I'll hold your money!
1 rating since posting on Monday, February 7, 2005|
in Everywhere
(submitted by
Smokey
)
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Overall Rating  based on 1 rating |
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401K's are good because whatever you put in there comes out of your annual income. Meaning, if you make $50,000, and you put $10,000 into your 401k, then for tax reasons, you only made $40,000 in that year. So not only are you saving money, usually at a lot higher rate than a savings account, you are also saving on taxes that go to Bushies war. There are many things you can do with better rates of return than a 401k, but unless you REALLY know what you are doing, you can lose money. 401ks are good for people that don't know much about investing and pretty safe. I'm doing the 401k deal too. Make sure you research which funds to contribute to. They should send you a prospective for each fund you are eligable to contribute too. Younger peeps usually want more aggressive funds while older peeps usually want more conservative funds. - Smokey , posted 02/07/05 |
