Monday, October 15, 2007

Instant 40% Returns

Payday was last Friday, which is my day to look at my net worth. To see how much I saved, how much I spent, and how much my investments grew. I’ve been doing something different during the last few paycheques.

Earlier this year by a miscalculation I over contributed to my RRSPs. Therefore, I could not take advantage of my employer RRSP match, which matches 100% of contributions up to 6% of my income. It’s like free money! I was very mad at my bad planning.

However, I learnt that if I do contributions to an After Tax Savings Plan at work (same variety of mutual funds as the RRSP group plan), they will also match 40% of contributions. That’s an instant 40% return on my money!

So I’m going to be really aggressive with contributions for these last few pay periods before year end to take advantage of this as much as possible.


Emm said...

hey there!

thanks for adding me! i'll do the same. it's so different being on the writing end. i've been reading for months, but actually writing a few blogs makes me realize why people are so passionate about it, and the potential of it being to change the way we view/spend/save money, and have it translate outwards to the rest of our lives.=)