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The Smartest Money Moves Young People Can Make Today
Posted
May 28, 2019
Views
55,740
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873
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May 28, 2019
55,740
873
61
1.68%
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What's the best way for young people to save money and build wealth? According to Wealth Manager David Bach there are 3 simple steps for managing your money. While anyone can benefit these rules are particularly powerful for young investors who have time on their side.
1) Pay yourself first: Set aside around one hour's income per day or roughly 10% of your gross income.
2) Automate your savings: Key to paying yourself first is having money taken out of your paycheck and sent straight to a retirement, savings, or investment account.
3) Invest your savings: Bach suggests using a tax-advantage retirement account like a 401(k), Roth IRA, or traditional IRA. These tools help an investor grow his or her money over time.
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The Smartest Money Moves Young People Can Make Today
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