SwiftOnSecurityDec 1, 2022
One of my biggest regrets was not contributing to my 401K with matching employer funds starting when I was 18.
Do NOT fuck this up if you can manage it financially. I've been contributing overtime recently and I'm still in a deficit.
Go login to your employee portal and fix it. It's fucking free money.
Show threadSwiftOnSecurityDec 1, 2022
I promise you all those stupid electronic gadgets and frivolities you're buying because you now have a steady paycheck are absolute bullshit you'll wonder why you ever thought were a good idea. I set so much money on fire holy crap.
Show threadSwiftOnSecurityDec 1, 2022
The tragedy of youth is we usually have to learn the hard way what we've heard, but not yet experienced.
Don't let this be one of the dumbass mistakes.
Show threadSwiftOnSecurityDec 1, 2022
https://twitter.com/gilrglover/status/1598113128256278528?s=46&t=Xp5mxWQQq1Emqdp5a7r7Ng
gil r. glover on Twitter

“@SwiftOnSecurity I've led some large oganizations and it always drove me nuts I couldn't get all employees to participate in our 401k. "Fucking free money" is not hyperbole. It also gives many their first shot at learning about investing and markets if they're given options in the funds used.”

Twitter
Show threadLee Holmes Dec 1, 2022
@SwiftOnSecurity Depending on options, self-directed 401k can quickly go the wrong way. Letting people self-direct into index funds based on estimated year of retirement makes sense. But I also see people wanting to self-direct into individual stocks (and I assume Bitcoin etc.) and that sets them up for failure.
Show threadSwiftOnSecurity
@Lee_Holmes tell me more?
Dec 1, 2022 at 12:58amWeb
Show threadLee Holmes Dec 1, 2022

@SwiftOnSecurity Many companies let you invest in "the 401(k)", where that money goes into some avenue that the company has chosen. This is often a low-cost index fund or the like. Better companies let you select more specifically where you want to invest that 401(k) money - for example, the S&P500 or index funds that auto-balance depending on your expected year of retirement.

Where it can get risky is companies that let you invest in individual stocks or high-growth / high-risk funds.

I'm all for letting people be adults and make their own mistakes, but the 401(k) is a bad playground for that.