2021-08-09 13:41:11
Newmoney-investment.com
Contribute to your 401(k) only enough to maximize the employer match. Once your $1,000 emergency fund is neatly tucked away in a safe location, adjust your 401(k) contribution at work to take advantage of all the free money the employer gives you.
Usually, your employer will match your 401(k) contribution up to a certain level (typically, a percentage of your salary). Example: If your employer matches 50% of the first 5% of contributions, contribute 5%. If your employer matches up to 3%, then contribute only 3%.
The best return on your money is a risk-free match from your employer; take full advantage of the free money. If you do not have a 401(k) or an employer match, skip this step. Remember, you should not be working on the next step until you have completed the previous one. If you are contributing to your 401(k) and the breaks on your car need to be repaired and the cost is $500, pay for your breaks but then go back and make sure you bring your savings back to $1,000.
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