Just Because...: Young, Fabulous and, of course, Broke...

Thursday, March 30, 2006

Young, Fabulous and, of course, Broke...

I've been reading Suze Orman's book, "Young, Fabulous & Broke" and I HIGHLY recommend it if you haven't read it. I am truly one of those Young, Fabulous & Broke people and have learned soooo much.

As with these type of books, I take my time and try to read only a chapter at a time. I speed read like a demon, however with a book that really makes me think, I'm going to take my time. This book, along with Oprah's Debt Diet, has been very inspiring. Suze Orman's show on MSNBC is quite good. Where else would I learn that there is now a 401(k) ROTH? I wouldn't have a clue.

With finances, I can balance my checkbook, track my money and fight a credit card company but when it comes to stocks & such, sorry - I let my family's finance guy or my father handle. My dad is a comptroller, so he always seems to enjoy this stuff. Me - I failed Accounting a few times in college. I just can't grasp Y + X = Csquared, ya know? Anywayz.. back to the subject at hand.

One of the things Suze talks about is only enrolling in your 401(k) until the match so, knowing that my firm only matches up to $250 per year, I didn't stress about not joining right when I started at my job. Plus, our family financial adviser, after reviewing my 401(k) materials, told me NOT to enroll because the firm administering the plan was shady. When we switched to a new firm administrator, I took a chance with the new company and signed up in January. Granted, it's only 3%, a small amount, but it was a start. Do you know that after my confession yesterday, I logged into my 401(k) plan site and was greeted with an increase of over $1,200.00.

HELLO - $1,200.00?? Needless to say, my jaw dropped, I logged off and relogged in, thinking they made a mistake and panic set it. Gotta love the Catholic guilt - I thought my benefits coordinator was going to bust a vein laughing at me as I sat there insisting that the 401(k) plan gave me too much money! He then clued me into our firm's ancient Chinese secret - profitsharing. All those hours I would spend at the office wrackin' my blonde brain and billing, billing, billing - well, it paid off.

I must have missed that nugget of intel somewhere in a haze as I had no clue that our firm participated in that.. Since I didn't enroll immediately when I started, I missed out on an extra $2,000.00. However, I'm not stressing over the coulda, woulda, shoulda - that can't be helped. Will I continue in the 401(k) - HELL YES! Puleaze.. if they want to give me free money, you won't hear a peep out of me. This plus our annual bonuses? I'm a happy little worker bee. He did tell me that some years we do not get profit sharing, dependent on how the firm does. That's fine - I'll roll the dice. Til then, I'm like Cuba Gooding - Show Me The Money!

Now, on to getting that IRA Roth started ;)

Posted by Lys :: 9:23 PM :: 0 comments

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Just Because...

Thursday, March 30, 2006