Financial Advice I’d Give My 18-Year-Old Self If I Could!
There is a common saying that money can’t buy happiness, and while this is true in some respects, it can nevertheless make a positive difference. Agreed?
Many people have made costly mistakes in the past that they wish they could undo, and while it is difficult to reverse the past, it is possible to help others from making the same costly mistakes.
In our recent team interactive exercise, the marketing team tossed the golden question to Tim Uihlein, Partner and Financial Advisor.
"What piece of financial advice would you give your 18-year-old self?"
Here’s the noteworthy advice he shared with us:
“I think the biggest item other than curbing your expenses (which is very difficult to achieve whether you're an 18 or 80 year old) would be contributing consistently to a Roth IRA. It is extremely beneficial.
Not only will the funds grow tax-deferred, but they will also come out tax-free, inclusive of your contributions. In other words, tax-free income!
As most investors say, it's not “timing the market” that's important, whether that's brokerage contributions, or contributions to a Roth IRA, but the biggest thing is slow and steady growth over time to have tax free money in retirement.
So if I had to give my 18-year-old self advice, it would be to open a Roth IRA and make those contributions annually and let that money grow!’ -Tim Uihlein
Take it from Tim!
Investing in yourself is the most profitable investment you will ever make, and a Roth IRA is one of the smartest moves you can make for your future (golden years).
Albert Einstein once described compound interest as the “eighth wonder of the world,” saying, “he who understands it, earns it; he who doesn't, pays for it.”
And young people have one clear advantage on their side: time.
What advice would you give to your 18 year old self? Let us know in the comments or Check out Josh's for more insights as well!
If you’d like to learn more about Roth IRA’s connect with a #VincereWealth advisor, click here!