{"id":2299,"date":"2020-04-09T12:46:01","date_gmt":"2020-04-09T12:46:01","guid":{"rendered":"https:\/\/rockonthemoney.com\/?post_type=podcast&#038;p=2299"},"modified":"2020-05-16T15:44:07","modified_gmt":"2020-05-16T19:44:07","slug":"ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy","status":"publish","type":"podcast","link":"https:\/\/netcast.one\/rotm2\/podcast\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy\/","title":{"rendered":"EP35 &#8211; Top 3 401K moves &#038; mistakes during COVID-19; Supercharge your savings during the coronavirus economy"},"content":{"rendered":"\n<ul><li>Top 3 401K moves and mistakes during COVID-19;<\/li><li>Supercharging your savings during the coronavirus economy;<\/li><li>4 best online banks for your fully funded emergency fund;<\/li><li>When is a good time to change over to Roth contributions;<\/li><li>How to use your accounts when you retire;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>401(k) Smart Moves And Mistakes In The COVID-19 Economy<\/strong><\/h4>\n\n\n\n<p><br>These are some very common questions we get all day long either through email, DM or in our FB group:<\/p>\n\n\n\n<ul><li><strong>Should I stop my contributions:<\/strong><br><br>Absolutely not. You are buying additional shares of your favorite mutual funds at a big discount. Buy them up! Never ever not ever stop contributing to your 401k unless you are digging yourself out of debt.<br><\/li><li><strong>Should I accelerate my contributions<\/strong><br><br>Absolutely yes! If you are out of debt and have an emergency fund in place and you can afford to contribute more even if it is temporary during this stock market downturn &#8211; please do! This will do more for your future than anything else. So simple and anyone can do it.<br><\/li><li><strong>Should I rebalance my 401K<\/strong><br><br>If you are in the correct funds (and for us that would be strong growth mutual funds that outperform the S&amp;P 500 index and including the S&amp;P 500 index fund &#8211; YES. If you are in some other crazy mix like our listener several weeks ago that was in 17 funds \u2026 really look at your funds and get back into an aggressive, gas pedal to the metal mix of high quality USA growth stock mutual funds and the index fund. When within 10 years of your retirement then switch over to a target date fund for the year you will retire and let it automatically back the pedal off so you are not as risky.<\/li><\/ul>\n\n\n\n<br><br>\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-0619080742731646\" data-ad-slot=\"8830668677\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n<br><br>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>SAVVY SAVINGS with Amanda: Supercharge your Savings during COVID19<\/strong><\/h4>\n\n\n\n<ul><li>Budget! Every dollar has a purpose<\/li><li>Make sure everyone in your household is involved and focused on the shared goal<\/li><li>Pause the baby steps and stash your cash<\/li><li>Decrease spending<ul><li>Use cash instead of credit &#8211; collect your change<\/li><li>Entertainment &#8211; Are there some subscriptions\/memberships you can put on hold because you aren\u2019t able to use them right now? Take advantage of all the freebies right now.<\/li><li>Restaurants &#8211; You need to eat, but don\u2019t fall for convenience of delivery; protect your family before businesses; get your shopping list together and shop as infrequently as possible. Now is the time to perfect your menu planning and discount grocery shopping. You may need to get creative with what is available at the store. Think about food items that keep longer.<\/li><li>Shopping &#8211; Remove shopping apps from your phone. Remove saved credit cards from accounts like Amazon; unsubscribe from emails from shopping sites<\/li><li>Evaluate necessary expenses &#8211; Maybe you can\u2019t cut out, but can cut back! I bet you\u2019re using less gas while your car sits in the driveway. <\/li><li>Re-examine your bills &#8211; Now\u2019s the time to evaluate your cell phone plan\/company. What about your cable bill? Car insurance? Life insurance? Gym membership? Negotiate better deals, change providers, etc.<\/li><li>Buy in bulk if it\u2019s a deal &#8211; but don\u2019t hoard<\/li><\/ul><\/li><li>Increase your income<ul><li>If you\u2019re still working &#8211; is there overtime available? Extra shifts?<\/li><li>Side gigs\/side hustles<\/li><li>Offer your services: babysit, yardwork, cleaning, organize basements, meal prep, run errands. Focus on things people don\u2019t want to (or can\u2019t) do themselves<\/li><li>Declutter and sell, sell, sell<\/li><\/ul><\/li><li>Get radical<ul><li>Sell your car!<\/li><li>30 hold period for unplanned\/impulse purchases<\/li><\/ul><\/li><li>Absolutely necessary big spends &#8211; make sure you get 3 quotes. Then, negotiate further<\/li><\/ul>\n\n\n\n<br><br>\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-0619080742731646\" data-ad-slot=\"8830668677\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n<br><br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What do you think?<\/strong><\/h2>\n\n\n\n<p><strong>Website:<\/strong> https:\/\/netcast.one\/rotm2\/<br><strong>Subscribe to the podcast<\/strong>: https:\/\/linktr.ee\/rocklandusa<br><strong>Facebook Group:<\/strong> https:\/\/www.facebook.com\/groups\/your401k\/<\/p>\n\n\n\n<p>Do you agree? Let us know and we\u2019ll play or read your comments on the show.<strong>Call 989-888-ROCK (7625)<\/strong> and record your thoughts or just email us to <a href=\"mailto:podcast@rocklandusa.com\"><strong>podcast@rocklandusa.com<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top 3 401K moves and mistakes during COVID-19; Supercharging your savings during the coronavirus economy; 4 best online banks for your fully funded emergency fund; When is a good time to change over to Roth contributions; How to use your accounts when you retire<\/p>\n","protected":false},"author":1,"featured_media":2613,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"episode_type":"audio","audio_file":"https:\/\/netcast.one\/rotm2\/wp-content\/uploads\/2020\/04\/ROTM-EP35.mp3","cover_image":"","cover_image_id":"","duration":"39:01","filesize":"41.3 MB","date_recorded":"09-04-2020","explicit":"","block":"","itunes_episode_number":"35","itunes_title":"Top 3 401K moves & mistakes during COVID-19;  Supercharge your savings during the coronavirus economy","itunes_season_number":"","itunes_episode_type":"full","filesize_raw":"43401519"},"tags":[105,119,254,263,139,167,206,209],"series":[234],"coauthors":[284],"episode_featured_image":"https:\/\/netcast.one\/rotm2\/wp-content\/uploads\/2020\/05\/ALBUM-ROTM-600-JPG.jpg","episode_player_image":"https:\/\/netcast.one\/rotm2\/wp-content\/uploads\/2020\/04\/album-rockonthemoney1410-10.jpg","download_link":"https:\/\/dts.podtrac.com\/redirect.mp3\/netcast.one\/rotm2\/podcast-download\/2299\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy.mp3","player_link":"https:\/\/dts.podtrac.com\/redirect.mp3\/netcast.one\/rotm2\/podcast-player\/2299\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy.mp3","audio_player":"<!--[if lt IE 9]><script>document.createElement('audio');<\/script><![endif]-->\n<audio class=\"wp-audio-shortcode\" id=\"audio-2299-1\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"https:\/\/dts.podtrac.com\/redirect.mp3\/netcast.one\/rotm2\/podcast-player\/2299\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy.mp3?_=1\" \/><a href=\"https:\/\/dts.podtrac.com\/redirect.mp3\/netcast.one\/rotm2\/podcast-player\/2299\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy.mp3\">https:\/\/dts.podtrac.com\/redirect.mp3\/netcast.one\/rotm2\/podcast-player\/2299\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy.mp3<\/a><\/audio>","episode_data":{"playerMode":"dark","subscribeUrls":[],"rssFeedUrl":"https:\/\/netcast.one\/rotm2\/feed\/podcast\/rockonthemoney","embedCode":"<blockquote class=\"wp-embedded-content\" data-secret=\"8044WfuG0U\"><a href=\"https:\/\/netcast.one\/rotm2\/podcast\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy\/\">EP35 &#8211; Top 3 401K moves &#038; mistakes during COVID-19; Supercharge your savings during the coronavirus economy<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/netcast.one\/rotm2\/podcast\/ep35-top-3-401k-moves-supercharge-your-savings-during-the-coronavirus-economy\/embed\/#?secret=8044WfuG0U\" width=\"500\" height=\"350\" title=\"&#8220;EP35 &#8211; Top 3 401K moves &#038; mistakes during COVID-19; Supercharge your savings during the coronavirus economy&#8221; &#8212; Rock on the Money\" data-secret=\"8044WfuG0U\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! 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