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What are some things I need to know about Switzerland?

What important things does a 20-year-old need to know about money and finance?

  • In terms of money in general, money management, saving, investing, planning, retirement, taxes, credit cards, banks, etc. Where does one start or go to be wiser or more knowledgable of the subject and its aspects, and where does one end? What are the things in between? Edit: Also, if it helps, I've never been employed.

  • Answer:

    The value of saving over the entire span of your adult working life and the power of compounding rate of return.  Here is what $1,000 put away today can look like when you retire. 5 percent rate of return, compounded annually During your early years, there may not be a whole lot left over to save, but the idea is to save something.  If you have the opportunity, I'd recommend participating in your company's 401K program (tax deferred retirement account), which will allow your pre-tax contributions to grow tax free until you are ready to withdraw them (upon retirement).  Some companies will match a portion of your contributions.  This is FREE MONEY and a no brainer. Throughout your working career, your compensation will inevitably rise, allowing you to make greater and greater contributions and investments.  If you start early, the numbers will be big by the time you retire and you can spend your golden years in a comfortable lifestyle, rather than skimping and doing without like all of the others who did not plan ahead.  The earlier you start, the better off you'll be. Likewise, this compounding effect can easily work against you if you're not careful about your borrowing. Paying attention to interest earned and interest owed over time are equally important. It can help simplify decisions that otherwise may seem more complex, such as, whether you should invest or pay down debt, and if you pay down debt, what kind of debts should you start with. I wish someone had given me this advice at age 20.

Garrick Saito at Quora Visit the source

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Hisab aur Pishab theek rahe, aur kya chahiye... English : "Finances and Health should prosper, you need nothing else"

Gaurav Sharma

Power of compounding in Investing. The need to start investing at a early age so that saving even a small amount will become big enough to serve the future needs.There is a article i wrote about this in my Quora blog . 1)https://financeandeconomics.quora.com/INVESTING-How-to-make-it-worth-doing 2)https://financeandeconomics.quora.com/Loans-and-EMIs-Timing-Your-Loans

Subbu Thenan

My uncle was a barber when I was 18, he even owned his own barber shop.  He was visiting my mom one weekend and he tried to advise me about money.  If I'd have taken his advise I'd be a millionaire today and could have retired 20 years ago.  He said "Bob, every month you get paid (this was way before Obama and everybody still had jobs), you give x% of it to the landlord, y% to the utility company, z% for food, etc.  Take 10% of it and give it to yourself.  Put it in the bank (I'd probably choose to invest it in the stock market) and it'll grow." If I had taken his advice I'd be rich today, even with all the investment unpleasantness in recent years.  Do that with your money.  Be consistent about it, never skip a month, it'll be a bonanza in your later years when social security is gone and the politicians have spent every cent the country has or will ever have.

Bob Anderson

Go to Office Depot, Walmart, etc. and buy a paper shredder. When you get a credit card offer in the mail, place it in the shredder. Never co-sign a loan for anyone and never ask anyone to co-sign for you. Never!

Marc Poulin

Read the following blogs: http://mrmoneymustache.com http://jlcollinsnh.com Try to understand the principles.

Krishanu Das

Parth Shah

Oooooo nice question. Well lot's!! If you are going to college. Ensure that it worth it.....as in your possible roi and of course something that you love. Save for investing and try to place your money in things that grow.. Please do not buy an overprice car because you qualify for a loan Go easy on the credit cards. The interest rates are crazy. However a little creidt is good especially when you want to acquire certain types of loans. Those are a few to start.

Amber Drakes

Start saving for your retirement NOW.  Read the Wall Street Journal and business section of the New York Times every day.

Elizabeth Lesar

In addition to all great advices here, I would like to add one: Don't forget to give a portion of your money to others. It helps me have a balanced life, and although life is not free, it is much more important than money. Giving keeps me humble, and aware that so many out there are not as prosperous as us. So the formula may look like this now: Expense = Income - Saving - Gift or Gift = Income - Saving - Expense or Expense = Income - Gift - Saving depending on your priorities. I am so grateful that you ask this in your 20s. It might be that you are a rich (and maybe wealthy) person in a making.

Christyan Setiawan

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