Unicorns, the Lock Ness Monster, Dragons, all are mythical creatures. They exist in fantasy and the imagination of many, yet at one time their legend was so strong that many would have insisted they were real. A different kind of fantasy was practiced throughout history, as alchemists attempted to combine various materials and substances in order to create gold. Unfortunately for the alchemists, none were successful. Then as today, if you wanted more gold, you needed to go and find it hidden within the earth. No combination of materials, heat or pressure, has yet been devised that would create more physical gold. The alchemist would surely be disappointed anyway, as their success would likely lead to a crash in the value of gold, as the supply suddenly increased.
I however, am more skilled then the alchemists of old, I have created not gold, but something just a useful. Greenbacks, or dollars. It takes minimal time and effort. Actually, after setting up the experiment, and combining the necessary materials, no additional work is needed. The Greenbacks are continuously reproduced week after week, year after year. Currently, I’m able to produce $113.33 Greenbacks every two weeks.
Now I haven’t set up a counterfeit printing lap in my basement, nor am I harvesting from the mythological money tree. What I’ve done is actually encouraged and organized by our national government. They set up the process, I just followed the directions they have set forth, free to anyone who wants them. The process is easy, so easy many don’t believe it actually works and therefore, turn their back, assuming I’m the fool. I assure you, I’m no fool, here’s what I’ve done.
I’ve simply opened a 403b account, which is the public sector equivalent to the 401k. Every two weeks, when I receive my paycheck, $625 is deposited pre-tax into my retirement account. Additionally, each time this deposit takes place, I receive and extra $113.33. This is where the alchemy shines, simply by filling out the paperwork, and making my deposit, an extra $113.33 is created and placed into my bank account.
By contributing to my 403b using pre-tax money, I actually owe less in taxes (my alchemist trick). As a thanks for my effort in setting up my account, the government provides me with $113.33 as a compensation for my 15 minutes of work in opening my account. This amounts $453.32 per hour (Uncle Sam pays well) as it only took about 15 minutes to set up, and it totals $2,946.58 per year based on 26 pays. Depending on your contribution level, and tax bracket, you may produce either less or more then my example.
Go ahead, open an account an become a money alchemist just like me!