4 Financial Mistakes You Must Avoid When Employed In The USA

I cannot emphasis on this mistake enough. Please opt in for 401K offered by your employer. If your employer is making an equal contribution, you are leaving money on the table. It would not take you more than 5 minutes to open the account and opt in with the AMC (Asset Management Company) your employer has chosen. 401K is a retirement fund for you. Opted in by you. And contributed in by you and your employer. It is like your employer is saying ‘I will contribute to your retirement fund, only if you contribute your share’. The money you put in 401K is tax deferred, that is, you don’t pay tax until you withdraw the money. A colleague of mine, had been working in the US for 10 years and had not opted to take 401(K) offered by his employer. He did not know what 401(K) was. Under the garb of work, he ignored those essential non work related emails. Considering a base salary for $60,000 with 3% employer match, he lost $1800 per year. That is, $18000 over 10 years. That is the least amount he lost. This does not account the growth his retirement fund would have experienced over the decade being invested in markets. <a href="https://medium.com/@vikrant.jagtap/4-financial-mistakes-you-must-avoid-when-employed-in-usa-feeac20e020d">Learn More</a>