Starbucks Baristas: The daily grind
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Open your 401K. (self.starbucksbaristas)
submitted by new_direction_
It took me six months after I started before I opened mine, because I thought it was a temporary role for me; I'm still here over a year later, kicking myself. You don't have to contribute much, but they match up to 5%, and it vests immediately - so no matter when you leave, your contributions and your matched amount until that point are there. If you're watching every penny, of course don't make this a priority - but if you can give up that 5%, that means that 10% of what you're making is being contributed to your retirement. Especially if you're young or haven't saved for retirement before, do it!
*Just don't forget to select where you want to invest it. If you don't know what to do, you can go for the targeted date fund appropriate for your age. If you don't choose to invest it, it's not growing.*
*Just don't forget to select where you want to invest it. If you don't know what to do, you can go for the targeted date fund appropriate for your age. If you don't choose to invest it, it's not growing.*
Ceramicusedbook 44 points 9m ago
Thank you! My friend is really on my ass to do this. He's older than I am, and basically told me "Don't turn down free money."
new_direction_ [OP] 22 points 9m ago
He’s right! The Starbucks 401K match (matching 100% of your contribution, up to 5% of your income, vesting immediately) is actually pretty solid when it comes to employer matches, too. Get every penny you can from them here, you’re entitled to it.
Hoax_Pudding_Cup 6 points 9m ago
You have a good friend! I've put in over 1k so far this year alone and they've matched every penny!
Torirock10 15 points 9m ago
dumb question but like…. if we quit do we take the 401k to our next job or what 😭 ik it’s on fidelity so like what
new_direction_ [OP] 17 points 9m ago
That depends on how much is in the account, amongst other things- however, all of the money in there is rightfully and legally yours. Generally speaking if you have above a certain amount, the account will stay open and exist with Fidelity; if not, you’ll move it to a new account when you leave, either a 401K with a new employer or another type of account (like an IRA).
Torirock10 10 points 9m ago
okay ty. i just don’t rlly understand anything about anything so i’m kinda dying lmao. taking a personal finance class in school rn attempting to learn stuff but it’s like 😵💫 especially with parents that don’t like to talk abt money much
new_direction_ [OP] 3 points 9m ago
I was in the same boat as you! My parents have a lot of debt and outdated misconceptions about how the financial world works, so I had to learn what I can on my own. In general, I’ve learned that taking whatever free money I can get through work is the move- so getting my Bean Stock come November, putting 5% into my 401K so I get the full match, those are things I can do with little to no effort and they make a big difference over time.
Torirock10 2 points 9m ago
yeah i’m also trying to open a new bank acc when i’m 18 as well cuz rn i’m using wells fargo and it’s some ass 😵💫 not staying somewhere with 0.01% interest rate lmao
wat-to-heck 3 points 9m ago
You can also take it out if you’re ever in a pinch for money but only after you’re not with the company anymore. There’s taxes and stuff but they calculate most of it for you
Torirock10 13 points 9m ago
i turn 18 next week i’m excited to open mine :)
Torirock10 5 points 9m ago
do you recommend singing up for the starbucks saving plan and the 401(k) at the same time?
new_direction_ [OP] 6 points 9m ago
Starbucks Savings Plan is a new program I know very little about. I’m not one to turn down free money, though, so I definitely plan to look into it. I personally go by the rule of if I’m wanting to do X thing with my money anyway (save it or invest it, in this case), and I can get a reward for doing so without sacrificing any benefits I’d get elsewhere, I’ll do it that way. I’m a big fan of free money and also getting whatever I can from the benefits we’re entitled to.
PercyGabriel1129 2 points 9m ago
If you have something you want to save for (i.e. a car, or on my case, a vacation) then the new savings plan can be useful. I wouldn't move your money around or just to get the free money that they offer, but if you have a plan or a thing you want to save towards, it is very nice. It is also considered a CMA, which from what I understand, is technically a high interest checking/investing account. Meaning that you can invest that money into particular stocks. If you don't know how to do that or aren't confident, then just don't and let it sit there to collect the free money!
Tldr: of you have enough money to spare in each paycheck for about 10% to go towards savings, then I'd say go for it.
Tldr: of you have enough money to spare in each paycheck for about 10% to go towards savings, then I'd say go for it.
Torirock10 2 points 9m ago
hmmm idkkkk. i’m trying to move out sometime next year so do u think i should look into it ?
PercyGabriel1129 2 points 9m ago
It's recommended for short term savings. If you are saving anything for the move (say a deposit on an apartment or a down payment, or anything like that), I'd say it would be helpful to save it through that account because it would get you around $200 extra (roughly, I just know that the full amount you can get from it is $250 after a year and a half). In that case, if you want to put most of your saving money towards that, I'd still put at least 1 or 2% of your paychecks towards the 401k in addition to the savings plan. But also, I'm a stranger on the Internet who doesn't know you and can't tell you what to do, so this is not actual advice, just my opinion and some options.
Torirock10 2 points 9m ago
i understand ty :)) appreciate it
[deleted] 1 points 9m ago
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