#510 - Wisdom for Our Children - Spending, Saving, and Investing

We often try to overcomplicate finances, but simplicity is the key. That’s not to say simplistic: simple doesn’t equal simplistic.

On this episode, we wrap up our Wisdom for Our Children series by exploring your advice for spending, saving, and investing. We have tons of valuable guidance for the young people in our lives. Be sure to listen to hear all the suggestions.

The magic of youth

One of the mottos of the Rock Retirement Club is “walk with the wise and become wise.” This applies to our young people as well. Retirement Answer Man listeners are certainly wise and have submitted some amazing lessons for our youth.

Younger people have a superpower that we in the older generation all envy: compounding interest. If young folks can master the habit of saving a little over time, they will see the magic of compounding in action. To watch the action they’ll need to save in a tax-efficient vehicle like a Roth IRA. Choosing a simple investment portfolio and automating savings will lead a young person on a path to wealth.

Make sure you’re signed up for the 6-Shot Saturday newsletter to get all of the wisdom that was shared with us in an easy-to-follow PDF.