Thanks for sharing Jim. I always appreciate other perspectives and I really enjoy the recommendations on where to read up next!
A few things I have learned along the way that I believe have been very helpful. Although I’m still learning and likely always will be.
Most employers will offer a 401k match. USE IT. Thankfully I was given this advice and started mine at 20. This can be used safety net as well. Especially if you need a low interest loan for something like a home repair or improvement.
401ks are often one thing an employer offers. I always suggest do your research with your companies benefits.
Do they have an employee stock purchase plan?
Do they offer discounted home owners insurance?
Car insurance?
Pet insurance?
The list can go on.
My grandfather told me this, when you get a raise, use the majority of it to invest or put away into retirement. Don’t think of it as extra spending money.
Just a few things that came to mind. Really enjoy the Substack!
Andrew, thank you so much for sharing your thoughts!
I couldn't agree more with taking advantage of your employer's 401k match. At 20 years old, it doesn't feel like "free money", but when you are my age, you see it as a wonderful gift, and you will be so thankful you took advantage of it. I also like your grandfather's wisdom. "Lifestyle Creep" can eat away at wealth-generating opportunities. You need to remain disciplined to avoid taking the easy path of buying more stuff just because you can. His advice is spot on.
Your advice on researching company benefits is a great way to save and take advantage of what is available to you. A little research can add up in cost savings.
Thanks for sharing Jim. I always appreciate other perspectives and I really enjoy the recommendations on where to read up next!
A few things I have learned along the way that I believe have been very helpful. Although I’m still learning and likely always will be.
Most employers will offer a 401k match. USE IT. Thankfully I was given this advice and started mine at 20. This can be used safety net as well. Especially if you need a low interest loan for something like a home repair or improvement.
401ks are often one thing an employer offers. I always suggest do your research with your companies benefits.
Do they have an employee stock purchase plan?
Do they offer discounted home owners insurance?
Car insurance?
Pet insurance?
The list can go on.
My grandfather told me this, when you get a raise, use the majority of it to invest or put away into retirement. Don’t think of it as extra spending money.
Just a few things that came to mind. Really enjoy the Substack!
Andrew, thank you so much for sharing your thoughts!
I couldn't agree more with taking advantage of your employer's 401k match. At 20 years old, it doesn't feel like "free money", but when you are my age, you see it as a wonderful gift, and you will be so thankful you took advantage of it. I also like your grandfather's wisdom. "Lifestyle Creep" can eat away at wealth-generating opportunities. You need to remain disciplined to avoid taking the easy path of buying more stuff just because you can. His advice is spot on.
Your advice on researching company benefits is a great way to save and take advantage of what is available to you. A little research can add up in cost savings.
I appreciate your insights, thank you!