Author and financial expert David Bach says many people still don’t understand some personal finance basics.
Bach is a champion of the “pay yourself first” strategy, which prioritizes automatic savings.
He also says it’s important to understand how your money can grow in a retirement account, and that you can’t predict the stock market.
Personal finance is a complicated subject, and chances are you weren’t required to take an introductory financial literacy course in high school or college.
Perhaps you, like me, were left to school yourself on topics like investing, taxes, debt, and saving for retirement once you entered adulthood.
As commendable as that may be, David Bach, who has spent 25 years in the wealth management industry and is the author of “The Automatic Millionaire,” says there are three simple, basic money concepts that many of us are still missing.
1. You need to ‘pay yourself first’
“People still don’t grasp the fact that they need to save a dime out of every dollar,” Bach told previously Business Insider in a Facebook Live interview. He said that the average American who’s saving money is saving just 15 minutes a day of their income, when they should be saving an …read more
Source:: Businessinsider – Strategy