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00:00My friends that have been laid off or quit, they all just pulled out their 401ks.
00:04Then what's the point of having a 401k in your mind?
00:06For when you need money.
00:07No, it's not for...
00:08It is not for when you need money.
00:11It is literally a tax-advantaged retirement account.
00:14Yeah, but if you fall on hard times and you don't have money...
00:17Then you pay a 10% fee taking it out.
00:19So why would you not just put it in a savings account versus a 401k?
00:22You take it out of your 401k, you pay a 10% fee, and then taxes on any of the gains.
00:27Because the reality is, I can't just put it in my savings account.
00:32Because if I put it in my savings account, and then we're at the bar and I need more money.
00:36Just transfer it from my savings account or my second check-in account to my bank account.
00:42So what about retirement then?
00:44If you think of a 401k as a savings account...
00:47Well, I've never pulled from it.
00:49Yeah, but you just said if I get laid off.
00:51Because you have a penny in savings.
00:54No.
00:54Um, I mean, I don't really think about retirement or anything past, like, 30.
01:01What?
01:02What the fuck are you talking about?
01:0330 is four years away.
01:04What are you talking about?
01:05Yeah, that's four years.
01:06That's plenty of time to get it together.
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