So you just got out of school, maybe you're living at home, maybe you're
renting somewhere. You've just paid off your student loans and now you have
$100 a month extra that you don't need for the first time in your
life. If this was a couple decades ago, there'd be no options for what you could
do with that money. If, you know, a little after that, we had mutual funds at bank
branches that were very expensive that could charge you tons of fees but start to
get you, you know, invested. Then came discount brokerages. Discount
brokerages allowed you to invest at a very low cost if you did a ton of the
work and understanding what you need to do. And then, in the recent last couple
years, we've had what's called Robo-advisors - ways that you can get baskets
of ETFs in a low-cost portfolio with really easy access, and that's been seen
as a really great advancement for people with that profile. I would argue
that they're actually doing a disservice to that segment. I would argue that that
$100 a month is not your biggest asset in life at that point, your
biggest asset's your ability to go make a couple million dollars over the next few
decades. And I would argue that that $100 should probably be first
spent on critical illness and disability insurance in case something were to
happen if you were to get sick or disabled and not be able to continue
working you'd be able to still contribute to your plan of being able to
maintain your lifestyle through retirement in the future. So I would say
the first step, you know, when you finish paying off your student debts and
you're ready to start thinking more about your future, would be to build a
fantastic plan that can stay with you throughout your life and make sure you
can hit all your goals.
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