Dear Readers,
This holiday season, a time when we often reflect on our experiences and life lessons, I thought I'd ask my team to share some financial lessons they've learned along the way. I asked them particularly what insights they would want to share with today's 20-year-olds.
We're a diverse group of people, ranging in age from the mid-30s to late 60s, and are at different points in our lives and our careers. We're single and married, parents and grandparents, from different ethnic backgrounds and with different professional expertise. But what we do have in common is a shared understanding of how important it is to be on top of your finances from an early age.
- "When you're first starting out, get some reliable roommates who you can trust to share household expenses. You'll not only save on rent, but also on utilities and food, which can leave you with more money to start building a savings cushion. I lived with roommates up until I got married, and saved a lot of money as a result." --Kristine
Now I'll add my own: Educate yourself about money. There are lots of financial resources--from your parents to your local banker or financial advisor to a financial website. And never be afraid to ask questions. The financial world is complicated and you shouldn't be embarrassed that you don't have all the answers. In fact, the first step in learning something may simply be forming the question.
And lastly, invest early--even if it's just a small amount. That was great advice my dad gave me.
Of course, all the "advice" in the world means very little unless you actually do something with it. And that's the hardest part. We all tend to learn first and foremost from our own experiences. But my hope is that by sharing some of ours, others may get at least a small head start on a more secure financial future.
Happy holidays from my Schwab family to yours. --Carrie
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Looking for answers to your retirement questions? Check out Carrie's book, "The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions."
This article originally appeared on Schwab.com. You can e-mail Carrie at askcarrie@schwab.com, or click here for additional Ask Carrie columns. This column is no substitute for an individualized recommendation, tax, legal or personalized investment advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager.
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