What I Did With My 2 Week Paycheck 3/30/2016
I slacked off in February, working very little extra which is why the paycheck is a little anemic. When I pick up extra shifts not only do I get somewhere around $109/hour but I am matched dollar-for-dollar at 21%. If I work 10 hours extra I wouldn’t just make $1,090, but because of the matching I would actually make $1,319 gross.
By June I should be able to max out my 401k, I’m at $9k right now and the IRS limit for 401k contribution is $18,000 for 2016. The match doesn’t count towards that $18k, so the more shifts I can work (without burning myself out) the more I will get.
The pseudo-pension (the cash-balance plan) balance is a touch over $30k. It grows by 4% regardless of what the economy does… which is why I love cash-balance plans.
I’m stuffing my pockets right now, building up my checking account balance as well as my money market savings account, for a current balance of nearly $30k. I’m doing so because I want to flex my entrepreneurial muscles a bit and need capital.