Make It Automatic, The Wealthy Janitor, Part 2

October 11, 2007 · Filed Under · Comment 

Wealthy JanitorPart 2 – Save Money Without Thinking About It. My friend, “the wealthy janitor”, is very proud of how he always has a percentage of his paycheck automatically taken out every month to go towards his retirement account. That way, he says, he never has to think about it and it is just taken care of every month. He always tells me, “Kyle, you won’t miss what you never had.” True words of wisdom!

Many companies today allow you to contribute to your 401k plan automatically every month. The money is just deducted from your paycheck and put in your retirement account. This is a great idea! You should definitely take advantage of this service, especially if the company you work for has a matching program. Personally, since I work for myself, I never followed this advice. I just make a yearly lump sum payment into my retirement account. Although, to follow my own advice, I may see if my bank will make an automatic payment every month from my checking account into a high interest online savings account like ING. Part 3 in a few days.

Check out Part 1 of this series:

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