As you’re working to build your Freedom Generator, are you overlooking a secret source of money? A way that you can possibly double the amount of money you’re able to invest in your future… all without breaking a sweat?
Not only is this possible, but your employer, of all people, wants to make it happen. In fact, your job’s employer-sponsored retirement plan is an incredible way to beef up your Growth Engine and accelerate your Freedom… if you do it right. Here’s how:
Alert: Free Money
Got a 401(k), a 403(b), a Roth 401(k) or some other similar retirement account that’s offered by your employer? There are any number of names for all the employer-sponsored retirement plans out there. For the sake of simplicity though, though we’ll refer to your plan here simply as a 401(k). But, keep in mind that the concepts we’ll discuss generally apply to most company plans that you may be offered.
These days, if you put your money in a savings account, you’re probably seeing an APR of about 1%. If you invest your money into income-generating stocks, you’re doing well if your annual return is around 5%.
And, if you put your money into one of the accounts in your Growth Engine bucket, getting a return of 8% or more is pretty sweet.
But what if I told you that there’s somewhere you could get a guaranteed, 50% or 100% return on your money? There is! If your employer offers a matching contribution when you contribute to your 401(k), that’s exactly what you receive. A 401(k) matching program is specific to each employer but typically has one of these two formats: