A Quote by Jean Chatzky
If you're just starting out in the workforce, the very best thing you can do for yourself is to get started in your workplace retirement plan. Contribute enough to grab any matching dollars your employer is offering (a.k.a. the last free money on earth).
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Take free money. No matter how in debt you are, if your employer offers a matching contribution on a 401(k) or other retirement vehicle, you must sign up and contribute enough to get the maximum company match each year. Think of it as a bonus.
Working for company X and having a substantial portion of your retirement plan in company X is simply exposing yourself to too much risk, because the company is both your employer and the source of your retirement income. So if something goes wrong, you lose both your job and your retirement plan.
What really matters in a workplace, what helps an employer if you've got a unionised workforce is if your shop stewards know the rules of the game, if your safety reps are taught to be able to examine situations to make sure the workplace is more safety. Better informed delegates, better workplace safety saves companies money. Unions are very good at safety. We are good at teaching delegates how to resolve disputes.
Your employer is the last person you should want to provide for your healthcare, from a privacy, financial, and value standpoint. Employees with families should get the family, meaning spouses and children, off the company plan. In most cases, that will save them money.
Automate your savings so that you have money taken directly from each paycheck and deposited into a 401(k) or other workplace retirement account. If that's not an option, automatically have money transferred out of checking into savings each time you get paid.
You, your employer and your plan's investment managers fail to follow even the most basic rules of investing. You overtrade, chase performance, do not think long term. All of you - All Of You - have done a horrible job managing your retirement plans.
You get to a point where you have to start planning, when you cross that line where you have enough value to get someone's movie made if you attach yourself to it, you have to be very thoughtful and have to plan. When you're starting out, you're willing to do anything.
Do the stuff that only you can do. The urge, starting out, is to copy. And that's not a bad thing. Most of us only find our own voices after we've sounded like a lot of other people. But the one thing that you have that nobody else has is you. Your voice, your mind, your story, your vision. So write and draw and build and play and dance and live as only you can. The moment that you feel that, just possibly, you're walking down the street naked, exposing too much of your heart and your mind and what exists on the inside, showing too much of yourself. That's the moment you may be starting to get it right.
There are a lot of little tricks you can do to inject a bit more time into the day. Most important is limiting yourself to a 40 hour week, not working 50 hours or 60 or 70. It's just crazy. It's actually irresponsible to you and irresponsible to your family and friends. Why should your employer's profits be more important than your own family? You're not even going to get any of the profits - all you get is not losing your job. It's a very negative system.
What separates people that create from the people that don't is just one's ability to take action despite the fear, you know? Or to suspend the fear, or more commonly, the voice of judgment within yourself that says, "This isn't good enough. You don't deserve to do this. You're not worthy. Your expression isn't meaningful. You have nothing to contribute, just get back to your 9-to-5 job." It's not so much that I don't have all those same voices, it's more just that for some reason as a kid I was shameless enough that could plow through them for long enough to get something on the table.
The idea of working all your life, saving, and putting money into a retirement account is a very slow plan.
Compare yourself not to others, but only to the vision you hold within your heart. Dedicate your life to a cause greater than yourself and watch you get beyond yourself. The very thing that someone told you that you would never be able to do may just be the very thing you are destined to do.
Let's be honest, you're very selfish in your twenties, and in your thirties you are just trying to get a down payment for your flat or enough money to pay your bills.
Just slip out the back, Jack, make a new plan, Stan, you don't need to be coy, Roy, just get yourself free. Hop on the bus, Gus, you don't need to discuss much, just drop off the key, Lee, and get yourself free.
Are you not compelled to work for an employer? Your need compels you just as the highwayman’s gun. You must live … You can’t work for yourself … The factories, machinery, and tools belong to the employing class, so you must hire yourself out to that class in order to work and live. Whatever you work at, whoever your employer may be, it always comes to the same: you must workfor him. You can’t help yourself. You are compelled.
Absolutely invest in retirement. You can always get a loan to get kids through school. I do not know of any loans to get you through retirement. The markets are seriously low from where they were (even though they've gone up 30 percent recently). Now is the time to be dollar cost averaging; the more money you put in, the more shares you buy. Save for your retirement, people.
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