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Most people believe their 401(k) is the golden ticket to retirement. But what if that’s not just wrong—it’s setting them back? In the latest episode of the Next Level Income Show, Chris Larsen teams up once again with Russ Morgan from Wealth Without Wall Street to challenge everything we’ve been taught about traditional retirement planning.
Chris and Russ dive straight into the cold hard truth: 401(k)s don’t create passive income. And if your financial freedom hinges on passive income exceeding your expenses, as Russ puts it, then the 401(k) is taking you further away from that goal. The discussion is candid, practical, and packed with real-world examples, including Russ’s powerful “401(k) vs. Lake House” analogy that compares stashing cash in a retirement plan to investing in a property that generates both income and memories.
They highlight a harsh reality—most people contribute to 401(k)s without understanding the future tax implications. What seems like a smart tax-saving strategy now may become a liability when required minimum distributions kick in and tax rates potentially rise. Russ notes that traditional retirement plans don’t just defer taxes—they defer the tax calculation, which leaves you gambling on an uncertain financial future.
Listeners also get a glimpse into how high-net-worth families plan differently. Russ shares insights from his work with family offices, where strategy and storytelling—not just spreadsheets—drive results. He explains the importance of laying out all business activities and personal finances clearly before making tax decisions, something most CPAs with hundreds of clients simply don’t have time to do.
Toward the end, the conversation shifts to legacy. A 401(k) might leave money, but a lake house leaves memories—wake surfing, family gatherings, laughter. That emotional richness, paired with financial strategy, is the foundation of a truly wealthy life. As Chris and Russ agree, it’s not just about being “time free,” it’s about using that freedom to build something meaningful with the people you love.
This episode is a must-listen for anyone serious about building wealth outside the confines of Wall Street. It’s a reminder that financial planning should be intentional, value-driven, and most importantly—built around your life, not just your retirement date.
Listen To The Podcast Here:
Meet our guest:
📘 Get Russ’s book on Amazon + more resources:
👉 https://www.amazon.com/Wealth-Without-Wall-Street-Freedom/dp/B0DJDNQVH1
🔗 Connect with Russ Morgan & Wealth Without Wall Street:
https://go.wealthwithoutwallstreet.com/nextlevel
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Christopher Larsen is the founder and Managing Partner of Next-Level Income. Since “retiring” after 18 years in the medical device industry he dedicates his time to helping others become financially independent through education and investment opportunities. Chris has been investing in and managing real estate for over 20 years.
While completing his degree in Biomechanical Engineering and M.B.A. in Finance at Virginia Tech, he bought his first single-family rental at age 21. Chris expanded into development, private-lending, buying distressed debt as well as commercial office, and ultimately syndicating multifamily properties. He began syndicating deals in 2016 and has been actively involved in over $500M of real estate acquisitions.
In addition to real estate, Chris has invested in equities, oil & gas, and small business lending, as well as being active in Venture South, one of the nation’s Top 10 Angel Investing groups. Chris lives with his wife and two boys (and Viszla, Lucy!) in Asheville, NC where he loves spending time with them in the outdoors and enjoying the food and culture that the region has to offer.
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