Mechanics of 401K Investing
I am completely new to investing and I have been reading everything I can find to get up to speed on the topic. I am about to take a good job with 401K matching and plan to invest responsibly by probably maxxing out my 401K up to the allowed value for employer match (which in my case is 6% base salary).
The folks at the company said that I will go through the Benefits orientation on the first day of work, but I would like to know what to expect. I understand that I can have money deducted each month, but how does that actually work? Where does the money go? Who manages it for me? Do I choose the individual companies to buy stock in? I haven't read anything that tells these basics. Obviously most people are told once they work, but I would like to be prepared. I have read all the stickies but most of the discussion assumes you know the basics. I'd be most appreciative if you could just explain the basics to me or provide a good reference. Thanks in advance.
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