Focus on the Future!

Document created by taylormroe on May 25, 2016Last modified by amara.mastronardi@socialedgeconsulting.com on Dec 5, 2016
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One of the best pieces of advice that I have received was a little tough to swallow at first. All of us are trying desperately to rid ourselves of thousands of dollars of student loan debt as quickly as possible. When we see the amount of interest that we are paying, we are trying to pay extra every month so that we can be done paying them back faster. However, it is important to remember the beautiful thing in this world called compound interest. All of that extra money that we are putting on our student loans now would be much better spent investing in our futures! Contributing to a 401k (especially if your company matches some or all of your contributions) will start off slow, but many of those plans are PRETAX and the interest that you earn will compound year over year until you retire! The earlier we start, the better off we will be at 62. So while it might seem like a good idea to pay as much on your loans as you can every month, a smarter choice would be to invest it in some kind of account that you will earn money on to help you down the road

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