409: How I Lost 40% of My Retirement Savings (A Huge Money Mistake)
The Clever Girls Know Podcast With Bola Sokunbi · Clever Girl Finance
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Show Notes
New Book - Clever Girl Millionaire; A Guide to Redefining What's Possible, Turning Ambitions into Actions, and Dreams into Millions - Available to order now
Let me share a money mistake that still stings to talk about.
Before building Clever Girl Finance, writing books, and becoming a millionaire, I made a mistake that cost me 40% of my retirement savings overnight. Yes, 40%!
I'm sharing the story of how I accidentally triggered taxes and penalties on my 401(k) after leaving a job, the lesson I learned the hard way, and what I would do differently today.
If you're changing jobs or thinking about cashing out a 401(k), this is something you need to understand before making a move.
What I share:
- The 401(k) rollover mistake that cost me thousands
- Why cashing out your retirement account can be extremely expensive
- The difference between a 401(k) rollover and a payout
- How to avoid early withdrawal penalties and taxes
- What to do with your 401(k) when leaving a job
Money mistakes happen to everyone, even financial experts. What matters most is how you learn from them and rebuild.
I share this story in Chapter 6 of my new book Clever Girl Millionaire, where I talk about real-life financial mistakes, lessons learned, and how resilience plays a role in building long-term wealth.
If you've ever made a financial mistake, know this: your story isn't over. You can learn, recover, and keep building.
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