In my process to learn more about my financial picture, I spend a lot of time reading.
Recently, I’ve been trying to figure out what a 401k is, if I have one (I don’t … yet), and seen that everyone says you’re supposed to have one. They are like your kidneys … sure you don’t need one, but good luck staying healthy long term without them. It’s one of the big things that personal finance advisors/experts say you need for retirement.
I would guess there are more of us that don’t know what a 401k is versus those of us that do (I’m now among the Do’s) (Yeah).
My Human Resources people at my place of employment are a little clueless sometimes, so I decided to ask my boss about it and find out if she had one. Good idea Blondie!!
Turns out my boss has a secret love for her Tax-Sheltered Annuities and gave me all kinds of helpful info as a rookie to the game. And most importantly, good places to start and things she would’ve done if she was starting over.
As it turns out, I actually should have a 403b (I work for a public institution) and now I know how to start one. And I’ll be taking care of that straightaway.
Just another thing to add to the list of things I wished I have known about years ago.
So if you’re sitting there scratching your head wondering what I’m talking about, you should go figure it out too. Ask somebody you trust and if they don’t know, ask somebody else until you figure it out. Ignorance is not an excuse.