Here are tips on building wealth and living a life with meaning for this year's college graduates.
It’s been three years since I attended a commencement ceremony, but the memory lingers. It was Duke University ’s, and I was beaming as my niece accepted her Bachelor of Science diploma.
Money may not buy you happiness, but it does buy you freedom. The goal is to have enough money to spend your life the way you want. Money may not buy you happiness, but it does buy you freedom. The goal is to have enough money to spend your life the way you want. That might mean prioritizing time with family and friends. Or soaking up sweet moments like vacations. Or having the ability to pursue hobbies and things you’re passionate about without being anxious about money.
I admit this anti-debt advice will be tough for many new grads to follow. According to Fidelity Investments, 2 in 3 students will graduate with student loan debt. One possible helpline: A growing number of employers are offering student loan matching, thanks to the SECURE 2.0 legislation, which allows employers to treat student loan debt payments as if they are 401 contributions.
At the very least, set aside enough to qualify for your employer’s full matching funds if you can. Most employers require workers to save between 4% and 6% of their pay to get the full match.For most people, beating the market is unrealistic.
Time is on your side: The average savings tenure of Fidelity’s 401 account millionaires is 26 years. What that means is that steadily investing over the long term adds up. Go to industry conferences and meet people in your field. Find a mentor and work together to create your career path. One more note about the value of laughter from this year’s Duke commencement speaker, Jerry Seinfeld: “Do not lose your sense of humor. You can have no idea at this point in your life how much you are going to need it to get through.”
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