There’s really only one thing young people need know about money: Save for retirement, starting now.
Yes, at some point you’ll want to pay off your debt, have an emergency fund and buy a home. Right now, though, you’re burning through your most limited resource, which is time. You can’t make more of it, you can’t get it back when it’s gone, and you have a limited window to harness its power.
In my latest for NerdWallet, why it’s imperative for young people to start saving for retirement immediately.
I agree! Started saving the maximum I could around age 30. Some years, I could only contribute my tax refund!
I went to max in a few years. By the time I retired, I’d saved almost $500k! Money makes money!