How Valuable Is Your Time?
It seems like a simple enough question. Take your salary, do some quick math, and produce an exact dollar amount for even a single minute spent working. What about your time outside of work? Most us of can mow our yard, and yet, the lawn care industry was valued at $77 billion in 2016. It happens all too often, life gets busy, and you realize the cost of hiring a lawn care service is worth the free time it affords you.
As life gets busier, decisions concerning your time will most likely become more common. Your career is going well and the next thing you know, your promotions involve executive compensation packages. These could include stock options, restricted stock complex bonus packages, you understand the basics of investing and have always felt confident handling your financial planning and investments. It’s no longer a question of can you do it, but do you have the time and now, with limited time, are you fully understanding the multiple and complex opportunities at your disposal?
Your Time, Your Money
The Priebe Wealth Management Group’s goal is to provide support, guidance, and financial insight to our clients. In line with this goal, we are launching a new blog series, Your Time, Your Money, available for everyone. The series is here to provide you with insight into what you might be missing and how our team works with our clients to ensure they are taking advantage of the tools available to them.
In our first edition of Your Time, Your Money we want to explore maxing out your 401(k) and placing the remaining savings to work in a non-retirement account. Is this your best option? What if instead of putting that extra money in a taxable non-retirement account, you put it in a Roth account where it can grow tax-free? Find answers to these questions in, Maximizing Your 401(k) and Savings Options.
Stay on the look-out for future installments of Your Time, Your Money and read our first installment, Maximizing Your 401(k) and Savings Options, here.
*The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax-free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 1/2 or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.