Gratitude for this community... Not having to work an extra 260 hours

[minority_finance_mo]

Hi all,

Just wanted to thank this community for all of the advice I've gotten. I've run some of the numbers in terms of benefits and matches I'm getting from my employers as a direct result of understanding personal finance a little better, and realized that the "free" compensation that I'm getting by contributing to my HSA/401K/ESPP would take me over 260 hours to earn at my current gross hourly rate. (And that doesn't even include the tax savings from deferrals).

Wow. It truly is amazing how much of a difference being educated in personal finance makes. Thank you!

How much life energy will you get back this year from "free" money?

[Cheddar Stacker]

How much life energy will you get back this year from "free" money?

Not sure, hard to calculate. But agree with the sentiments about thanking the community, I've done that plenty in my time spent here.

And since no one else has said it yet, you're welcome!

[minority_finance_mo]

I basically did:

"Free money"/Hourly Rate

Where "Free Money" is 401K match + ESPP discount + HSA match + whatever other $ benefit/match you get.

[Cheddar Stacker]

I basically did:

"Free money"/Hourly Rate

Where "Free Money" is 401K match + ESPP discount + HSA match + whatever other $ benefit/match you get.

Ah, gotcha. Then mine is 0 unfortunately. My only savings are from the taxes saved on the deferrals (which are substantial btw).

401K = safe harbor plan where I will receive a set contribution no matter what I do.
ESPP = Doesn't exist where I work.
HSA = Doesn't exist where I work.

Tax savings from 401k's for my wife and I are about 230 hours at my rate.

[TheAnonOne]

I don't really get a 401k match or any other benefits but the investment knowledge here will likely add up to millions of dollars assuming I live a long life.

[handsnhearts]

Just wanted to echo the sentiment of deep gratitude for the community here!  I have and continue to learn so much, and it will translate into higher QOL and happiness with less working unnecessarily.  Thanks Mustachians!

[kpd905]

Cool idea. You have some solid benefits because I come out to 96 hours worth and I thought mine were alright.

[minority_finance_mo]

Haha, could be. Or your denominator is far higher than mine!

I do have a 25% match of my contributions for the 401K, and a pretty generous ESPP though.

[Tabaxus]

Haha, could be. Or your denominator is far higher than mine!

I do have a 25% match of my contributions for the 401K, and a pretty generous ESPP though.

Holy shit.

ETA:  My employer sent around a triumphant email when they decided to start doing a $200/year HSA contribution.  But only if we use their preferred HSA provider, which is horrible.

[minority_finance_mo]

Just want to clarify that this is of my contributions, haha. So total match this year will be $4,500 (18,000/4).

Still, that represents a bit over 10% of my base salary, so I'll take it any day of the week!

[Tabaxus]

Just want to clarify that this is of my contributions, haha. So total match this year will be $4,500 (18,000/4).

Still, that represents a bit over 10% of my base salary, so I'll take it any day of the week!

Yeah, I got that.  My response still stands;) Team 0% match here.

Always very frustrated that my employer is high paying but terrible benefits.  Common, lower the pay, raise the benefits accordingly, much better for everyone but the IRS!

[Daisy]

Interesting calculation. I get about 246 hours when I calculate:

- tax savings of maxing out 401k
- 4% match on 401k
- company's HSA contribution
- tax savings from my HSA contribution
- ESPP 15% discount

Sweet.