How To Download Music From A Cd To My Phone Making Money Work

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Making Money Work

As I began my journey to the end of my career, I looked at the messages I had received throughout my life about money and the idea of ​​saving money. Of course, as a young person, I never thought much about saving money. After all, I was young and I had plenty of time to save.

It is a plan made with desire and imagination. A plan that gives me all kinds of money to go to a party and puts me on the path of self-destruction. While I had some great times, even a little crazy, the memory kept holding on to me. One life. But those memories did nothing for me when I was in an emergency.

It got to the point where I could justify not saving money. After all, with all the debt I have, how can I save a penny? The question should be, how can I not save a penny?

One of the easiest ways to save money and get a pay raise is through your Workplace Pension Plan (401K). People do not do it because it goes back to my initial belief that I was young and I would worry about it at Tomorrow.

Let’s take a look at a simple example of how it can help. This is just an example that uses a simple financial amount. You make $ 1,000 a month. Let’s say 20% is taken for tax. Your rent is $ 800. That’s everything you do for months, so saving money is impossible, right? I say. Wrong.

I am still learning UK pension plans so I will use the 401K model I used as well. Let’s say your employer will match your contribution by up to 5%. So if you enter 2%, they will contribute 2%. If you put 3%, they do 3% and continue up to 5%. So if you contribute to 401K and contribute only 2% (in this example) you will lose money. You are losing 3% of the money that your employer will contribute.

In the example above, based on a 100-hour work month, your hourly wage is $ 10. With a 2% contribution to the 401K that your employer corresponds to, your monthly salary has increased by $ 20. An increase of 20 cents per hour. So the hourly wage rose to $ 10.20. But without taking advantage of the maximum 5% employer, the employee will lose $ 30 per month and 30 cents per hour.

Yes, to get this increase you will have to give money from your check that you say you do not have. 401K contributions are taken into account before tax. So if you take 5% of your $ 1000 monthly check, your taxable income is $ 950. Then the 20% taken from that amount leaves you with a $ 760 check. Loss of $ 40. But you are adding $ 50 to your account and your employer is adding another $ 50. So for the month you added $ 100 to your account, which was only $ 40.

These are simple figures, but it is crazy not to use a pension plan to your advantage. I have heard from people in the UK that the plan is rubbish. The only bad plan is no plan. To take advantage of any project, contribute at least the maximum amount that your employer matches and review your plan as well. Many plans offer different investments to increase your money. From simple security plans such as bonds and CDs to more risky investments from international funds.

Do not view the plan as rubbish. Watch it, invest in it, and plan for your future.

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