Super User Root beer Posted January 20, 2011 Super User Posted January 20, 2011 In my situation and for my investment goal, it is pointless. That the beauty of it. We all have different risk level and goals. Quote
Super User slonezp Posted January 20, 2011 Super User Posted January 20, 2011 bassclary, good luck with the new job. In addition to everything said. Do NOT under any circumstances bad mouth fellow employees and supervisors. You don't know who talks to who. If you were to say something negative about a supervisor and it got back to them it could mean losing a job, a raise. a promotion, etc. All the relationships you build now can also help in the future. If the store has repeat customers, build a relationship with these folks. If you have tradesmen coming into the store it could mean an apprenticeship in the future or a discount on work you may need done at your house. Got to look at the big picture and not just the paycheck. I'd recommend putting at least 10% of your paycheck away in a savings account, or if you're old enough into some type of investment account(research before you commit), AND DON"T TOUCH IT!  Quote
Super User SirSnookalot Posted January 20, 2011 Super User Posted January 20, 2011 Some excellent suggestions already covered. As far as the 401 k goes, it's a wise move. Many companies that have a 401 k plan match 100% or contribute a healthy share to your retirement account, meaning you get free money. For example if you contribute say $3000 and your company matches with another $3000 that's 6 grand invested, so you have doubled your money with no investment growth. That said a 401k is not not free but tax deferred until age 59 1/2, at that time you pay ordinary tax on the money withdrawn at a tax rate based on ordinary income, instead of paying saying 35% tax now, you may pay 15% later. If a 401 plan is not the best investment tool to come along, it ranks real high, IMO a real shame pass it up. Quote
Quillback Posted January 20, 2011 Posted January 20, 2011 As SirSnook says, if you can get a 401K match from your employer you have just made a 100% profit. Any financial planner will tell you that you should at least contribute enough to get the full match. Quote
Super User J Francho Posted January 20, 2011 Super User Posted January 20, 2011 No employer is going to match 401k contributions from a 15 year old part time employee, LOL. The wheels are off the track. Just show up earlier than "on time," always ask if there's anything you can do to help, and remember all the advice you learn. Quote
Super User SirSnookalot Posted January 20, 2011 Super User Posted January 20, 2011 No employer is going to match 401k contributions from a 15 year old part time employee, LOL. The wheels are off the track. Just show up earlier than "on time," always ask if there's anything you can do to help, and remember all the advice you learn. Most already know that a 15 year old part time worker will not be allowed to participate in a 401k program, but not everyone understands exactly how a 401k plan works. A 401k is for employees, but not all companies offer it, there other options are available , Ira's, money purchase pension plans and more  Never too young to get an education, Bilgerat was referring to the future once Bassclary entered the job market as an adult. Quote
Carrington Posted January 20, 2011 Posted January 20, 2011 i expect my first job when i get out of college to be awesome and that hopefully i will get to blow stuff up for work(missiles and other stuff). Quote
Siebert Outdoors Posted January 20, 2011 Posted January 20, 2011 With your first paycheck, start a retirement account or sign up for a 401k if your employer offers it. Sounds stupid now, I know, but 40 years from now, you'll be darn glad you did. Tom Exactly what I was thinking. Quote
Quillback Posted January 20, 2011 Posted January 20, 2011 No employer is going to match 401k contributions from a 15 year old part time employee, LOL. The wheels are off the track. Just show up earlier than "on time," always ask if there's anything you can do to help, and remember all the advice you learn. Most already know that a 15 year old part time worker will not be allowed to participate in a 401k program, but not everyone understands exactly how a 401k plan works. A 401k is for employees, but not all companies offer it, there other options are available , Ira's, money purchase pension plans and more Never too young to get an education, Bilgerat was referring to the future once Bassclary entered the job market as an adult. Yep, it's never to early to learn this stuff. You can participate in 401k's even if you're 15, just depends on the company. Walmart matches up to 6% (not that I'm advocating working for Walmart) for all employees, including part timers. Quote
Super User grimlin Posted January 20, 2011 Super User Posted January 20, 2011 Always have the "ready to learn,can do" attitude. Stay away from being cocky....so many young guys i see coming and going from our company are extremely cocky.Nothing more i hate than a cocky kid.You get cocky you won't last long...where ever you go in life.People will hate you and do everything they can to get rid of you including your boss. Believe me..there's a lot of cocky people out there....you can learn from them,but don't turn into them. Make April an important day in your life specially when you are working.It Tax time and you don't want to tango with the IRS....Best solution is once you get your W2's do them as soon as you can. I do mine the first week of Feb. Don't give yourself a headache over all that other stuff.Learn it as you go and ask your mom and dad questions.Lots of questions,you can learn all the basics through them. Quote
Super User K_Mac Posted January 20, 2011 Super User Posted January 20, 2011 Some great advice here. Learning to save money from each check is one of the most important things a young man can do to insure his success in the future. It takes discipline, but regular saving and investing will give you opportunities that most people will never get. Showing up on time and being there when scheduled is fundamental, but it is amazing how many folks don't get it. You can be the sharpest, hardest worker when there, but if you are not there you are a liability. Working hard and staying busy are vital. Asking "what's next" will make you more valuable. It has been mentioned several times, but bears repeating; attitude is often the only thing you can control. An employee with a good attitude is far more rare than it should be. Whining and complaining are sure to get you noticed, and not in good way. Grimlin is right about cockiness. While young folks are maybe the worst offenders I've worked with many "adults" who thought they knew it all, yet had no idea of what they did not know. Do not be that guy. Good luck and work hard. The Government is going to need yor tax dollars to pay my Social Security. :-[ Quote
Super User bilgerat Posted January 21, 2011 Super User Posted January 21, 2011 Matching employer funds in a 401K is the closest thing to free money you can get. Quote
Super User BASSclary Posted January 21, 2011 Author Super User Posted January 21, 2011 From Ace's website; SAVING FOR YOUR FUTURE: 401(k) Savings & Retirement Plan Guaranteed Company Contribution Discretionary Company Contribution Company Match ... I really doubt i'll have issues with my boss, he's my twin uncle so he's like a second dad. Quote
Super User Dan: Posted January 21, 2011 Super User Posted January 21, 2011 From Ace's website; SAVING FOR YOUR FUTURE: 401(k) Savings & Retirement Plan Guaranteed Company Contribution Discretionary Company Contribution Company Match ... I really doubt i'll have issues with my boss, he's my twin uncle so he's like a second dad. Are you going to be full-time? AFAIK, most retailers don't offer benefits to part timers. Quote
Super User BASSclary Posted January 21, 2011 Author Super User Posted January 21, 2011 In July i'll be full a full timer. I just gotta 20 hour it until my birthday. Quote
Super User J Francho Posted January 21, 2011 Super User Posted January 21, 2011 Forget about your retirement for now. Put as much $$ away toward college books, food, and the like. You'll be coming out of school with debt, and you don't want it to be credit card debt. No Roth IRA/401K/Pension whatever plan will help you with that. Quote
fishermantony Posted January 21, 2011 Posted January 21, 2011 Expect to be daydreaming about fishing alot! Also, expect challenges and DONT BACK DOWN FROM THEM! You will be tested in many ways you haven't before now. Conquering these challenges will build character and confidence. Good luck! Quote
Super User Dan: Posted January 21, 2011 Super User Posted January 21, 2011 the biggest thing I have found about retail is that you must work on your tolerance for stupidity. Quote
endless Posted January 21, 2011 Posted January 21, 2011 You are a minor living at home with the people who are going to claim you as an exemption. Fill out all forms as Single & Zero. I made this mistake with my first job. I claimed 1 when my mother was claiming me as well. I had to pay back over 200 dollars. I was either 16 or 17 at the time. Quote
Super User Lund Explorer Posted January 21, 2011 Super User Posted January 21, 2011 You are a minor living at home with the people who are going to claim you as an exemption. Fill out all forms as Single & Zero. I made this mistake with my first job. I claimed 1 when my mother was claiming me as well. I had to pay back over 200 dollars. I was either 16 or 17 at the time. I've seen this many times before. What is even worse is when both the kid and the parents file claiming the same exemption...... And here comes a letter from our favorite Uncle! Quote
Quillback Posted January 21, 2011 Posted January 21, 2011 If you're getting a 401K match, it is still a good deal even if you plan to spend it at some point. When you leave your job you can take the 401K money with you, either roll it into an IRA or you can cash it out. If you cash it out you pay a 10% penalty, plus pay income tax on the money. If you got a %100 match on the money you contributed, and since you did not pay income tax on it in the first place, you make out after paying the penalty. For example, you contribute $500 in a year, employer matches that, you now have $1,000 (plus any investment growth), you leave and cash out, pay %10 penalty, $100, pay income tax, let's say in your bracket %15, so $150. You walk away with $750. And remember if you had not put the money in the 401K you would have paid income tax on it anyway. It's free money, take advantage of it. Quote
Super User J Francho Posted January 21, 2011 Super User Posted January 21, 2011 You may have a point. However, here's the details you have to figure out: Federal tax rate brackets: http://www.fivecentnickel.com/2010/02/15/2011-federal-income-tax-brackets-irs-income-tax-rates/ State Tax Rates: http://www.taxfoundation.org/taxdata/show/228.html Add in the 10% penalty, and hope that he doesn't knock himself into the next tax bracket. Now, when companies say "100% matching" there is usually a limit, additionally, you don't normally become 100% vested for five years or more. Meaning, you can't just take free money every year. Make sure you know what you are getting into. Really, and this is the last time I beat this poor, dead horse. Open a savings account. When you hit $2K, plop it in a Certificate of Deposit, for a length of time that pays back, but allows you access when you start college. You WILL be bleeding money then, and want to be able to use what saved. Quote
Super User SPEEDBEAD. Posted January 21, 2011 Super User Posted January 21, 2011 Knowing you from reading your posts on here, the best employment advice I can give you is this... You have two ears and one mouth for a reason. While you are working, you should listen twice as much as you talk. BTW, don't let your peers know that your uncle runs the store. Good luck. Quote
Super User J Francho Posted January 21, 2011 Super User Posted January 21, 2011 Knowing you from reading your posts on here, the best employment advice I can give you is this... You have two ears and one mouth for a reason. While you are working, you should listen twice as much as you talk. BTW, don't let your peers know that your uncle runs the store. Good luck. Yep, I grew up working for my family. Coworkers can be a brutal. Once they figure it out, expect to be thrown under the bus a few times. Quote
1inStripes Posted January 21, 2011 Posted January 21, 2011 the biggest thing I have found about retail is that you must work on your tolerance for stupidity. WE HAVE A CERTIFIED WINNER! Quote
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