Money Monday: Words of Wisdom

This morning I found an interesting article on Jemstep and thought I would share. Jemstep is a privately owned, money management firm in California. This summer, Jemstep asked seven personal finance bloggers a simple question:

“What investing advice would you give your
20-year-old self?”
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I thought some of these quotes were helpful and put into perspective what will become important later in our lives... even if it doesn't seem worth our time & money right now. So here are examples of what the bloggers had to say. To read their entire words of wisdom, follow the link to Jemstep

Put it into Perspective.

"Waiting even one year to begin investing for retirement can have devastating consequences"

– Hank Coleman, Money Q&A

"The sooner you begin investing, the better and the less you have to invest monthly. The later you start, the more 'catch-up' has to be done.”

– Jennifer Jennings, Little House 

"Spend less and not take out student loans."

– Tahnya Kristina, DinksFinance 

"Start saving now!"

– Lion, Wealth Lion

"Put 10% of your pay in a Roth IRA every month. You’ll be so glad you did when you enter your 40s."

– Melissa Batai, Moms Plans

Can you see a pattern here?

When we get older, will you be wishing you told yourself the same things at 20 years old? Or maybe you can start now. Today even. Go out and start a IRA account. Not sure where to start of why it's important? Check out the Living Young & Free Show 092: Retirement Ready? This episode features myself and Alysha from Young & Free Florida. We go through the differences between a Roth and Traditional IRA accounts and what is right for you. 

Along with retirement and beginning to save when you're young, think about how much you spend. Are you spending beyond your means and racking up debt? Reassess your spending habits. Something as simple as brining a bagged lunch to work versus going out could be enough to get you on track.

Hope this helps all of the Young & Free Mainers out there! 

Lauren R.