ST Alpha - "When I started working out of grad school, my father was like "you should max your contributions to your 401k while you are young"" (Reading a Post)

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In response to "I am surprised by that. I started my 401k in my late 20’s and expect with only 10% ROI to comfortably clear that." by Will Hunting

When I started working out of grad school, my father was like "you should max your contributions to your 401k while you are young"

Posted by ty97 Apr 12 '23, 07:18

"your money will have a long time to work for you and grow"

He was right of course.

And I was 24 and making money for the first time in my life of course.

I *did* make sure to get the full company match every year. But I definitely did not max in my 20s.

No regrets. You live your life and make your decisions. Today me would max. But today me isn't 24, and I understand where 24 me was coming from.

Responses:

In my 20s I was penniless. -- nm - loosilu Apr 12, 08:18
That advice should always come with a big caveat: "After you have saved everything you need first." - Max Apr 12, 07:47 4
- The r/personalfinance flowchart lays everything out fairly well, I think. - znufrii Apr 12, 07:55 1
  - The flowchart -- (link) - znufrii Apr 12, 07:56 [Image]
- Good advice with the caveat to never ever ever leave matching funds on the table. -- nm - ty97 Apr 12, 07:52 1
  - I'd still say $100+$100 per month locked up in a 401k is not as good as $100 per month in your checking/CD account. -- nm - Max Apr 12, 07:54

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When I started working out of grad school, my father was like "you should max your contributions to your 401k while you are young"

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