Earning more money isn’t just about getting paid more for your work. It’s also about paying yourself more on your paychecks. Fortunately, how much money from your paycheck actually goes into your bank account is largely up to you.
In particular, you control how much of your paycheck goes into income tax withholding payments and employee benefits packages, including insurance policies as well as savings plans like your company 401(k). Most of us pay thousands of dollars in tax withholding and employee benefits on our paychecks without even realizing it, which results in much less money going into our bank accounts.
Is that a good thing? It depends.