Your annual salary is not the only thing you should consider when it comes to your compensation at work- you also need to take a serious look at your other benefits. Some of them are straightforward line items on your paystub like retirement plan contributions, but others might be offered more as informal company perks like wellness classes. Hopefully you’re taking full advantage of all of those offerings. But if you’re not, realize that not utilizing those benefits to their fullest potential can be akin to leaving money on the table (and possibly even more money than you realize due to their tax advantage)! You may not be interested in every single option, but it’s at least worth doing a little digging to see what is available so that you can make the best informed decision possible when it comes to compensation.
Additional links from this episode:
- The money game we talked about at the beginning of the episode: Money Habitudes
- Employers are able to pay towards student loan balances.
- HSAs are the best retirement accounts out there!
- Here’s a listener questions episode where we tackled ESPP (employee stock purchase plans)
- If you’re an employer looking to offer 401k plans, check out Guideline.
During this episode we enjoyed a Koko Buni by Creature Comforts. And as we’ve kicked things off with a bang in 2021, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!
Best friends out!