MossRoad
Super Moderator
- Joined
- Aug 31, 2001
- Messages
- 56,227
- Location
- South Bend, Indiana (near)
- Tractor
- Power Trac PT425 2001 Model Year
As far as retirement planning goes, I'd give the following advice to young people.
- Live well below your means.
- Invest at least 15% of your pay before you touch it in a ROTH IRA, 401K, etc. Basically, just pretend you make less money than you actually do.
- Compound interest is your best friend.
- Stay in it for the long haul.
- If you have children, think about a 529 plan or the benefits of a ROTH IRA VS a 529 plan. Start that as soon as the child is born.
- Stay away from shiny toys.![Wink ;) ;)](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
- Live well below your means.
- Invest at least 15% of your pay before you touch it in a ROTH IRA, 401K, etc. Basically, just pretend you make less money than you actually do.
- Compound interest is your best friend.
- Stay in it for the long haul.
- If you have children, think about a 529 plan or the benefits of a ROTH IRA VS a 529 plan. Start that as soon as the child is born.
- Stay away from shiny toys.