Notes From the Fieldby Martin Weil

July 29, 2013

Simple Investment Advice for Gen Y

If you do nothing else about your retirement, start saving early.  You should also save a lot and stay out of debt

This is the best advice possible from Above the Market and much the same as my own tax person told me when I was 20-something, a long time ago. The sooner you start, the easier it is to save a lot of money. The author’s simple demonstration shows that saving $2,000/yr starting at age 19 for just 7 years equals the sum a person would have accumulated by age 65 if they waited to start until 26 and made contributions for 40 years. Counterintuitive for sure, which is why of course, I knew better at the time, as I suspect many 20-somethings do today.

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