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Tips for Those Under 40
Manage episode 453496434 series 3468502
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Brian Akers and Paul Franco discuss financial tips for those under 40, emphasizing the importance of early planning. They highlight the role of compound interest, urging listeners to start saving early to achieve financial independence. They stress the need to prioritize savings, avoid consumer debt, and understand expenses. Paul shares a client success story where consistent contributions over 26 years grew to $1.6 million. They also discuss the importance of having insurance, legal documents, and diversified investments. The rule of 72 is explained to illustrate the power of compounding, and they advise on maximizing employer matches and considering Roth contributions for tax efficiency.
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