How to Save Before You are Eligible for Workplace Plans
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
13 min
4 speakers
2 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show. Welcome back, everybody, to another edition of DIY Money. DIY Money. There's always so much pressure for the intro. I feel like I nailed that one. You nailed it, eh, Halle?
We haven't been on solo in a while, so it's good to see you.
This is true. Today, Logan, I'm running on fumes. Why? I'm running on coffee. Why? What happened to you? Because I have been... I mentioned this to you earlier this week, but this week, Monday through Wednesday, I was helping out with our church's VBS.
Oh, Vacation Bible School.
Oh, my goodness. I got to get a shout out to all the parents out there. How do you do this every day? Like, I leave work, I bust it straight to the church, and then I only have like a two-hour shift, but by the end of the night, I'm like... It's bedtime for all of you. It's exhausting.
This is why when I talk to parents, they say the best week of the year is not spring break. It's not. It's vacation Bible school when they don't have to have their... Because they get a few hours off.
Holy cow. I was with the kindergarten class, which I love. So... For context, I teach kindergarten on Sundays at our church, so I know these kids, which makes it a million times easier. But in some ways, I feel like it makes it a million times harder because they know me, too. So they're, like, testing the waters a little bit. Are you a celebrity? They're not bashful. Like, normally you get your kindergarten class, the first three weeks they say, like, three words because they're just scared. Can I have your autograph? Yeah. But these kids are, like... on a rampage and last night believe it or not it was the last night of like teaching and then they have like a family thing it's so fun but last night was cupcake night oh my goodness i'm not ready to be a parent that's what i learned this week like absolutely blowing up everything sprinting laps around the room screaming like i was like what is happening yeah
Oh my goodness.
Well, you're going to have to bring up the energy, A. Howard, because we have a great question today. Touche. And we have a couple of housekeeping odds and ends to get to before that. So first of all, sponsored this episode, all episodes, by Juul Financial. That's where we do our day jobs. If you have a complex situation, you want to get a second opinion or just talk with someone, feel free to reach out to us. Juulfinancial.com. J-O-U-L-E financial.com. Send us those questions. podcast at diymoney.org. That's podcast at diymoney.org. If we use the question, we'll send you a $25 Amazon gift card. We're about to do a series coming up where we're doing three episodes without a question, but that questions that you guys send in are still what perpetuates all of the things that we do on this show.
So please send us those questions to podcast at diymoney.org. We're going to take a quick pause just for a second to recognize our other sponsors. And now let's get to our question from Melanie. Melanie, what do you got? DIY!
Hi, DIY. This is Melanie from Idaho. My husband and I are in our early 50s and trying to catch up our retirement accounts ever since I entered the workforce a few years ago after being a stay-at-home mom. We have come close to maxing out our 401ks in the last few years, and we have no debt other than a $100,000 mortgage. And we have... a fully funded emergency account. I've recently finished a master's degree and I'm starting a new job at a different company for about $15,000 more a year. I can't start contributing to my new company's 401k until after working for them for a year. What do I do with our margin until I can again fully contribute to my new company's 401k? our combined income may limit our ability to contribute to a Roth IRA.
Boom. Good question, Melanie. So I'll take this one first and then I'll kick it over to Logan. So ultimately what you're trying to figure out here, a lot of times when you start a new job, you can't start contributing to that 401k immediately.
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