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An advisor for wealthy people who have retired early explains why he thinks 401ks are 'money jail,' and where he tells clients to invest instead [Business Insider]
Last tesla, inc. earnings: 4/29 04:11 pm
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This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in Austin Dean advises his high-net-worth clients to avoid 401(k) "money jail." He recommends alternatives for building wealth that offer more flexibility and control. His advice for clients enables quick access to cash without the need to sell investments and trigger capital gains tax. As Austin Dean was earning his various financial advisor certifications, he wasn't fully satisfied with the curriculum that revolved around traditional wisdom — particularly the advice to max out retirement accounts. He was in his early 20s at the time and personally interested in the financial independence movement. The thought of "locking up" his savings in accounts that wouldn't be accessible until age 59 ½ wasn't appealing. "I was like, 'There's got to be a better way. I don't want to have to wait until I'm 60 to be able to feel like I have the financial
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