Here are the top financial tips for young people from Abigail Johnson, Hank Paulson, Andy Sieg, Beth Ford and Whitney Wolfe Herd
By WSJ Staff Sept. 13, 2019 5:30 am ET This article is part of the Journal’s “The New Rules of Money” package about the financial challenges facing young adults.
Hank Paulson, former Secretary of the Treasury Among the most important things we’ve tried to communicate to our children is to live in an environmentally and financially sustainable way which helps protect the planet and your economic security in a world where there is almost certain to be unforeseen adversity and risks. That means consuming less and saving and investing more.
Whitney Wolfe Herd, Founder and CEO of Bumble Never be financially dependent upon anyone else in your life. Don’t rely on a parent, a spouse or a boss. It will only erode your self worth and negatively impact the important relationships in your life. Instead, learn to save money, make money and then you can rule your own world!
Markets represent opportunity, and it’s never too early to start learning the lifelong benefits of good saving and investing habits. Time is one of their best allies. Regardless of what path they take in their lives, we hope to instill an understanding of and appreciation for what the economy and money has the power to do, for them and for others.
I’d encourage this generation to take a long-term view of the stock market and stay appropriately diversified across stocks, bonds, and cash. Pretty boring, I know, but as my Fidelity colleague Peter Lynch says, the most important organ for investing is the stomach, not the brain. Being diversified based on your age, personal circumstances, and tolerance for risk will help you stay the course when market volatility spikes.
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