The CEO of NerdWallet says there are a handful of common financial mistakes he sees young people make all of the time. (via CNBCMakeIt)
of more than 1 percent a year just for managing your 401 plan. Those fees can continue to add up even if you're no longer contributing to the plan.
"You're basically going to lose a percentage of your money," Chen says. "Think about how much that compounds to over time. What you should do is roll it over to, basically, a zero-cost IRA and save thousands and thousands of dollars over the course of your life by doing that." Even Chen wasn't immune to this financial mistake despite the fact that he has an economics degree from Stanford and he spent several years working for Wall Street hedge funds before founding NerdWallet in 2009, a site that sees 10 million monthly visitors and has beenat more than $500 million. Chen says he "had no idea" how common management fees for old 401 accounts were until years after he left the hedge fund business and checked his own statements.
"I went back and looked at the fees finally, and I was getting charged 2 percent a year just for leaving my money in my 401," he says.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Self-made millionaire: 5 money mistakes young people make that destroy their chances of getting richThere isn't a single generation that hasn't had money problems. But the sad truth is that millennials are struggling financially more than any other generation since the Great Depression.
Weiterlesen »
Investor who became a millionaire at 26: Don't make this huge homebuying mistake I madeI bought the most expensive house on the best block — and then loss a ton of money. Here's what I should have done.
Weiterlesen »
5 mistakes young people make when renting an apartment — and how to avoid themFor cheaper rent, move during off-peak months, and 4 other mistakes young people make when renting an apartment. (via CNBCMakeIt)
Weiterlesen »
15 lawn care mistakes you're probably makingKeeping your lawn looking good can be a time-consuming headache - reviewed can help.
Weiterlesen »
Financial independence has nothing to do with being a millionaire'Abundance is a state of mind, more than anything. The magic of abundance is that some people get there with $25,000 a year.' -- dailydirtnap
Weiterlesen »
A third of the people in this European country are millionairesOf the 38,300 people who live in Monaco, a tiny city-state on the French Riviera,12,261 of them are millionaires.
Weiterlesen »
Always-On Work Culture Creating ‘Broken’ People, Says Reddit Co-FounderAlexis Ohanian, venture investor and husband of tennis superstar Serena Williams, loves getting asked how he balances family life and his career as managing partner of Initialized Capital.
Weiterlesen »
15 astounding facts about Monaco, the tiny French Riviera city-state where 32% of the population is made up of millionairesWith an area of 0.78 square miles and a population of 38,300, it's one of the densest countries in the world. One in three people is a millionaire.
Weiterlesen »
Young people blame climate change for their small 401(k) balancesMany young people today think civilization may not exist when they’re of retirement age. Here are ways to get them to invest for the future.
Weiterlesen »