Submitted by coldbloodedcreatures t3_10pnh4v in personalfinance
eckliptic t1_j6lhx3z wrote
How does your employer matching work? Is it required you put in 8% for that 3% match?
coldbloodedcreatures OP t1_j6li0ve wrote
No it’s not I just read that it was the standard. I guess I could pull back on that a little for now
eckliptic t1_j6liaiy wrote
Read the side bar, specifically the prime directive
The step after meeting the bare minimum for your employer march is to then pay down high interest debt
There’s no point putting in money for 8-10% returns when you have CC debt charging you 20% interest
CeruleanSaga t1_j6lph7h wrote
I'd rather you borrow from your 401k than reduce contributions.
You can only put so much in per year, you don't get that window back.
Borrowed funds can be paid back. And market rates of return are unlikely to beat savings in credit card interest.
That said, I agree with others, $6k is low enough that either of the above can likely be avoided - but it may take some major self discipline.
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