Parents aren’t always the best role models for a personal finance education. Even the most frugal and financially responsible back-track every once in a while.
The list of valuable knowledge that I have acquired since beginning to work include the value of starting to save at a young age, protecting oneself and being tax efficient with one’s money.
Another important aspect of personal finance that I have learned is the value of starting to save and invest at a young age. Compound interest can do some amazing things.
Paying yourself is essential in planning for retirement and having the ability to retire comfortably one day, but doing so in a tax efficient way is critical as well.
Another great savings vehicle that provides a source of safe money in one’s balanced portfolio is whole life insurance. Whole life insurance offers a cash value feature that grows and accrues over time.