Aug. 13, 2025
101: Rip & Rant | The Truth About Taxes, Corporate Greed & Crypto in your 401(k)
In this episode, Jess and Brandon tackle the misconception of taxes, corporate greed and the new twist in retirement planning: cryptocurrency in your 401(k).
The path to financial security lies in addressing the real economic challenges: demanding fair compensation, understanding the true value of your work, and sticking with sound, proven financial principles.
If you want to stop falling behind and start building real financial security, this episode is your wake-up call.
Watch this episode in video form on YouTube
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Chapters
00:00 - Taxes Aren't The Real Problem
07:30 - Cost of Living vs. Income Gap
10:15 - Debt Reduction Service Announcement
13:40 - Job Loyalty Doesn't Pay Anymore
16:00 - Cryptocurrency in 401(k) Plans
20:00 - Order of Operations in Investing
Transcript
WEBVTT
00:00:00.240 --> 00:00:03.670
Yeah, and at the end of the day, it's not the taxes.
00:00:03.670 --> 00:00:06.549
Like I said, you go and look up the information.
00:00:06.549 --> 00:00:16.045
We are historically at an all-time low in the taxes, the various tax practices that we have currently Historical all-time low.
00:00:16.045 --> 00:00:21.132
However, incomes have not kept up with the increase of how much things cost.
00:00:21.132 --> 00:00:21.592
Nowadays.
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You have these companies that are laying off thousands of employees and then turning around and using that money to do stock buybacks.
00:00:28.530 --> 00:00:31.027
This is a corporate greed issue.
00:00:41.962 --> 00:00:43.628
Hey babe, what are we talking about today?
00:00:44.380 --> 00:00:46.728
Well, today we're going to do another little rip and rant.
00:00:46.728 --> 00:00:51.131
First, we're going to start out with everyone seems to be focused on taxes.
00:00:51.131 --> 00:00:57.069
Everyone's always about we're paying too much taxes, we're paying too high in taxes, but in all honesty, that's really not the issue.
00:00:57.069 --> 00:01:06.656
And we're going to go about Trump wanting to open up 401k plans to allow cryptocurrency and how.
00:01:06.656 --> 00:01:10.665
I strongly disagree with the premise behind doing that.
00:01:11.507 --> 00:01:11.909
All right.
00:01:11.909 --> 00:01:17.269
Well, every time I look at my paycheck, it feels like the taxes are the problem.
00:01:17.269 --> 00:01:18.531
So you tell me why they're not.
00:01:19.299 --> 00:01:22.305
Well, taxes aren't the issue.
00:01:22.305 --> 00:01:28.164
The reason being is, if you look historically over the past 100 years, that various tax rates.
00:01:28.164 --> 00:01:30.691
We are historically at an all-time low when it comes to taxes.
00:01:31.359 --> 00:01:32.725
So why does it feel like we're all broke?
00:01:33.280 --> 00:01:37.188
Because everything costs more and we're not getting paid more.
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So the taxes aren't the issue.
00:01:39.373 --> 00:01:43.489
The issue is the cost of inflation for everyday goods that we need.
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You know your groceries, whatever it may be on a daily basis that you're spending money on.
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That has increased dramatically and our incomes have not kept up with it.
00:01:53.555 --> 00:01:54.998
Yeah, I mean every time I go to the grocery store.
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I get angry because I walk out with like two bags and I'm like great, I have fruit and snacks for the kids for the next week.
00:02:01.162 --> 00:02:03.385
And why did it cost a hundred something dollars?
00:02:03.546 --> 00:02:26.204
so you think about it, man, like back in, like the 50s and 60s, you were able to raise a family of four on a single income with someone who has a high school, uh level of education and have a car, maybe two, and also be able to have enough money to eventually retire yeah, that's crazy so, and during that time period, income tax rates were significantly higher than they are now.
00:02:26.204 --> 00:02:26.296
That's true.
00:02:26.296 --> 00:02:26.477
Well, that's crazy.
00:02:26.477 --> 00:02:28.174
So, and during that time period, income tax rates were significantly higher than they are now.
00:02:28.193 --> 00:02:35.145
That's true, well, and that's also when people had, you know, mortgage rates that were 11, 12%.
00:02:35.145 --> 00:02:36.348
Yes, yeah.
00:02:37.008 --> 00:02:39.354
The problem that they want you to focus on.
00:02:39.354 --> 00:02:40.763
They want you to think it's the taxes.
00:02:40.763 --> 00:02:45.401
It is not taxes, it is income, it's salaries how much you are getting paid at work.
00:02:45.401 --> 00:02:49.552
Employers are not paying their employees what they should.
00:02:49.552 --> 00:02:59.568
They have these large corporations that should have been increasing incomes on a routine, on an annual basis, to keep up with the cost of goods, and they have not been doing that.
00:02:59.568 --> 00:03:06.050
Plain and simple corporations are becoming greedy and keeping more money and not paying employees what they should be paid.
00:03:06.050 --> 00:03:16.489
If we were to be paid what was on par in comparison to how much groceries, housing and everything like that has increased, we would be fine.
00:03:16.961 --> 00:03:27.068
Which is not an annual 2% or 3% cost of living increase, because the cost of living has increased more than 3% A cost of living increase.
00:03:27.108 --> 00:03:31.373
Because the cost of living has increased more than 3%.
00:03:31.394 --> 00:03:32.796
Think just purely off the past like four or five years.
00:03:32.817 --> 00:03:40.287
How much a house has increased, housing prices have increased and I should show you right there like your income hasn't gone up that much.
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All right, real quick.
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I want to speak to the person listening who feels like they can't work with a financial planner yet because they're carrying a lot of debt.
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First of all, I see you and I need you to know you're not broken, you're not behind.
00:03:52.912 --> 00:03:54.284
You're just in a tough season.
00:03:54.284 --> 00:03:59.992
I created something just for you because I've had people reach out who are serious about changing their money story.
00:04:00.439 --> 00:04:04.542
But the full financial planning package just wasn't the right fit yet.
00:04:04.542 --> 00:04:09.125
So I built a new service through Oak City Financial that's focused completely on debt reduction.
00:04:09.125 --> 00:04:10.545
No fluff, no shame.
00:04:10.545 --> 00:04:17.569
You'll get a one-time planning session, a personalized payoff strategy, your own financial dashboard and monthly coaching.
00:04:17.569 --> 00:04:22.891
If you want extra support while you climb out, it's $300 to get started and $100 a month.
00:04:22.891 --> 00:04:25.173
If you want that ongoing guidance, that's it.
00:04:25.173 --> 00:04:26.353
This is about helping you get unst100 a month.
00:04:26.353 --> 00:04:27.233
If you want that ongoing guidance, that's it.
00:04:27.233 --> 00:04:29.254
This is about helping you get unstuck, not making you feel like you failed.
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If this sounds like what you've been needing, go ahead and schedule a call with me.
00:04:32.937 --> 00:04:34.317
The link is in the show notes.
00:04:34.317 --> 00:04:41.920
Let's take the first step together, and that's the problem.
00:04:41.920 --> 00:04:52.141
But it's easier for politicians to say it's a tax issue, because then they're doing the work of the corporations and not paying you more Everyone's all like.
00:04:52.141 --> 00:04:54.730
I barely hear anyone talk about they need to be paid more.
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I hear way more about taxes.
00:04:56.459 --> 00:05:05.444
Oh, I will always feel like I need to be paid more what I'm saying, like in the media and everything like that, everyone's talking about taxes and I mean obviously tariffs is an issue.
00:05:05.444 --> 00:05:06.346
But, like the.
00:05:06.346 --> 00:05:10.204
Also biggest issue is that corporations aren't paying what they should be paying employees.
00:05:10.745 --> 00:05:13.673
Well, I even remember when I was teaching in South Carolina.
00:05:13.673 --> 00:05:24.850
You know you would get your 3% cost of living increase, but then health insurance would go up six or 7%, so like you're still losing money in the end.
00:05:24.850 --> 00:05:35.247
So even though you're getting your increase and the district is doing the right thing, the other portions that are coming out of your paycheck are increasing double, if not more.
00:05:35.247 --> 00:05:43.293
So then that cost of living increase literally does nothing like it feels like it's completely insignificant.
00:05:43.600 --> 00:05:43.821
Also.
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The thing is, too, is that you used to have a lot of benefit of being a loyal employee and sticking with one employer for your entire career.
00:05:51.937 --> 00:05:54.307
That does not exist, I can tell you right now.
00:05:54.307 --> 00:05:55.432
It's actually the opposite.
00:05:55.975 --> 00:05:57.922
Right, you're losing money if you stay.
00:05:58.202 --> 00:06:01.391
I'm not saying that anyone should switch jobs just to switch jobs.
00:06:01.391 --> 00:06:06.617
That's not what I'm saying, because there's a lot of other factors that go into determining whether or not it makes sense to make a move.
00:06:06.617 --> 00:06:15.886
But I can tell you strictly, from a monetary standpoint if you are not switching jobs every few years, you are missing out on drastic increases in your income.
00:06:15.886 --> 00:06:16.889
And that's just not.
00:06:16.889 --> 00:06:18.880
It's not an opinion, that's what the numbers show.
00:06:19.242 --> 00:06:24.589
But that also goes back to, and poorly reflects on, corporations.
00:06:24.589 --> 00:06:33.461
So instead of paying their employees what they should, instead of having them leave and having high attrition and then posting that same position.
00:06:33.461 --> 00:06:46.047
I mean you can go down hundreds of Reddit threads where people are like, oh, I left my job, I was asking for a raise, I had stellar performance reviews, and when I finally left, now they're like, oh, can you stay, Can you stay?
00:06:46.047 --> 00:06:46.970
And it's too late.
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And then they post that job for $30,000, $40,000, $50,000 more than that person who left was making, and they probably would have stayed for $10,000 more or $20,000 more or something less.
00:06:58.798 --> 00:07:05.673
Not to mention all of the cost in hiring, recruiting, the loss of time for onboarding.
00:07:05.673 --> 00:07:12.934
I mean you are losing huge amounts of money by not actively working to retain your talented staff.
00:07:13.740 --> 00:07:21.807
And I mean we've had friends who've been employed at the same company for 10 or almost 15 years and then they bring somebody new in.
00:07:21.807 --> 00:07:24.072
That's not nearly experienced.
00:07:24.072 --> 00:07:29.108
And you're the person that's going to be training them, and then you find out that that person is making the same as you are.
00:07:29.740 --> 00:07:30.504
Which is insane.
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But also listen.
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Here are my contributions.
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Here's what I've done over time.
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Here's what the market indicates.
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I should be compensated.
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Can you come up to this level right?
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If not, I need to make a change.
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That kind of conversation should be had.
00:08:00.286 --> 00:08:11.031
And if they can't you know, meet you where you are or come up with some sort of way to compensate you further, then you should go and leave to get paid what you're worth.
00:08:11.031 --> 00:08:16.891
Yeah, so there is like a cost of staying also and a responsibility cost, I feel like.
00:08:17.432 --> 00:08:20.884
Yeah, and at the end of the day, it's not the taxes.
00:08:20.884 --> 00:08:23.786
Like I said, you go and look up the information.
00:08:23.786 --> 00:08:33.245
We are historically at an all-time low in the taxes, the various tax practices that we have currently Historical all-time low.
00:08:33.245 --> 00:08:38.331
However, incomes have not kept up with the increase of how much things cost.
00:08:38.331 --> 00:08:38.773
Nowadays.
00:08:38.773 --> 00:08:45.708
You have these companies that are laying off thousands of employees and then turning around and using that money to do stock buybacks.
00:08:45.708 --> 00:08:48.238
This is a corporate greed issue.
00:08:50.836 --> 00:08:53.361
And paying the C-suite millions of dollars in bonuses.
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It's not too much that's being taken out of your paycheck for taxes.
00:08:57.140 --> 00:09:01.682
Now we could have a conversation about like I don't like what my taxes are being used for.
00:09:01.682 --> 00:09:03.296
That's a completely different conversation.
00:09:03.296 --> 00:09:07.541
But the fact that people are upset about how much comes out, you're missing the mark.
00:09:08.549 --> 00:09:21.658
Well, yeah, and it makes sense, because if what was coming out was commensurate with what things cost and it wasn't so inflated, then it wouldn't feel as bad as it does.
00:09:21.658 --> 00:09:30.058
Like you said, I mean, even growing up, you know like my parents didn't earn a lot, but we had a house, we had two.
00:09:30.058 --> 00:09:34.692
Once I started driving three cars, we went on vacation Like there's no.
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I mean I don't understand how people who have, you know, a four-member household, like how are you surviving on anything less than $100,000 a year?
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And I mean and the majority of the United States is doing that, obviously but like how it's tough.
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I mean it really feels like a slap in the face.
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It's awful.
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Yeah, and it's just getting worse.
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It's just getting worse.
00:10:00.260 --> 00:10:00.442
Yeah.
00:10:05.736 --> 00:10:06.961
So anything else you?
00:10:06.980 --> 00:10:09.245
want to say about that.
00:10:09.245 --> 00:10:15.451
It's not the taxes, it's not All right, it's not all right.
00:10:15.451 --> 00:10:15.892
So on to the next one.
00:10:15.892 --> 00:10:18.115
They are proposing allowing cryptocurrencies to be a part of your 401k plan?
00:10:18.136 --> 00:10:19.118
did it already go through?
00:10:19.138 --> 00:10:22.004
um, honestly, I have to double check.
00:10:22.124 --> 00:10:34.412
I was under the impression that I thought it, I thought it passed, but well, either way, terrible idea terrible idea and the thing is, I'm not someone who's against cryptocurrency.
00:10:34.511 --> 00:10:43.153
We have cryptocurrency, but within your 401k plan, I think it proposes a lot of issues that could arise.
00:10:43.153 --> 00:10:57.600
Number one issue is that I've always said this, you always said this, we've had conversations and we sit on this podcast millions of times Sound financial planning and investing 99% of it is boring.
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And slow.
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Slow, and boring.
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It's not sexy.
00:11:03.070 --> 00:11:03.475
It's not sexy at all.
00:11:03.475 --> 00:11:07.077
You don't talk about it at the dinner table Like, ooh, what's my ETF doing?
00:11:07.077 --> 00:11:11.255
What's your index fund doing Like no, nobody's saying that.
00:11:11.898 --> 00:11:18.714
And that's how you're honestly, that's how a majority of your investing should be and that's especially how the investing should be done within your 401k plan.
00:11:18.714 --> 00:11:22.802
The problem I see happening is that cryptocurrencies is sexy.
00:11:22.802 --> 00:11:23.932
It's fun to talk about.
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So what I see happening is that it makes people feel important.
00:11:26.900 --> 00:11:28.571
Do you have crypto?
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Are you?
00:11:28.912 --> 00:11:29.952
doing anything in crypto.
00:11:30.293 --> 00:11:40.806
But it leads me down the path that I think, unfortunately, people are going to put way too much money into cryptocurrency rather than the standard investing that is safer and more time proven.
00:11:40.806 --> 00:11:46.042
So you're going to end up having these people that are putting all this money in cryptocurrency.
00:11:46.042 --> 00:11:47.590
You're going to have all these large fluctuations.
00:11:47.590 --> 00:11:52.743
You're not going to have the proper building of your investment over time to get to a point where you do become work optional.
00:11:54.070 --> 00:11:57.900
Well, so we're not going to be auto-enrolled in this.
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We're still going to have to go in and choose.
00:12:01.034 --> 00:12:02.198
No, that'd be even crazier.
00:12:03.692 --> 00:12:05.976
Well, would you put it past anybody in this?
00:12:06.197 --> 00:12:07.239
Normally the auto-enrollment.
00:12:07.239 --> 00:12:11.928
The only thing that you're normally auto-enrolled in when you have your 401k plan is a targeted fund.
00:12:11.928 --> 00:12:21.164
Okay, and a targeted fund is simply a fund that holds various investments and it's based upon your approximate year that you would retire.
00:12:21.470 --> 00:12:23.298
And it usually what puts in like 65?
00:12:23.298 --> 00:12:23.298
.
00:12:24.910 --> 00:12:25.293
What do you mean?
00:12:25.293 --> 00:12:26.277
It puts in 65?
00:12:26.277 --> 00:12:26.277
.
00:12:27.091 --> 00:12:28.417
Like as the target date.
00:12:28.417 --> 00:12:31.438
I mean, I know you can adjust it, it, but I feel like it auto, sorry.
00:12:31.458 --> 00:12:34.676
The age, yes, the age the age as far as would you retire?
00:12:34.676 --> 00:12:50.312
Yes, and what it is is that it starts out more aggressive when you're further away from that target date of retiring and as you get closer and closer to retirement, it gradually automatically changes over time from being more aggressive to being more conservative because you're getting closer to the time period when you would actually be using the money.
00:12:50.312 --> 00:12:53.706
That's what they normally would auto enroll you in.
00:12:53.706 --> 00:12:57.298
So hopefully it wouldn't be cryptocurrency, but like it's just.
00:12:57.320 --> 00:13:11.094
I always say there's an order of operations, like I'm not against cryptocurrency, I said before but you need to have a lot of other things in place, I think, prior to taking a dive into cryptocurrency, you do need to be doing the vanilla, plain old, boring investing within your 401k plan.
00:13:11.094 --> 00:13:13.059
You do need to make sure you have your emergency fund.
00:13:13.059 --> 00:13:16.479
You need to make sure that you're not you know you don't have credit card debt and stuff of that nature.
00:13:16.479 --> 00:13:26.398
So you do need to address these other things and I think cryptocurrency putting cryptocurrency in your 401k plan is bypassing all those other sound steps that you need to take prior to it.
00:13:27.198 --> 00:13:32.325
Okay, what would you say to the people who are like, nah, I want the cryptocurrency.
00:13:32.325 --> 00:13:39.735
I would say, I would say do what you want to do, but then don't.
00:13:39.755 --> 00:13:40.960
Don't cry and whine when it doesn't work out.
00:13:40.960 --> 00:13:41.181
Okay, what?
00:13:41.201 --> 00:13:49.341
about like do you think that we'll be able to do like a percentage like oh, 5% of my contribution goes to a crypto bucket?
00:13:49.363 --> 00:13:50.163
Yeah, I think you would.
00:13:50.163 --> 00:13:52.690
Yes, you would definitely be able to break it down like that more than likely.
00:13:52.730 --> 00:13:55.317
So maybe doing something like that is reasonable.
00:13:55.317 --> 00:13:55.899
What would you say?
00:13:57.480 --> 00:14:09.434
What I'm saying is that I'm talking about the potential hazards that are being opened up that could be avoided Because, like you should be, invest the way that a 401k plan works.
00:14:09.434 --> 00:14:14.309
Now you should be investing in the more traditional ways of investing within your 401k plan.
00:14:14.309 --> 00:14:24.448
Now, if you want to do the alternative investments or the more speculative investments, take the time to understand them and open up an account somewhere else to do those.
00:14:24.909 --> 00:14:25.070
Okay.
00:14:25.811 --> 00:14:34.504
Because, like you're not, it's not as if, like if we don't have access to cryptocurrency in your 401k plan, it's not like you don't have access to cryptocurrency right, right, there's a million other ways to do it.
00:14:34.504 --> 00:14:35.956
I just don't think it needs to be there.
00:14:35.956 --> 00:14:48.570
Okay, because the purpose of that granted, we can have another conversation where 401k plans was the way of getting rid of pensions and making individuals responsible for their own retirement planning.
00:14:48.570 --> 00:14:58.840
That's an easy outlet for people to F it up.
00:14:59.621 --> 00:14:59.923
Yeah.
00:15:00.350 --> 00:15:05.958
Because people already mess up enough stuff on their own, and now you're just making it easier for them to mess up more stuff.
00:15:05.958 --> 00:15:15.698
Now, granted, I also think that obviously he's doing this because Trump has his own investments in cryptocurrency companies, so I don't think it's.
00:15:15.698 --> 00:15:18.049
Oh, I want to help people grow their money through cryptocurrency.
00:15:18.049 --> 00:15:23.903
No, I want the stock value of my investments in crypto companies to shoot up.
00:15:23.903 --> 00:15:27.479
You really have to think about, hey, what is the purpose behind this?
00:15:27.479 --> 00:15:28.815
It's not to help you.
00:15:29.669 --> 00:15:33.590
Because you already have access to cryptocurrency everywhere else Right.
00:15:33.590 --> 00:15:41.230
This is for his friends that have those companies to help increase their stock value, pure and simple.
00:15:41.812 --> 00:15:42.173
That's it okay.
00:15:42.173 --> 00:15:51.498
So you're saying zero out of five stars, do not recommend no don't go down that rabbit hole not in your 401k plan.
00:15:51.498 --> 00:15:52.139
No, okay, okay.
00:15:52.139 --> 00:15:58.274
I mean I'm sure people saw that announcement and were just like salivating at the mouth.
00:15:58.294 --> 00:16:02.384
I have have no doubts because most people majority of people aren't sound financially.
00:16:02.384 --> 00:16:05.839
They also don't have like they also don't have the certain level of financial literacy.
00:16:05.839 --> 00:16:06.681
That's just the reality.
00:16:06.681 --> 00:16:08.014
It's not me trying to come down on people.
00:16:08.176 --> 00:16:08.417
Yeah.
00:16:08.649 --> 00:16:09.595
But that's why.
00:16:10.070 --> 00:16:22.666
I'm personally always super happy when I log into my Fidelity account and I look at my 401k and I'm like, okay, I'm glad I have that, because I don't think about it often.
00:16:22.666 --> 00:16:29.792
It's very boring, I know we, you know, we set up my new one to make sure that it's optimized.
00:16:29.792 --> 00:16:40.461
We did not do the target date fund because it wasn't aggressive enough right for where we want to be, and so, yeah, I mean, why take the uncertainty out when we have time?
00:16:40.461 --> 00:16:46.866
Proven, nice, boring ETF index fund investing Also think about this.
00:16:51.769 --> 00:16:53.803
I would say a majority of people don't understand their 401k plan as it is currently structured.
00:16:53.745 --> 00:17:01.450
Well, we have a whole episode about the 401k specifically, but majority of people don't understand their entire 401k plan, all the different options and the features of their 401k plan.
00:17:01.450 --> 00:17:03.269
They don't understand it as it is now Right.
00:17:03.269 --> 00:17:19.500
So now adding a speculative investment to the lineup, it's just going to add to the level of complexity that people don't understand, like even a majority, unfortunately, a majority of people that are invested in cryptocurrency don't understand it.
00:17:19.900 --> 00:17:20.101
Right.
00:17:20.121 --> 00:17:20.982
Like currently.
00:17:20.982 --> 00:17:24.596
So now you're just going to add to that and that's going to put more stress.
00:17:24.596 --> 00:17:25.018
And think about it.
00:17:25.018 --> 00:17:32.259
Now, like currently with social security, the issues there, that is it going to be around when we need it, who knows?
00:17:32.259 --> 00:17:41.461
So now you need to actually take even more onus to make sure that you are doing what you need to do in order to become work optional and retire one day, and this is not going to help that.
00:17:42.241 --> 00:17:45.872
Right, yeah, I mean, like you said, it's risky right?
00:17:45.872 --> 00:17:57.570
So whenever you're investing in something that is risky, has not stood the test of time, you shouldn't be putting your eggs in that basket, because you could be losing those eggs.
00:17:57.810 --> 00:18:00.076
And, like I said, I am not against cryptocurrency.
00:18:00.076 --> 00:18:04.115
For anyone out there that's listening to this and think, oh, he's just a hater on crypto, no, I've been in it for years.
00:18:04.115 --> 00:18:06.342
I also did a lot of research and understand it.
00:18:07.009 --> 00:18:12.021
Well, but it's also I mean, think about you know, being an angel investor right.
00:18:12.021 --> 00:18:13.672
Or like investing in startups.
00:18:13.672 --> 00:18:18.961
I mean you, it's great, and like being an angel investor is amazing if you can do that.
00:18:18.961 --> 00:18:23.957
But like it comes with a risk, it could pop off and you could be like, yes, this was amazing.
00:18:23.957 --> 00:18:35.778
Or it could be like, oh, I lost my money, and I mean we've recorded episodes about that Like, if you are going to miss that money, probability of you losing all your money you need to be investing money that you're not going to miss Right.
00:18:46.392 --> 00:18:48.117
I personally would miss all of my money.
00:18:49.913 --> 00:19:04.423
So, for example, if you've done everything else, if you have everything else in order, 5% or less going into speculative investments like cryptocurrency is fine Because, mathematically, if it went to zero, as long as you have have 95 of your other portfolio where it should be, you'll be fine.
00:19:04.423 --> 00:19:10.332
But you could that that five percent could, you know, exponentially make a big difference and having a lot more growth.
00:19:10.332 --> 00:19:20.182
But at the end of the day, if you lost it, you're still fine, whereas I think most people, honestly, are currently investing money that they that they would not be happy if they lost.
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