What is a good piece of advice from your parents or that you’ve learned that others may not know or that you wish you were told as a child/teen?
What is a good piece of advice from your parents or that you’ve learned that others may not know or that you wish you were told as a child/teen?
Yes. “Put your money here, it will be there when you’re old—we promise.” Is a ridiculous plan.
You get to choose how your 401k is invested, though. The only difference is a tax advantage.
The advice is just: save money, let it grow using compound interest, use tax laws to your advantage.
There’s no “trust the government” in that advice.
If the stock market exists, you will have made significant money. If it doesn’t exist, well, you won’t care.
Hiding cash or buying nearly any physical asset literally evaporates your money as you have zero hedge against inflation… Your asset depreciates as it sits.