When we’re young, and in our twenties, our eyes are typically pointing straight ahead with an optimistic outlook towards our inspiring futures. It’s an exciting time to be alive with so many different options to choose from and paths to take. Although your parents may be asking you every time you see them, “Have you considered opening a 401k?”
We understand that listening to your parents sage advice may not be what you’re looking for with your finances. Yet, they’re often right — especially when it comes to whether or not you should open a 401k in your twenties. It’s actually integral that you start now. DEXSTA is here to tell you why.
Advantages of Opening a 401K When It’s Early
It’s more than just about listening to your parents — it’s about saving for your future. The sooner you start putting money away, the better.
According to a Forbes report, the best time to start framing your retirement for the sake of your future is the very first day you get your paycheck. That’s typically a no brainer for most of us, but that’s easier said than done. Saving can be a challenge, but it’s all about adequately allocating your funds so that they fit with your budget AND your lifestyle.
We all need to start somewhere when keeping records of our spending and making the changes we need. It may be welcoming a new roommate into your household or starting a new side hustle. For others, it’s as simple as eating out less and making your lunch and coffee at home before you head to work. Whatever it is, the money you’ll save can be adequately contributed towards your 401k and waiting there for you in the distant future.
If opening a 401k isn’t for you, that’s okay. DEXSTA offers different options for you to explore.
Discovering an IRA
Opening an IRA may be a better move for you. Better yet, you can open one with DEXSTA. We’ll get you squared away so that you have everything you need to start saving with the benefits of having an IRA.
For whichever savings account you decide is the right strategy for you, the sooner you start putting money away, the better off you’ll be in the long run. Plus, you’ll finally be using your parent’s sage advice. Which means you won’t have to worry about them asking if you if you’re saving money. That’s sure to inspire confidence in you for them and in yourself — it’s a win/win for everyone involved.
If you want to get ahead, contact DEXSTA today and get yourself set up for the future the right way.