The biggest mistake young people make when saving for retirement isn’t choosing the wrong account or contributing less than the idealized 10 to 15%. It’s having the mindset that they can’t afford to save for the future at all. (via CNBCMakeIt)
The biggest mistake young people make when saving for retirement isn't choosing the wrong account or contributing less than the idealized 10 to 15%. It's having the mindset that they can't afford to save for the future at all, says Farnoosh Torabi, personal finance author and host of theIt's the mentality of, "I'm not making enough.
I'll invest when I make more money," or "I can't save for retirement right now, I've got student loans," Torabi tellsThat's because when you're young, investing isn't just about the amount you're able to save. It's also about developing a routine that sticks. "It's that stage when you're getting into the habit of investing and really flexing that investing muscle," Torabi says.
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