what's up YouTube this is Ryan Hildreth
and today we're gonna talk about the
number one mistake employees are making
which is not contributing to a 401k 401k
isn't an investment slash retirement
account that employers offer you and
they will also contribute to as well so
it's the fastest way to increase your
income get free money from your employer
and grow your retirement account see
employers actually they want you to
up to a certain percentage of your
contribution so usually it's around five
percent of the limit contribution which
is eighteen thousand five hundred
dollars so if you were to you know
invest eighteen thousand five hundred
dollars into your 401k your employer
will most likely contribute up to five
percent of that number which is free
money so if you put in a thousand
dollars they're gonna put in a thousand
dollars for you
you know most employees are waiting for
that three thousand dollar raise that
they're gonna get maybe every year and I
and I don't understand because that
three thousand dollar raise is only
keeping up with inflation so it's only
keeping up with the price of goods so
really it's not doing anything whereas
if your employer contributes tax
deferred money to your 401k that's
really raising your income because it's
not only just money given to you for
free like here you go here's money for
your investment account but it's also
tax deferred so you're not paying taxes
on it until you take distributions from
it when you're fifty nine and a half or
when you retire that's when you'll pay
taxes on the money but for right now I
suggest opening up a 401k as soon as
possible so when you invest a thousand
dollars let's say you
invest a thousand dollars into your 401k
they're gonna take a certain percentage
out of your every paycheck throughout
the year and they're gonna put it into
this 401k investment account it's going
to be managed by a mutual fund manager
usually your employer will partner up
with Vanguard or fidelity you could
always look that up just to you know
check but you you're definitely gonna
want to contact HR and make sure that
you have a 401k set up with your
employer so when you invest the thousand
dollars it's going into a mutual fund
usually your employer will set like a
it'll go automatically into a target
date retirement fund which is not very
optimal so if you have a 401k and it's
going into these types of funds contact
me at Ryan Hildreth rh @ gmail.com and
we can go over which funds will be
optimal for you to put your 401k money
into but basically you know 401k money
goes into these funds which are a basket
of stocks so not very not too risky your
your portfolio won't swing too much but
it doesn't matter because either way
you're investing for the long term for
your retirement so you're not worried
about fluctuations in your portfolio
you're just you're wanting that
portfolio to grow each year and then
when you're ready to retire you're gonna
be taking distributions from your 401k
via dividends the companies that pay
dividends you're gonna they're gonna pay
basically that's gonna be your income so
if you don't have real estate you know
rental properties any type of
investments then what do you have for
your retirement or for later on in life
when you you know don't have enough
energy to work maybe you want to travel
maybe you want to retire you don't want
to work for the rest of your life what
investments do you have right now if you
have none the easiest way is to open up
a 401k with your employer and contribute
as much as you can within reasonable
means you don't want to contribute so
much that
living paycheck-to-paycheck but you do
want to contribute enough so that your
employers will match you a hundred
percent they'll match you one for one
and if they don't I you know I highly
encourage you to open up a independent
retirement account and/or also known as
an IRA or a traditional investment
account but what you should do right now
is make sure you have a 401k if you do
contact me and we could talk about the
different types of funds that you're
investing your money into and you should
know this you should know where your
money is going within your 401k and
which funds you're putting your money
into if you don't have a 401k do contact
HR right now and do that it will help
you in the long run you will thank me in
the future I look forward to talking
with you and good luck
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