If you're leaving an employer match to your 401(k) at work on the table, you're denying yourself an automatic pay raise.
I saw a stat from benefits company Hewitt that found almost one in three people are eligible for an employer match in their 401(k) but don't take advantage of it.
Here at the radio station, our employer offers a match of 50 cents on every dollar up to the first six percent you sock away. I cannot believe how many people don't contribute a cent to their 401(k) at work. Why would you give up a raise at a time when you can't scare one out of your boss?!
Think of an employer match like a bribe to get you to save money. I want you to take the bribe.You'll also be happy down the road that you put that money aside because it will be there to grow for you over the years.
My executive producer Christa started saving in a 401(k) at work when she was 22 at her manager's suggestion. Now she's sitting on a nice nest egg in her late 30s.
If you feel you couldn't possibly do a 401(k) because there's no room for any savings, I want you to start by saving just one percent. Then, six months from now, bump your contribution up by just another one percent. After five years of that, you'll be saving 10% of your pay before any employer match!
But by doing it one percent at time, you won't notice the difference in your paycheck because it's all little baby steps.
I saw a stat from benefits company Hewitt that found almost one in three people are eligible for an employer match in their 401(k) but don't take advantage of it.
Here at the radio station, our employer offers a match of 50 cents on every dollar up to the first six percent you sock away. I cannot believe how many people don't contribute a cent to their 401(k) at work. Why would you give up a raise at a time when you can't scare one out of your boss?!
Think of an employer match like a bribe to get you to save money. I want you to take the bribe.You'll also be happy down the road that you put that money aside because it will be there to grow for you over the years.
My executive producer Christa started saving in a 401(k) at work when she was 22 at her manager's suggestion. Now she's sitting on a nice nest egg in her late 30s.
If you feel you couldn't possibly do a 401(k) because there's no room for any savings, I want you to start by saving just one percent. Then, six months from now, bump your contribution up by just another one percent. After five years of that, you'll be saving 10% of your pay before any employer match!
But by doing it one percent at time, you won't notice the difference in your paycheck because it's all little baby steps.
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