About Us  > Blog

Are you throwing money away? What about your 401(k)?

Sometimes really smart people do things which, well, aren’t so smart. Here are a few common examples of how some people throw away money.

 

Fund your 401(k) – at least as much as is matched by your employer
If your boss offered you a $3,000 raise, what would you do? Turn it down? Say “no thanks”? If you’re not taking advantage of your firm’s 401(k) matching program, that’s exactly what you’re doing.

Many corporations that offer 401(k) plans will match employee contributions up to a certain level. This is free money!!!! Granted, you don’t have access to your money until retirement age without paying a penalty, but still – It’s free money!

As an example, let’s say your salary is $50,000 a year and your employer matches your 401(k) contribution up to 3% of your salary. That means if you invest 3% or your salary, or $1,500, in your 401(k), your employer will also contribute $1,500 – Free money!

If ever there was a good reason for living below your means, this is it. Cut down on your expenses so that you can contribute the maximum amount matched to your 401(k). Hopefully, you can fund your 401(k) even more, to the maximum amount allowed by law. But put in at least as much money as your employer will match. After all, you wouldn’t turn down a raise, would you?


Leave a Comment

Prosper moderates all comments and will approve those that are directly relevant to the post. We do not publish comments that are spam, are offensive or appear to pass you off as another person.

(required)
(required) Email will not be published.
 

Comment Policy

 

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word


posted in Borrowers no comments »

Connect with us

Search

Borrowers

Prosper Marketplace Announces Acquisition of American Healthcare Lending

By Prosper on 01/27/15   [ 0 ]

Today, Prosper Marketplace is excited to announce its first-ever acquisition — American Healthcare Lending, a leading patient financing platform. This is an important step in expanding our capabilities and bringing our product into a market where we believe it can make a positive impact. Healthcare lending is a growing industry, and one that we’re excited [...]

Read More

Prosper Updates its Data Policies and Reiterates Commitment to Investors and Data Quality

By Prosper on 01/26/15   [ 1 ]

Prosper has recently made the following updates to its API and data files: 1. As of January 25th, historical data for each calendar quarter will now be made available 45 days after the close of the quarter. 2. Investors on the Prosper platform will still have access to the same data for new listings as [...]

Read More

Starting 2015 with Community, Quality, Partners and Focus

By Prosper on 01/7/15   [ 3 ]

We’ve just wrapped up 2014 and what a year it has been for everyone in our industry. First and foremost we want to say thank you to our customers, partners and investors. We could not have done it without you. One of the big highlights of 2014 was our $2 Billion Strong Photo and Video [...]

Read More

« Older Entries

Monthly Archive


Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.