Having worked with tax favored accounts since the mid-80s,
I have always enjoyed the education of young people newly coming into the workforce.
I love explaining how utilizing a flexible spending account (FSA) or health savings
account (HSA) actually puts money in their pocket for Starbucks, dinner out,
gifts, etc. I get great satisfaction when their eyes light up and they get it.
Imagine my horror when I am told by my wife that our
24 year old son is not paying for his bus pass with pre-tax dollars. Imagine my
irritation when he tells me it really isn’t my concern. Ugh! Are you serious?!
This is what I do! Imagine a knee surgeon being told by his son that his
ruptured ACL is none of his dad’s concern.
I told my son that the $30 he is giving Uncle Sam (bus
pass is $100) could by a few burgers, beers or flowers for his Mom! It’s half of a video game; x12 it is $360. He
told me it is a hassle to stop the pre-tax deduction. Advice from another
learned 20-something, no doubt. But I’m not taking it personal. I remember my
Dad telling me that I should max out my 401(k). I probably should have listened
to him back then. My son will learn. He’ll meet some gal - she’ll explain
how he can be smarter with his money.
In the meantime, I’m stepping up my education efforts.
That gal may be in one of the groups to whom I explain pre-tax deductions.
She’ll love our new smart app that can take pictures of receipts and submit via
phone. She’ll see the value in a dollar and will eventually convince him. Yup...I’m going to be out there trolling for
the newbies explaining how they can save money even though some people “JUST
DON’T GET IT!”
The Author: Roger Jorgensen, RHU, REBC
Director of Marketing - HSA, FSA, HRA & COBRA
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