"When it comes to my family and friends, the most important financial advice I give them is to start putting away money as soon as possible. You're never too young to start saving or investing - and there are many things that even Generation Z could be doing now to help themselves reach their financial goals, whether that's saving up for a down payment for a house, a dream trip abroad, a lavish wedding, or even an early retirement."
"Simultaneously, you should also be getting to the point where you have enough in your personal savings account to support your living expenses for the next six months in case you happen to lose your job for whatever reason. This money is what I call short-term cash on hand, what you can use to pay your basic needs - things like your apartment rent, car payments, grocery bills, etc."
Racquel Oden has more than two decades of experience in global banking, including roles at HSBC, JPMorgan Chase & Co., and Merrill Lynch. Begin putting away money as early as possible to reach goals such as a home down payment, travel, a wedding, or early retirement. Prioritize retirement savings by contributing to a 401(k) while building personal savings to cover six months of living expenses as short-term cash on hand. Use that cash to pay basic needs during job loss. Start investing once short-term cash needs are met; even modest amounts can be invested to work harder than idle savings.
Read at Business Insider
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