Probably the most important conversation we have at Lambda is the personal finance training. “OK so you tripled your income. Now keep cost of living low, avoid debt, use tax advantaged low-fee investments, and you will end up rich, absolutely guaranteed.”
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Better chance than most but it's important for students to know there are no guaranteed investments. My family lost 70% of assets in the .com boom from "low-fee" blue chip funds. Also debt can be great - I borrowed money to buy FB stock pre-IPO, good real estate, etc
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Not sure I agree. If you bought the S&P 500, even at the height of the .com boom, and held until today the return is 53%
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Family goes through a medical emergency, supporting parents, siblings, families of siblings. When you don't grow up with much money you grow up with baggage.
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This is a good reference on the topichttps://washingtonmonthly.com/magazine/novdec-2015/the-second-racial-wealth-gap/ …
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When I got a raise at my first .com job, I was able to save $400 a month! I soon had a nice savings account. 2 years later, a car insurance snafu completely wiped it out. Lucky I had that savings, but still wish I’d understood car paperwork rules better.
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2k a month when you're 24... Either you're earning a shit load or you're not enjoying being young.
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The assumption is that US equity indices will continue to rise in purchasing power over a long period of time. This is a conservative assumption, though it signals a blind spot if you believe it is inevitable
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