We polled our financial advisors on some hard truths for young investors. Sorry not sorry for the tough love – hopefully it helps ground you in reality!
- If things are just “too tight” and you aren’t able to save 5 percent of your income, then the hard truth is you are simply living beyond your means.
- If you believe that you will start saving later vs. now, the hard truth is you will have to work twice as hard to replace your income in retirement.
- No matter what the hype is or what you believe, the hard truth is there are no get rich quick schemes. Wealth comes from diligent adherence to simple discipline.
- Your financial wealth and future are in your hands. The hard truth is there are no financial fairy godmothers granting you financial freedom.
- Credit cards are not cash. If you are racking up credit card debt, the hard truth is that you are delaying your financial freedom.
- Don’t listen to your friend at the bar talking about the next big stock. The hard truth is investing should be boring. It resembles grass growing.
- Generosity is nice. The hard truth is, just because you are buying the most round of drinks it doesn’t mean you are the wealthiest person in the bar.
- You aren’t going to be able to retire overnight. The hard truth is retirement comes from years of diligent goal setting and saving. Start now.