Money Matters
Mom987
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
401(k) contribution
Hi everyone! I work for a small company and have this "fear" that if I increase my 401(k) to 10-12%, they would get the impression I don't really "need" the money in terms of receiving raises in the future. I know it is silly. Anyone else have thoughts on this? I would like to increase it pretty soon maybe if we can refinance our house.
Thanks!!
Thanks!!
Re: 401(k) contribution
I work in a small company also (14 employees). Our boss views you as a valuable employee if you're contributing a good amount. He says that if you're being responsible with your own money, then you're going to be responsible with the company's money. Even if you don't directly deal with it. So I don't see where it could be a bad thing up increase your retirement.
Either way, it is your personal money, and what you choose to do with it shouldn't make a difference in your raises.
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I can understand your concern. If they aren't matching your entire contribution perhaps you can contribute the percentage they match in your employer's plan, and the rest you can set up an IRA through a brokerage account for.
The other possibility that would concern me would be a layoff scenario. My company has been having layoffs lately and we are large enough that they do it based on performance, but in a smaller company if it came down to you versus another person and they felt sorry for the other person becasue of that person's financial situation, it could possibly sway their decision. Is this likely? Probably/hopefully not. But it's possible. You can already assume it wouldn't be one of the 4 family members that would be cut, so it would be between 3 of you. If you have 100,000 in your 401k, and someone else has none the employer might think well at least so and so has some funds to fall back on, let's cut her. My husband has a pretty god joob and makes a good income, and we are definetly much more comfortable in our financial situation than most of my coworkers who have spouses in diferent fields. I never discuss finances with anyone (other than this forum lol) and especially never at work becasue I don't want he boss to be less hesitant to lay me off just because I can afford to lose my job.