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33 Things Everyone Should Stop Doing In Their 30s

 
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maysay1 View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 10:57am
Oh definitely. I just think in general, like if I were recommending to someone else, contributing to a 401k would be way down on the list of priorities. Debt, reducing expenses, emergency fund (1yr expenses), increasing your worth in your job, then 401k to the company match.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 10:58am

sounds good to me maysay
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jonesable Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:02am
Part of the benefit of a 401k is because of the tax benefits .
Plus you can make a contribution before any taxes are taken out.
 
While its under management you get a whole slew of benefits .
 
Top it off with most ppl just arent good with money and stashing it aside before you get a change to negotiate with yourself about how you need some useless thing is a good plan for most ppl.
 
Plus you can contribute as little as 1% so it doesnt have to really really cripple your day to day expenses and seperate savings.
 
 I would def tell ppl to contribute as much as early as they can
 
 I really havent a good excuse why someone shouldnt.  


Edited by jonesable - Jul 01 2014 at 11:03am
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Post Options Post Options   Thanks (1) Thanks(1)   Quote OoDles O Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:04am
Quote Sleeping away your entire weekend instead of doing something fun or productive.

No.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jonesable Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:08am
Plus if you start earlier you usually in standard cases end up with more money than those who start later and even contributed more.
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maysay1 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:10am
The accepted wisdom is that 401ks are generally a good thing, which I don't deny.

If a person wants to contribute then they should, up to the company match. Then, if they're under the income limit, it makes more sense for a lot of people to contribute to a Roth IRA instead of a 401k. Yes it's with after tax money. But the benefit is that there's no penalty for withdrawing contributions.

Definitely agree that all savings should be automatic. Whether they're going to your 401k, your Roth, or your savings account. That way you don't have a chance to miss the money.
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maysay1 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:12am
Originally posted by jonesable jonesable wrote:

Plus if you start earlier you usually in standard cases end up with more money than those who start later and even contributed more.


Compound interest is a wonderful thing.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote jonesable Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:14am
There are a slew of benefits to both. I say contribute to the one that suits you best
But for those who start younger I would contribute to Roth more..

Edited by jonesable - Jul 01 2014 at 11:22am
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maysay1 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:19am
That's why personal finance is personal.

There are general benefits but then it comes down to the individual's situation. A lot of companies 401k options have ridiculous fees or no company match or other drawbacks. There's just a lot of variables.

But yeah...start saving early, and save as much as possible. That applies to everybody. However they're going to do it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jonesable Quote  Post ReplyReply Direct Link To This Post Posted: Jul 01 2014 at 11:22am
Of course that's true.
Look and see what your company offers and how they plan to help you maximize your contributions
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