matches, so I do that. I have my own personal ROTH IRA, which I will roll over my company’s ROTH IRA once I leave them. I’m looking to invest in big tech, since tech isn’t going anywhere. Amazon Prime is killing it right now!

Fuck bitches... literally and metaphorically

[Anonymous 2]

Also a fan of the channel here.

I like his 5 NOs of life to be happy:
-NO Kids
-NO Wife
-NO Pets
-NO Debt
-No Job

I can’t agree with your statement:

FunInTheSun wrote:

The IRS doesn’t touch it until you withdraw it.

You really have no guarantee for that.
I don’t trust any government institution.

Retirement money is the first one they will confiscate if they need extra cash.

Here in eastern Europe we have 3 types of pensions.
1. Mandatory – taken by the state(you don’t see almost any of that when you retire)
2. Mandatory private – is part of point 1. money that is transferred to privately managed fund.
3. Optional private – some sort of 401k(probably copied from the US), where a certain amount is pre-tax, and the employer can match it, also pre-tax.

What I observed from periodical letters is that the privately managed funds were loosing 3-5% of the contributed money per year.
Taking inflation into consideration, it’s not a really good investment.
Needless to say, I cancelled the optional one.

[GeordieMGTOWParticipant 50]

Yeah I’ve been watching him for a few months and enjoy his channel. I like that there are positive MGTOW who don’t talk about women. Like they’re passed that. I like vention for that too.

[BeerParticipant 11832]

MGTOW Knight wrote:

I personally suggest ROTH IRA/401ks. You don’t have to pay any taxes when you draw from them in retirement.

I actually avoid ROTH accounts. Its not always worth it. Right now I’m ending up in a 28% federal bracket and a 6% state bracket that I can avoid by using pre-tax contributions.

Basically I need 7500 gross to be able to put 5000 into a ROTH IRA. Alternatively I could put 5000 into a traditional and 66% of that extra 2500 into a post tax brokerage account, which means I can tuck away an extra 1650 a year.

The thing is when I retire I’ll be in a lower tax bracket. If(by todays dollars/brackets) I pull out about 40k a year from a pre-tax account its going to come out in 0, 10, and 15% brackets, and if I just collect dividends off that brokerage account its all going to be in a 0 or 15% bracket depending exactly where my retirement income falls.

Basically its not worth it for me to pay 34% income tax right now and throw money in a ROTH when I’ll probably only have an effective tax rate of 5-10% in retirement. Even if you somehow manage to get yourself into a higher tax bracket in retirement, you’ll still want enough pre-tax to make sure you take full advantage of the standard deduction and bottom bracket(s) before you start pulling out of ROTH accounts.

[Author]

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