If You Are In Your 20s, You Are Screwed Because Of Inflation… Here’s How To Fight It
I get pretty tired of the simple, straight-forward financial advice handed down to young people when the reality of our financial future is rather bleak. Simply telling us to “get started early” will not be enough to successfully combat the financial challenges we will face and are facing now. Finally, I found a good article that agrees with me.
In the article entitled, You’re Too Broke to Stop Investing, the author explains that the further away you are from retirement, the more inflation is going to eat away at your money. At a time when more of our money is going towards basic necessities such as food and energy costs, it is even more crucial for us to invest more than usual. What needs to happen is all but impossible for most people. Pretty bleak, huh?
What this means is that as a young 20-something, you cannot stop putting money away. Moreover, what you do with this money is even more important. You cannot settle for mediocre gains just because you “got started early.” Getting started early is not an advantage anymore, it is the only oprtion and it is not a guarantee of future financial freedom.
You Need A Multi-Faceted Attack
Get started early. Get started now. But how? Well, I hate to tell you, but it is going to take more than your 401(k) for you to reach your financial goals.
I recommend a multi-faceted attack like I explain in My Four-Pronged Strategy Towards Financial Prosperity. In this post, I talk about the four components of my financial attack. I am getting started in each of these four areas now because I recognize the urgency and the ugly environment that we exist in financially.
Stay tuned to 20s Money to see my updates in each of the four areas of my financial life. It is my goal to share my successes and failures with you to help you combat this ugly inflationary environment that is poised to ruin our retirements and prevent many of us from reaching our financial goals.