at least take your 401k at work..... dammit

[hmgROCK]

all my family member, relatives, and friend.
a lot of them don't even take the 401k at work.
they have zero investment.

i ask them why
and they just say something dumb like "i don't need it"

listen people
at least take the 401k at work, ok
you will be wealthy in the long run
don't just put like 2% or 6%
really put like 10-15%

[Yebleng]

10-15%?  ...me no money for me honey

[hmgROCK]

10-15%?  ...me no money for me honey

Just going get tax (give to Uncle Sam) anyways.
Mind as well save it for your future self

Or

You can always start a gofundme whenever someone die
Up to you

[w1s3m0n]

H, you cannot help stupid bro.  That's just the damn truth.  I stopped giving advice because people will call you a jerk or bragger.  Only when people ask do I open my mouth unless it's my sibling or 1st cousin.  2nd cousin might get offended too.  In laws I may or may not...mostly don't.

It's pretty good to see your growth over these many years. 

[hmgROCK]

H, you cannot help stupid bro.  That's just the damn truth.  I stopped giving advice because people will call you a jerk or bragger.  Only when people ask do I open my mouth unless it's my sibling or 1st cousin.  2nd cousin might get offended too.  In laws I may or may not...mostly don't.

It's pretty good to see your growth over these many years. 

Yea
A lot of brothers don’t even take the 401k at work
I mean it is so stupid easy
It’s all done for you

You don’t even need to do anything
They will invest for you

At least take it.

If you want a better option
Check out a Roth IRA
Way better than 401k

[DuMa]

My work puts 8% of my salary income into the 401k without me putting anything in. 

Is that better than putting money in and they 100% match it? 

[hmgROCK]

My work puts 8% of my salary income into the 401k without me putting anything in. 

Is that better than putting money in and they 100% match it?

Damn that’s a nice workplace benefit
Usually they match you.
So if you put 6%, they match 6%

So you put $50, they give you $50 for a total of $100
That’s a 100% return right there.
Free money

USUALLY... different workplace, different policy

Again, if you don’t want anything to do with investing
401k workplace is the way to go.
They do everything for you.

But if you making less than $100k you might wanna make a ROTH IRA
And pick those targets date index I tell you



In your situation, I would do 8% contribution 401k along with that 8%
And put the leftover into the Roth IRA


I have a Roth, 401k, and  taxable brokerage account that I do active day trading

[hmgROCK]

Reason why I like Roth IRA
You have more control and positions

I can make money going down
And make money going up

I’m more active trader

For example: I sell all my Facebook stock $170 when that data thing leak, and buy them at $155.
So now I have more Facebook share than before. If it climb up, which I predict will. I will be even more richer.

Again, I don’t recommend you buy single stock
Unless you know what you are doing

Sooo we do index

[Yebleng]

8% match is nice.  My company is fairly new and they're only matching 4% .  maybe that number will grow in the future.

[SummerBerry]

Everyone is different.... hardship/struggle hit them they will take that 401k out.  Some just have $$ problem and will risk taking it out too. 

I have a uncle who took out 30k just to cashed out his truck after paying it for a while. 

I have my bil who took out 40k just to cashed out his car too. 

[DuMa]

8% match is nice.  My company is fairly new and they're only matching 4% .  maybe that number will grow in the future.

Not 8% match.  I put nothing in, they just put 8% of my annual salary into it for free. 

Free Medical like they don't take deduction from my paycheck either.  If I'm married n my wife benefits covers me, I can opt out so whatever they pay for insurance, they gonna pay me instead.  Like $400 a month or something like.  A coworker is doing that and he takes that money and buys himself a new car.  So it is like the company pays for his car. 

There is also a ride sharing program.  If you declare car pool with a couple worker, the driver gets $200 a month.  I was planning to do that with my other co worker.  He lives locally in San Jose but I do not.  If I declare that I live at his address then we can milk it n split it.  No one can verify this.  We arrive to work in separate cars, all under the radar. 

12 payed holidays a year including Chinese new year's wtf right?

300 hours of PTO cap and must use it or lose it or can take the option of cashing out at the end of the year but why do that when tax is about 40%?

Xmas bonus check in the thousands.  My tier is $3500 last year after tax.  Top tier for higher ups is about 10 grand I heard. 

This is nothing.  Other companies in the bay area are competing with other companies and uses their benefits to lure good talents. 

I also declared 5% of my paycheck to buy their stocks.  I have not even look at my portfolio.  Too scared to see or don't care.  Been at this for the past 10 years I'm working at this company. 

So yes, I have a retirement plan going on.  I could probably done better had I had a personal finance advisor. 

[hmgROCK]

Everyone is different.... hardship/struggle hit them they will take that 401k out.  Some just have $$ problem and will risk taking it out too. 

I have a uncle who took out 30k just to cashed out his truck after paying it for a while. 

I have my bil who took out 40k just to cashed out his car too.

The whole point of this thread is to get people to invest
A lot of Hmong brothers and sisters don’t sign up for the 401k
They have no retirement account

It the sad reality truth
They just rely on social security which might not be there


Summerberry

I think you are a stay home mom right?
You will need to do a Roth IRA since 401k is only at work
Since your husband work, you can deposit 5,500 every year
Invest all of it in a target date index
You will be rich in the long run

http://www.pebhmong.com/forum/index.php/topic,393701.0.html

[hmgROCK]

Not 8% match.  I put nothing in, they just put 8% of my annual salary into it for free. 

Free Medical like they don't take deduction from my paycheck either.  If I'm married n my wife benefits covers me, I can opt out so whatever they pay for insurance, they gonna pay me instead.  Like $400 a month or something like.  A coworker is doing that and he takes that money and buys himself a new car.  So it is like the company pays for his car. 

There is also a ride sharing program.  If you declare car pool with a couple worker, the driver gets $200 a month.  I was planning to do that with my other co worker.  He lives locally in San Jose but I do not.  If I declare that I live at his address then we can milk it n split it.  No one can verify this.  We arrive to work in separate cars, all under the radar. 

12 payed holidays a year including Chinese new year's wtf right?

300 hours of PTO cap and must use it or lose it or can take the option of cashing out at the end of the year but why do that when tax is about 40%?

Xmas bonus check in the thousands.  My tier is $3500 last year after tax.  Top tier for higher ups is about 10 grand I heard. 

This is nothing.  Other companies in the bay area are competing with other companies and uses their benefits to lure good talents. 

I also declared 5% of my paycheck to buy their stocks.  I have not even look at my portfolio.  Too scared to see or don't care.  Been at this for the past 10 years I'm working at this company. 

So yes, I have a retirement plan going on.  I could probably done better had I had a personal finance advisor.

Yes that’s really nice workplace benefits
I wish mine offer a free 8% no strings attach

Unfortunately for a lot of us, they only match 1-6%
So if you don’t put anything, you get nothing


What I would personally recommend for you is
To start contributing 8% too, along with the free 8% to your 401k

You say you doing 5% of paychecks to buy your company stock
That is a no no no, we don’t buy individual stock
Even if it’s our company we work for
They might go bankrupt
You want an index broad market, where you own tons of different stocks
If one goes under, you will be fine

If you don’t have any other retirement accounts

Can’t stress it Enough
INDEX YO