Shop Time w/T.W. Friends

When I was 20 I knew that working my whole life wasnt for me so I started putting in a 401k immediately. Now, almost 40 years later, I have almost enough money to buy a family size bag of Paydays. Almost.

Hey Shane, could you spot me 20 bucks?

 

Free money

25% is terrific! Don’t get hung up thinking it’s not enough

 

I got you!

 

As long as it's spending 20 buck and not, you know what, nevermind

 

Santa would be envious

 

Thats like 10!! 11 tops!!

 

I think I only counted 9? Perhaps 10?

 

They did that at the university my wife went to. Her dorm had hockey and football players in it. Nobody knew who did the damage in the dorm when everyone had to pay for it. As soon as the university said,”well ya know, if we had a person or people to charge the damage to we wouldn’t have to charge everyone” they quickly started ratting out the culprits.

 

Both the phone & mail have been crazy for 2+ weeks.

 

My former employer had a noteworthy match contribution to the 401k:

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Get ready for it

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Sit down
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Deep breath now

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1/10 of 1%...

For those whom math isn't a strong subject this is 1/10 of a penny or .001 cents for every dollar the employee puts in.

Employee puts in $100 -- Company puts in $0.10
Ten cents!!!


You might say they were very economical people to work for.

Spoiler: Or....

You might say they were miserable, cheap, morally bankrupt people to work for too.

 

Three phase unit?

You can run a phase converter and a VFD for the motor, modern VFDs may be able to convert single to three phase also.

Automation doesn't cost nearly as much as it used to.

 

I'm guessing not many of the co workers understood how bad they were getting bent over.

I'm also guessing not many understood how to plan for their own retirement.

 

Correct & correct.

Many of the workers personal habits really weren't conducive to a long and happy retirement.

Unconsciously they were planning to expire rather than retire perhaps.

 

Many worker level employees have no idea what the 401k is actually for.

They tend to view their employment as a temporary thing, when they change jobs (either for thought to be greener pastures or being dismissed for attendance) they simply cash in the 401k and go on a spending spree -- and pay a huge tax penalty too.

They are perfectly OK with the penalty though as they "need the money" -- for gaming systems, big televisions, scratch off lottery, Keystone beer, smokes, on and on...

 

A machine shop that cant make parts for ... machines? Something doesn't add up. Now where did I put my Fry with squinting eyes meme? Must be broken for something a sparky could chase then I guess. Right? Right?

-J

 

They think its 'free money' so the 45% tax penalty doesn't bother them.

 

Please lift my dad Neal up, in hospital with a blood clot in his pulmonary artery, not sure if he’s gonna make it.

 

My dad had the same thing. It's not good. Best wishes to you, but please plan for the worse.

 

So sorry to hear, prayers & good thoughts for him, you & family.