How to Give Yourself a Raise RIGHT NOW!

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How’s it going everybody this is btw bush today i’m going to talk about how you can get a 15 race even without your manager’s approval this is effectively done by making sure you take advantage of all employee benefits before i begin hit that like button this video is brought to you by the moomoo app voodoo holdings which owns the moomoo app is giving away five

Free shares of stock each value between three and thirty five hundred dollars this is a great way to get some free stock so check out my referral link down in the video description below for the purpose of this video i’m gonna assume a salary of about a hundred thousand dollars the marginal tax rate for a hundred thousand dollars is about 33.3 percent in california

The first thing you can do of course is max out your 401k for the tax year of 2022 the maximum contribution is 20 thousand and five hundred dollars there’s a really good reason why you want to max out your 401k even if you can’t really afford it just yet you can greatly lower your taxable income if your marginal tax rate is really high like 33 you can essentially

Defer this to a time much later like when you retire at which point your marginal tax rate may be lower if you withdraw at a lower amount if let’s say you really need the money to say save up for a down payment for a house the least you can do is get the matching of your company maybe you contribute three percent and you get a matching of three percent companies

Have different structures just make sure you get all of the matching available to you a small tip here is sometimes if you want to max out your 401k never tell people that you already maxed out your account if let’s say during the fifth or sixth paycheck you say ah i max it out this automatically tells people roughly your salary for that year you may also do what

I call front end loading of your 401k in which you max out your contribution for your 401k early on in the year so that you essentially get no salary for the first few months of the year why is this beneficial it’s not beneficial if you stay at the same job for several years in a row it’s not beneficial if you quit a job and immediately start another one because in

The same tax year the irs limits how much you can contribute to your 401k plan but if you switch enough jobs during your whole entire career you may have a chance where you quit a job and you are not actually working for let’s say half of the year so when you quit you essentially take all that matching that you get for the entire year with you the next thing you

Want to consider is maxing out your espp usually companies give a 15 discount for whatever that you buy and you can contribute anywhere between 10 and 15 of your entire salary this is essentially free money if they allow you to sell immediately after it is vested some companies require you to hold it for three months to a year so it really depends on your company

If the stock price looks like it’s pretty stable it might be good to put as much money in it as possible because that represents a 15 free money i had a coworker tell me they could not contribute to the espp because they didn’t have enough money to go around this really bothered me because as long as you have an emergency savings of let’s say three months or so

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You can just put all that money in the espp once you take it out you’re essentially getting like two three hundred dollars free per month so the fact that this person didn’t have a good buffer of money laying around is costing them two to three hundred dollars per month just for not taking advantage of this espp the next one might be a little controversial and

You may or may not have this benefit it’s the commuter benefits do you figure you might need to commute in order to use this well i was at a company one time where i was commuting in my car and yet i can still contribute to the commuter benefits and i ended up buying bart tickets you can then use these tickets that is bought with pre-tax money so no tax on these

Things make sure you check the rules of your company to make sure this is allowed before going ahead with this if you buy two or three hundred dollars worth of commuter benefits the pre-tax savings can save you up to twelve 1200 every single year the next one is high deductible health plans of course this might depend on what kind of health plan that you require

If you do get this your company usually put a few hundred dollars worth of credits in your hsa debit account maybe 500 to 700 or so this is money that you can use for your doctor visits co-pay and other health benefits hsa limits for 2022 is 3650 you can only have this type of benefit if you have a highly treatable health plan just like the 401k if you contribute

To your hsa you’re going to lower your taxable income if your tax bracket is around 33 this is a significant amount if you do this you’re going to end up having a lot of money in your hsa but spending on health expenses is actually untaxed you can even get away with buying sunglasses because it’s considered a vision expense you can spend this money on doctor visits

Co-pay and prescription do note that you cannot spend your hsa money on insurance premium and over-the-counter products if your monthly high deductible health plan runs about 15 a month you’re looking to pad your hsa account with about 300 every single year if you don’t go to the doctors all that often here’s an interesting tip about hsa that i recently heard

Of if you and your spouse are both working you can both get hsa for your spouse therefore you have four plans going on if your hsa is very very subsidized by your company you’re gonna end up paying less in premiums than what they put in into your hsa so for my previous example every single account is going to net you about 300 if you and your spouse both get

Two accounts for each person you essentially have four hsa accounts you each then net from the company about six hundred dollars worth of hsa payments keep in mind though even though your company is paying more into it your total contribution for hsa is still limited to 36.50 each person if you do this you might just net about 1200 dollars together there’s also

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Flexible spending accounts but i don’t like to use this all that much unless you have something that is a very predictable health care spending the predictable stuff includes day care planned dental work or planned medical procedures so if you know you have something coming up and it’s gonna cost a certain amount then okay sure you can put pre-tax money in your

Fsa you have to be very careful about this because many times if you don’t spend it you actually lose it another benefit that some people might miss not everyone’s going to miss this is floating holidays if you have these you got to keep track of them and make sure you use them i recommend putting a reminder in your google calendar on when it expires if you ever

Lose a floating holiday this represents about a 400 per day loss since we’re nearing the holiday seasons and companies are kind of scrimping they are capping the pto hours at which you can accumulate usually around 160 hours or so or four weeks of vacation once you hit this limit you are gonna stop accumulating and on average people earn about one and a half days

Every single month so if you ever hit this limit without knowing it you’re essentially losing 600 dollars of value every single month this is pretty big the cheaper type of people might think about this one where you bring a really giant battery bank to work to your cubicle and then maybe you charge it at work and then you haul it back home and then you use it at

Night and then the next day you bring it back to work but the way i’ve calculated this is that let’s say you have a one kilowatt hour battery it’s pretty dang hefty so it might look very ridiculous for you to lug this really heavy thing to work let’s say you’re able to dream one kilowatt hour every night you’re saving 25 cents each time you haul this back and forth

But this is likely not worth your time and not worth the effort because that thing is really heavy i equate this to hauling water you don’t want to haul something so heavy just to save a few cents on the flip side if you have free car charging at work this represents somewhere like 1 000 worth of free electricity if you always charge a car at work if you happen to

Have an electric car or if you don’t have one it might be worth thinking about buying one because over the span of five or ten years one thousand dollars per year is nothing to sneeze at the strategy might be to always charge it at work and then on weekends you don’t charge it at home you go on weekend trips or something and then when you go back to work on mondays

Then you try to charge it as much as you can another thing to think about it’s pooing at work i know this is weird to think about because you can’t really change your biology sometimes but you could if you just try to push it that way a little bit you know get in the habit of pulling at work let’s say it takes you about 15 minutes per day of pooing over the course

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Of an entire year this is about eight days of sitting on the toilet do you want to sit eight days at home or do you want to do this on company time i’m not saying don’t work and go poo instead in most white collar jobs you can be just as productive even if you spend 15 minutes a day on the toilet why is this because people are not 100 productive at all hours of

The day sometimes you need to take a break and you just happen to go poo at that time if you have a 100k salary eight days of pooing is really valued at about thirty two hundred dollars now i’m saying you poo on your non-productive hours at work instead of taking your personal time when you go home and pulling at that time instead there’s also the matter of when

Your company gives you a free cell phone many people don’t like to combine their personal phone and their work phone because maybe they think their company is going to spy on them or whatnot i guess i never ran into any issue like this i’ve always cancelled my personal phone and always exclusively use my company phone if they do not offer me one i might use some

Cheaper alternative like mint mobile let’s say you quit you get fired or whatever and all of a sudden you don’t have a phone well it’s really easy to just get a brand new phone get a new cell phone plan immediately even if you’re willing to do this you’re looking at saving close to 840 a year there’s a whole bunch of other employee discounts that you should all

Take advantage of some places have free or subsidized lunches less so these days because we’re all working from home you might get free snacks and drinks if you are in the office or maybe moving back to the office now you get free gym free shower free workout classes the big tech companies are getting anywhere between one and two thousand dollars of work from home

Credits you can spend it on chairs on desks or monitors at one of the places i worked at before they give you a 50 discount on all the stuff of the company’s products so i took great advantage of that and bought a whole bunch of things apple has like a 25 employee discount so obviously if you’re an apple employee you probably take advantage of this already when i

Worked at amazon fresh they actually offered free work shoes so i signed up for that got a pair and when i signed up for it they also gave me a free vaccine bonus this is a hundred dollar value if you happen to not do any of this and you suddenly go and do every single one of this you’re looking at increasing your pay by about 15 for most people you’re probably

Doing 401k and all the easy stuff already but there are some subtle things that i think you might be able to take advantage of i hope you guys enjoyed on all these ways to get the most out of your benefits check out the moomoo app and get your five free shares of stock down in the video description below don’t forget to give me a like and subscribe for more thanks for watching you

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How to Give Yourself a Raise RIGHT NOW! By BeatTheBush

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