Lao Pride Forum - Business in Laos

LaoguySoCal Full Member Offline I Love Laos! Posts: 157	Re: Business in Laos Reply #45 - 26^th Mar, 2011 at 8:18am Yes some companies do match your contribution up to 7% depends on how long you have been with the company. Most big companies will match your contribution, but not 100% unless your contribution only 3% or 5% percents from your paychecks.
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Larb Dip God Member Offline Lao Pride, and No. 1 Lao Pride Admin' fan from NZ! Posts: 1383 Hadxaifong, Vientiane Gender: Age: 37 Awards: 1	Re: Business in Laos Reply #46 - 26^th Mar, 2011 at 8:18am How much can one end up with in the 401K scheme, assuming that one invest for 40 years?
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Larb Dip God Member Offline Lao Pride, and No. 1 Lao Pride Admin' fan from NZ! Posts: 1383 Hadxaifong, Vientiane Gender: Age: 37 Awards: 1	Re: Business in Laos Reply #47 - 26^th Mar, 2011 at 8:20am What about the government, do they contribute too?
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LaoguySoCal Full Member Offline I Love Laos! Posts: 157	Re: Business in Laos Reply #48 - 26^th Mar, 2011 at 8:23am If you work for government, yes they do have 401K also. Again it depends on how much they want to match your contribution. I believe they match your contribution because they want to keep good employees in the company for long term period.
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Larb Dip God Member Offline Lao Pride, and No. 1 Lao Pride Admin' fan from NZ! Posts: 1383 Hadxaifong, Vientiane Gender: Age: 37 Awards: 1	Re: Business in Laos Reply #49 - 26^th Mar, 2011 at 8:24am ONLY if you work for the government? What about everybody else? Do they miss out?
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LaoguySoCal

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Re: Business in Laos
Reply #50 - 26^th Mar, 2011 at 8:30am

Well, if you invested 10% percents of your wages every year for 40 years you could ended up with a lot of money in your 401K. If you make $40,000 a year and 10% on 401K that is $4000 per year plus if you understand rule 72, your money will double up every some years I forgot how long, it has been awhile since I graduated. Lol. You understand compound interests. Wink

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Larb Dip

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Re: Business in Laos
Reply #51 - 26^th Mar, 2011 at 8:34am

LaoguySoCal wrote on 26^th Mar, 2011 at 8:30am:

What is

rule 72?

Everybody who has money to bank knows about compounding interest.

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LaoguySoCal Full Member Offline I Love Laos! Posts: 157	Re: Business in Laos Reply #52 - 26^th Mar, 2011 at 8:34am Private and government have 401K. Not just government... This is totally up to you to put your money in 401k or not. You don't have to if you don't want to. But if someone matching your investment, you are not going to be stupid by not investing right?
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Larb Dip God Member Offline Lao Pride, and No. 1 Lao Pride Admin' fan from NZ! Posts: 1383 Hadxaifong, Vientiane Gender: Age: 37 Awards: 1	Re: Business in Laos Reply #53 - 26^th Mar, 2011 at 8:38am Off course. What is rule 72?
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LaoguySoCal Full Member Offline I Love Laos! Posts: 157	Re: Business in Laos Reply #54 - 26^th Mar, 2011 at 8:40am There you go! buddy Rule 72 http://www.bean-d.com/finance/rule-of-72.php It calculates how long before you double up your money. Just google it up lol
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Larb Dip God Member Offline Lao Pride, and No. 1 Lao Pride Admin' fan from NZ! Posts: 1383 Hadxaifong, Vientiane Gender: Age: 37 Awards: 1	Re: Business in Laos Reply #55 - 26^th Mar, 2011 at 8:45am What can't you just tell me? Don't YOU know?
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llX

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Re: Business in Laos
Reply #56 - 26^th Mar, 2011 at 3:52pm

Larb Dip wrote on 26^th Mar, 2011 at 8:18am:

How much can one end up with in the 401K scheme, assuming that one invest for 40 years?

Some company has 401k, some small company don't. Like Laoguysocal said. If you save 10% per check and make $40,000 a year. That $4,000+$2,000 company match. That $6,000 a year in 40 that's $240,000+interest if you do well on your investment.
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llX

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Re: Business in Laos
Reply #57 - 26^th Mar, 2011 at 3:59pm

Same as 401k just different name. Retirement saving.
Cool

Larb Dip wrote on 26^th Mar, 2011 at 8:09am:

llX wrote on 26^th Mar, 2011 at 7:51am:

Company Retirement account saving. You can contribute automatically from your paycheck. Don't they have it in New Zealand.
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Larb Dip wrote on 26^th Mar, 2011 at 4:57am:

Yes I believe $30 a month. But someone who retire from the US with pension, 401k, and Social security can get at least $1,000 a month or more.
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What does this

401k

mean?

Yes they do. It's called Kiwisaver. You can contribute up to 2/4/8% gross of your wages/salary. The company that employs you is obliged to match the amount. Tha government also gives you a tax credit of up to $20/week. That's $1024/year. Then it is up to you how you want to invest all your money. Some companies also have other superannuation schemes in conjunction with the Kiwisaver. [/quote]

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