Learning about money takes time and experience. From savings accounts, interest and 401(k) plans, there’s a lot to learn about managing your money. In celebrating Financial Literacy Month earlier this year, banking wealth management team members reflected on their learning and shared what they wish they knew about money when they were younger.
“When I was younger, I wish I knew the cost of waiting to invest in a 401(k). Being young, you have time on your side and the ramifications of delaying your 401(k) are magnified even more if you’re passing up the company match. A 50% match on the first 5% of your contribution can result in tens of thousands of extra dollars in your pocket at retirement. Plus, add in compounded interest and dividend reinvestment, which are proven methods of building long term wealth.” – Gidget Rowe
“As a first-generation Latino, I grew up in a household that only believed in savings accounts products. According to my mother, they were the most secure accounts with no risk of losing money. However, as I got older, I realized there were other alternatives to grow your money while taking minimal risk. If I had known this when I was younger, I would have invested earlier in the stock market.” – Arturo Gaytan
“When I really break this down it is about delayed gratification. I wish I truly understood the value in that when I was younger. Giving up a TV you don’t need today gives you the opportunity to afford much more in the future.” – John Reakes
“The thing I wish I knew when I was younger, and what I emphasize to my kids, is the benefits of saving for emergencies or large purchases. Being able to pay with cash instead of using a credit card would have saved me a lot of money!” – Angela Sergent
“I wish I had understood the importance of starting to save and invest earlier in life. Compound interest can be a powerful tool, and the earlier you begin to save and invest, the more time your money has to grow.” – Christina Hitchcock
View the Old National Wealth Management team members’ biographies here.
