Not everyone in their twenties can command a high salary. We are often cited with reasons such as: “Lack of experience” or called “Entry Level”. Have you realized however, that you can give yourself raises through the company? Many people just throw out free money without realizing it especially us in our twenties.
My last two companies offer a 401k program with a match. At first I paid no attention to the program and I let a few months go by without any contributions or research. I started talking to a co worker who educated me on the 401k and opened my eyes to the fact that if I contribute I would essentially be getting free money from the company. My former employer matched 100% dollar for dollar up to 5% of my salary. Suggest (for calculations sake because I made no where near this) that I made $100,000. If I were to contribute 5% of my salary into the company 401K they would match 5%. Effectively I would be contributing 10% of my salary or $10,000 dollars instead of just $5,000. That’s FREE MONEY! It actually amazes me how many people I talk to that have this offered to them and do not take advantage of the free money involved!
Another area to investigate is tuition reimbursement. Many companies are starting to offer reimbursement for tuition expenses in exchange for a promise of 1 year to the company. I think I can deal with that! My former company covered 100% up to $8,500 per year including books, fees and parking. My current company only offers 2/3 of the amount of tuition. Despite the lower amount It’s still free money if you consider it. Not only are they going to invest in my future but once I finish there is a likelihood that I will receive a bonus and increase in pay! The free money keeps coming in! Many people do not like going to school, or are afraid to go back. I have been working on my masters for 2 years now and I am almost complete. I have to say, It’s not nearly as intimidating as you may think. Furthermore, if your employer is going to pay for it, it’s almost like receiving an extra $5-8,000 tax free. Now if you have the G.I Bill from former military service you can double your tax free money!
The final area I consider free money is conferences and training. For the past 4 years my companies have sent me to Las Vegas for 1 week for conferences. Many times when you add training and Las Vegas you get more of the latter and less of the former. I’ve seen the most down to earth people go crazy when in training and end up destroying their image and that of the company. I’m fairly well grounded and I attend the training, I eat fine food and see some shows. Each year I also make a vacation of it. I attach an extra day or two on my trip and relax, have fun. Since the company is paying for the majority of the trip I take advantage of that. Last year I was sent to Hawaii for a company trip that lasted two weeks. I used the frequent flier miles I had accrued in order to purchase a ticket for my wife! My total cost to enjoy two weeks on the beach (after work of course) with my wife was $25.00 which is what American Airlines charged to book the tickets!
Once you start looking for it there really is a lot of free money out in the world. I estimate that through tuition reimbursement, 401k matching, and company sponsored travel/mini vacations I add an extra 20,000 dollars worth of free money each year. I used to laugh at those infomercials on the television talking about free money and how to get it. But I’m starting to think they are onto something! Do you have any other suggestions on where to obtain free money?
If you would like to make a comment, please fill out the form below.
[...] my last post I discussed free money. It’s interesting that yesterday a conversation started with an [...]
[...] that simple! If you are already set up to invest automatically each month and you are receiving a match from your employer then there is no reason to stop. Yes it is depressing watching your investments go down the tube. I [...]