When I came to this country, I was approached by a financial advisor in my third year of residency. I shunned him. I had no interest in it. Hailing from a lower middle class in Pakistan, my strategy was to stabilize and save. Over the years, I learned that in this country, money works differently. I was very late in the game.
As now my kids are in high school, I not only advise them to save from their first paycheck (a prudent person should save 20 percent of his net income); I urge them to invest from their first paycheck in whatever way they can, like 401(k), IRA, retirement, bonds, stock, etc. Also, when signing a job contract, look for long-term investment benefits and plans, etc.
Said that I learned two big lessons:
1. Is more really more? - means don't get greedy. Financial planning should balance leisure, life, ethics, values, and relationships.
2. It's not the timing of the market; it's the time in the market. - Means you should plan long-term gain in the market, not years but decades.
Happy New Year :)
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