$10,000! ($91,992)

That’s the current balance in my 401(k).  I just started investing in a 401(k) in 2014, at age 30, but what’s done is done.  This also includes vested and unvested balances–I’m hoping I stay with the company long enough to be fully vested, and I’m finding that time is flying by working there.  One of my coworkers in particular emphasizes the need to max out my contributions ($17,500 last year, $18,000 this year — without accounting for matching contributions), but I’m just not there in my life yet.  I’m hoping we can look seriously into adding to this, once hubby is working come (hopefully) next fall.  Hopefully he’ll also have some pension benefits and better health insurance than what we currently have under my plan.

This, the equity in the house and our house fund puts my net worth closer to ($80,000) in reality, but I like showing the conservative number. Hopefully it will act as a better incentive to keep working to get out of the red.

4 thoughts on “$10,000! ($91,992)

  1. Definitely get your max matched contribution, or you would be throwing away free money. However, you are young and I would consider looking into a Roth IRA instead of going for the max un-matched contribution at work. With the Roth, you pay taxes on the your contributions now, but not when you withdraw them 35 years from now. I am by no means an expert so, if you have a financial adviser, you should ask them about a Roth vs. 401k.

  2. I think I’ve always kind of assumed that because I make good money, I’m probably in a higher tax bracket now than I will be in retirement, but especially now that we’re married, I don’t think that’s the case (and may not have been before). A Roth is also a lot more flexible (which is generally a good thing, but might be bad for me if it’s too accessible). When I get my first paycheck of the year with my revised deductions I may look at adding some money to a Roth as well.

  3. Thanks for following me! I’m glad to find a like-minded blogger about money and debt, so I really appreciate it. I look forward to reading more of your blog in the future!

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