MAXIMIZE YOUR 401(K) OR YOU’RE LOSING MONEY - #outrightminute

Let’s talk about your 401(k) in today’s #outrightminute .

Is it the only investment you should make? No - but I’m a firm believer in long-term market investment. Benefits of a 401(k):

1. According to a study by Fidelity, the average 401(k) balance grows from $64,900 to $482,900 after just 15 years.
2. While the market has its ups and downs, over time it usually grows incrementally.
3. The money is pretax, so it comes out of your paycheck pretax and that tax is deferred to when you withdraw.
4. Most people suck at saving. Having the money automatically withdrawn is an easy way to save.

And the kicker is that some companies match up to a certain amount of contribution. If you work for a company that matches, like Tigerfitness.com, it’s literally free extra money - like a raise.

There certainly are downsides, like being penalized if you withdraw early, but in my opinion a 401(k) should be a part of everyone’s financial portfolio if possible.