Make a ‘Moolah Memory’ with TIAA-CREF Contest

Posted: May 6, 2010 at 1:01 am, Last Updated: May 5, 2010 at 3:48 pm

The following information was supplied by Janet Walker, work/life and communications coordinator in Human Resources and Payroll

TIAA-CREF, one of Mason’s financial partners, has begun a contest to encourage ideas that will increase the U.S. savings rate to 10 percent in two years.

Among the exciting prizes is a $25,000 endowment that goes to the college or university that submits the most ideas. There are also individual prizes ranging from $1,000 to a grand prize of $50,000.

The due date for submissions is July 20, 2010.

To participate is easy. Follow the steps below.

1.  Go to raisetheratecontest.org (it’s a Facebook-based web site).
2.  Stop at the section called “Here’s What You Need to Do.”
3.  Take a spin through the rules, which is part of “Here’s What You Need to Do.”
4.  Click on the box that reads “Submit Your Idea.”
5.  Complete the form.
6.  Voilà! You’ve entered the contest.

The first 300 people to submit ideas receive a free T-shirt.

Here’s how the Mason community can benefit directly from participation:

  • The college that submits the most entries will receive a $25,000 endowment; individuals can win cash prizes.
  • Individuals can add to their own nest egg by taking some time to think about how they can save and making a plan to do so.

This means that everyone can be a winner if they learn the importance of saving. And money works harder when it’s young. So a dollar saved when you’re 25 works much harder than one saved at 50 because of the wonders of compound interest.

People often feel that saving is something they just can’t afford to do. But even a small amount saved consistently can make a difference over time.

Mason’s office of Human Resources and Payroll is encouraging saving by adding some elements into their Wellness by Mason concept, “Wellness Days. The one most applicable here is Thrifty Thursday.

TIAA-CREF’s “Raise the Rate Contest” is also included in Wellness by Mason monthly events called “May Is for Making Memories.” The contest is listed as a way to make a “moolah memory.”

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