We have a bunch of students that are about to earn 3-4x as much as they've ever made in their lives. Want to set them up for long-term financial success. Any suggestions on the best way to teach abbreviated personal finance that will stick?
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If possible stash 15-20% each month into a safety net. I personally use betterment for that with a low risk portfolio strategy. Also, max out 401k.
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Incentivize them to put that same % into some mutually beneficial investment vehicle?
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When individuals begin to make a drastic increase in income, they outpace their cost of living. Disposable income can be dangerous, so Helping them understand 401k, investments, etc. is extremely valuable and they will probably need guidance.
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