When you think about growing your 401(k), it’s crucial to think of it in context of the growing penny analogy. The ultimate challenge is to stick to it in over long, drawn-out periods of apparent boredom (and even setbacks) so that the future size can be realized.
Why Do You Need a 401(k)?
You’ve been hearing about 401(k)s for months, maybe years. From your parents, some “Financial Management” course you took at college for an easy ‘A’, and now the HR department at work sends a steady flow of emails about your company 401(k) which are confusing and usually deleted. So why do you need a 401(k), really?