A little late to this one, but the "advice" here is so appallingly fucking wrong it just blows my mind: http://t.co/155CMJcMcc
— John Scalzi (@scalzi) September 18, 2015
Twentysomethings, pro tip: Look up the concept of "compound interest" and you'll understand why putting a little money away is a fine idea.
— John Scalzi (@scalzi) September 18, 2015
Also, you know. I had a FANTASTIC time in my 20s and did amazing things and STILL had savings and a 401k! You can do both!
— John Scalzi (@scalzi) September 18, 2015
401(k)s, IRAs, Index funds, etc — All really excellent ideas for 20somethings. Just so you know.
— John Scalzi (@scalzi) September 18, 2015
I think the author of that article has to be a plant for a shadowy oligarchy that wants to make sure millennials remain in economic thrall.
— John Scalzi (@scalzi) September 18, 2015
Also, you know. The economic habits you make now are the economic habits you'll have later. Ask me how I know!
— John Scalzi (@scalzi) September 18, 2015
(I know because the economic habits I cultivated in my 20s are the ones I have now. It's habit!)
— John Scalzi (@scalzi) September 18, 2015
Also, folks, I had much of my 20s in a raging recession (look it up!), so there are points in common there.
— John Scalzi (@scalzi) September 18, 2015
Anyway. That article is fucking terrible advice. If you can save & invest, do. Even a little will make a difference, long-term.
— John Scalzi (@scalzi) September 18, 2015
(If you can't afford to save: Well, that sucks. Sorry about that.)
— John Scalzi (@scalzi) September 18, 2015
As a side note, when I was posting this, I was getting some stick from presumably 20something people who were all, “Yeah, you don’t know what it’s like these days for 20somethings! It’s terrible!” And I get that, but I don’t know that it matters; debt and savings are concepts separate from that. If you have debt in your 20s (school loans and credit cards, for example) pay it down first if the interest rate on that is likely to be more than you’ll get from investing. Then invest and save. You’ll still be able to hang with friends and have a good time even if you’re putting a little bit into savings/investment with every paycheck. Honest!
Anyway, yes. The article linked to above is seriously one of the stupidest things I’ve read in a while. Don’t listen to it. It’s wrong wrong wrongy wrong wrong.