What is the best kind of money? Free money, of course!

• A matching component is where they will give you essentially free money, the match, up to a certain percent. (01:15)
• Some plans might have a vesting feature or having to work there aka for a certain amount of time before you get the match. But nonetheless, a path to free money, a 100% return on what you put in. (01:52)
• So for example, you are making $100,000 and your work has a 5% match. By putting in 5% of your own money, you get another free 5% from the company. (02:05)

Quote for the episode: "You are essentially doubling your money, which is not helpful if you again are wanting to avoid accumulating wealth. Now if you are wanting to try to accumulate wealth, this is obviously a great way to go about it." (01:36)

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Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

that tend to weigh on us, stress us out, and distract our focus

from simply enjoying life.

Hello, and welcome once again to the Enjoy More 30s

Family Finance podcast. For all those people out there trying to

avoid being financially secure, we have our series 10 Ways to

Not Be a Millionaire. Now if you actually do want to be a

millionaire, not to worry, this series isn't just for those

people who are looking for financial instability. If you

avoid doing these 10 things, then you could be well on your

way to millionairehood as well. Each week I'll share a quick

step in this how to not be a millionaire process. So you know

what to do or hopefully what to avoid at all costs.

As always, before I begin, please share and like please

leave reviews, I'd love to reach and help as many young families

out there just like you.

Today's great tip on how to not be a millionaire is by Missing

the Match. Most people out there have a retirement plan at work.

Most of these plans likewise have a matching component. What

is a matching component you may ask. A matching component is

where they will give you essentially free money, the

match, up to a certain percent. So if the match is 4%, then if

you put in 4% of your own salary, they will give you a

free 4%. So if you want to not be a millionaire, this is

certainly something that you are going to want to be avoiding.

You are essentially instantly doubling your money, which is

not helpful if you again are wanting to avoid accumulating

wealth. Now if you are wanting to try to accumulate wealth,

this is obviously a great way to go about it. What is the best

kind of money? Well, free money of course! Some plans might have

a vesting feature or having to work there aka for a certain

amount of time before you get the match. But nonetheless, a

path to free money, a 100% return on what you put in. So

for example, you are making $100,000 and your work has a 5%

match. By putting in 5% of your own money, you get another free

5% from the company. So essentially an equivalent to 10%

of your salary every year is going into your plan. In 30

years at 7% you wind up at $1 million. If you are trying to

not be a millionaire, this is obviously something you'd want

to avoid. Saving somewhere else and not getting the match means

you would only get the 5% you put in no free money whatsoever.

So after the same 30 years at 7% growth, you only end up around

$500,000...much, much, much less. Overall I think it is more

than clear that missing the match is a fantastic way to not

be a millionaire.

Thanks for tuning in today and join us for next week's episode

on how to not be a millionaire, Rushing Past the Roth. As

always, please remember to review and share for others and

if you need any help, don't hesitate in reaching out. I

probably have helped someone just like you. Until next week.

Thanks for joining me today and I look forward to connecting

with you again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal, tax, or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer, or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS Securities, Inc., and TFS Advisory Services an SEC

Registered Investment Advisor, Member FINRA/SIPC.