Friday, November 3, 2017

FINANCIAL FRIDAY






Happy Friday! I pray you are having a great week! For most employees in America this is the time of the year that you have the option to re enroll in your employer benefits program. It normally includes health insurance and retirement plans. The most common employer sponsored retirement plan is a 401k. In my opinion these plans are valuable and help to retain employees. These plans are pretax and some employers will match the employee contribution dollar for dollar or up to a certain percentage. The deduction from your check is made automatically making the process to save very easy. 

Remember this is an investment so as mentioned in last Friday post here do your research on which retirement plan you are choosing. The plan administrators are not advisors so they can't advise you on what to choose. Therefore understanding your risk tolerance is vital to choosing the right investment model. Last, be consistent with your savings. You are trading your valuable time for money by working a job. Therefore, make it all worth it by contributing consistently to your future so in your later years you can retire financially free.

Once you have contributed  enough to a 401k and you have an adequate emergency fund then you are in a great position to seek out other investment options outside your job. These other options will be another buffer to make sure you have enough money saved towards your financial freedom plan.

As always thank you for your support! Have a blessed rest of the week!



3 comments:

  1. The 401K sounds interesting - we don't have that here but we do have superannuation which might be similar? Basically you pay into it while working and you get it back once you're retired.

    Love the red bag with your outfit too :)

    Hope you are having a lovely weekend :)

    Away From The Blue Blog

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    1. Hi Mica! Yes it works similar to the Superannuation. Therefore, the process of understanding where it's invested and how to maximize your growth potential is important.
      Thanks. A dash of color really helps with a basic outfit.
      Have a blessed weekend!

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    2. Ah, I thought it was similar! Thank you! :)

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