Maximize Your Returns

Summary

This week's post is all about Maximizing Your Returns! In a nutshell, when I say Maximizing Your  Returns, I'm using the term to refer to the importance of signing up for company benefits and government benefits that may be available to you. Especially, the importance of participating in programs that give you free money, such as an employer sponsored savings plan, whereby the employer matches your contributions up to a certain percentage.

Employer Sponsored Savings Program/Retirement Program

If you are fortunate enough to have an employer sponsored savings plan or retirement plan, whereby your employer matches your contributions up to a certain percentage, you need to reap the benefits of such a plan. For example, if your employer offers to match your contributions up to a certain percentage, you need to make it your mission to contribute at least up to the matching level that your employer is offering. If your employer matches you 10, 15, or even 25% match, that would equate to a guaranteed 10%, 15% or even 25% rate of return on your money, just by simply contributing to the plan.

This is one of the easiest ways to build wealth, and the added bonus is that you are getting a helping hand to boost your rate of return.  You need to make sure to max out these company benefits. Also, if you have access to other company benefits such as a health spending account, health benefits, or free gym memberships, just to name a few, you need to ensure that you are capitalizing on all these benefits as well. Some of these benefits expire at the end of the calendar year, and are based on a "use it or lose it" system, so make sure to take advantage of these benefits before they expire. 

If you haven't already registered for these benefits, than I strongly encourage you to register NOW! Don't leave any money on the table, make sure to take full advantage of all your benefits.

Government Sponsored Retirement Plans and Other Benefits

Finally, if you do not have access to an employer sponsored savings or retirement program, than I want you to look into all available government sponsored retirement, and savings programs in your country. In Canada there is the Registered Retirement Savings Plan (RRSP), the Tax Free Savings Account (TFSA), and the Registered Education Savings Plan (RESP); In the U.S. there is the Roth IRA or the Traditional IRA, and Great Britain has the Individual Savings Account. Find out what your government is offering, and begin reaping the benefits as it relates to Retirement savings, tax free savings and Education accounts.  Contact your government to find out which programs you may be eligible for, and make sure to sign up for these programs as soon as you confirm your eligibility. Do everything possible to Maximize Your Returns! 

Talk to you soon!

Adeola Omole

Supercharge. Your. Life.