DeepSummary
Robert Croak and Austin Hankwitz share their financial advice for recent high school and college graduates. They recommend opening a Roth IRA and investing in index funds like the S&P 500 to build wealth for retirement. They advise against going into credit card debt and suggest house hacking by buying a multi-unit property and renting out units to pay the mortgage.
As graduates progress in their careers, they suggest contributing to 401(k) plans up to the employer match, networking effectively, updating skills to avoid being replaced, and riding the coattails of successful mentors. They emphasize budgeting honestly, automating investments, and avoiding lifestyle creep by investing a percentage of income increases.
To retire as a multi-millionaire, they recommend sticking to an honest budget, automating investments, increasing investment amounts as income rises, and not succumbing to lifestyle creep. They offer to send $100 to graduates who share their graduation photo to get started investing.
Key Episodes Takeaways
- Open a Roth IRA and invest in index funds like the S&P 500 to build retirement wealth starting early.
- Avoid high-interest credit card debt that will hinder wealth-building.
- Consider 'house hacking' by buying a multi-unit property and renting out units to cover the mortgage.
- Contribute to employer-sponsored retirement plans like 401(k)s up to the employer match.
- Network effectively, update skills, and find successful mentors to propel your career.
- Create an honest budget, automate investments, and increase investments as income rises.
- Avoid lifestyle creep by having a plan for major purchases rather than impulse decisions.
Top Episodes Quotes
- “The reason why we call it the defining decade is because the decisions you make in your twenties are going to have lasting effects throughout the rest of your life, financially, career wise, relationally, and everything in between.“ by Robert Croak
- “We're not saying not to do those things, but what we're saying is you should have a plan for those things. They should not be impulse, emotion driven decisions.“ by Austin Hankwitz
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Episode Information
Rich Habits Podcast
Austin Hankwitz and Robert Croak
5/27/24
In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz share their financial playbook for recent graduates.
How to retire a multi-millionaire, excel in your career, and get across the finish line.
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