Our son is just out of college and about 4 weeks into his career in software & web design. He signed up for all of his work benefits right away, including his health insurance and retirement 401K plan.
He’s very thoughtful with his financial approach, but I saw an online chat about ‘Financial Advice For People In Their Twenties’ from the fatFIRE Facebook Group that I thought I would also organize and send to him.
Here is my distillation of 156 comments from a pretty accomplished bunch of FIRE advocates …
- Commit Yourself To Financial Independence
- You Don’t Need Thousands Of Dollars To Invest – Start Small
- Invest More Early – Understand Time-Value Of $
- Buy Index Funds – Skip Financial Advisors
- Max Out Your Roth IRA As Soon As You Can
- Start Investing In 401k On First Day Of Work
- Pick A Sensible Investing Plan & Stick To It
- Don’t Buy Individual Stocks
- Reinvest Your Dividends
- Real Estate Investing Is A Huge Wealth Builder
- Learn About House Hacking
- Get A Part-Time Job In A Property Management Office
- It’s Not How Much You Earn, It’s How Little You Spend
- Buying Stock Is Better Than Buying ‘Stuff’
- Don’t Buy Stuff To Impress People
- Buy Used Cars Instead Of New – Invest The Extra
- Drive The Worst Car You Can Live With
- Live Rent Free As Long As You Can
- Buy Everything With Cash
- Don’t Get Into Credit Card Debt
- Think Of Interest As Something You Earn, Not Pay
- Never Go Into Debt – Except Mortgage
- Never Carry Debt – Student Loans Are A Hoax
- Graduate College With A Clear Purpose In A Desired Field
- Work Hard – Be A Leader At Work
- Bank Your Raises Or Bonuses Each Year – Resist Lifestyle Creep
- Working In An Office Is Overrated – Find A Job You Love
- Sales Roles Can Be Very Lucrative
- Marriage & Kids Are Awesome
- If You Must Get Married, Don’t Get Divorced 😉
- Get & Stay Healthy – Your Best Investment
- Control Your Ego – The World Doesn’t Revolve Around You!
- Travel The World
- Always Ask For Advice
- Take Action – Jump In & Learn!
I think there are a lot of great ideas here that I certainly would subscribe to.
Anything that you would add to the list?
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