Our 2022 401(k) Champions®
A: Twenty-five years later [after first contributing to my 401(k)] a lot has changed, of course. The industry has been through several shocks to the system. I was at the airport on 9/11. My carrier filed for bankruptcy and then merged with another. We all pushed through the great Financial Collapse of 2008. COVID-19 felt like all of those rolled into one. Through it all, we endured. And so, too, did my 401k. There were peaks and valleys. And times when I gave serious thought to packing it in. But being in it for the long haul proved to be a calming influence. This became my rational mantra when making financial decisions. . . New hires [remind me of] that same fresh-faced 22-year-old I was all those years ago. Many of them are financially savvy but have never had a job offering benefits before. They also know they won't stay in the same career for long. They watched their parents' careers evaporate and, at any rate, are too curious about the world to say in one spot for more than a few years. And when they start talking about what they’d like to do? I take my cue to give them the same advice about starting a 401k I received all though years ago.
A: I am known in my hospital as the financial guy. If someone has a question about our benefits or finances, they are encouraged to seek me out. I love leaning into conversations around finances, and I enjoy educating any and all of my fellow employees on our company benefits. Sanford Health has a lot of benefits, but I constantly encourage anyone who will listen about our 401k. I truly believe if we spend just a few short minutes on our 401k, we will be well on our way to financial independence . . . Since I link emergency care with finances, I came up with the financial triangle. The three sides are time (time to allow compound growth), good low fee investments (401k, Index Funds), and good behavior (behavioral finances). . . An investor needs all three sides of this triangle to reach their financial goals.