I recently came across the article “What I Wish I Knew In My 20s” which I thought was a good article I wanted to share…primarily for my children. I grew up with amazing parents who were always able to provide what was needed. They were also hands off in many respects…including when it came time to select a college, consider what I should do when I grow up, etc.
Another aspect of what is rarely, if ever discussed is basic financial principles. Just today, I had a conversation with our lovely neighbor who is 78 years old who was never married or had any children. Her 401K is still with her former employer with whom she retired from many years ago. Apparently, someone from the company who manages the 401K wants her to consider taking out an annuity. In her case, this would be the worst thing she could do (An annuity is almost always a bad idea) Instead, she should have rolled her 401K over into a Traditional IRA and simply invested in an index fund such as the S&P500.
We are now in the midst of exbortant costs and inflation covering everything from housing, college tuition, food, etc that now is a good time to learn some basic and simple financial principles to live by.