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After all, theyre grappling with the transition from student to worker, and from dependence to self-support.
The problem is that he did so inefficiently.
When I was single, I did not really budget.
I did have some savings but not enough.
I simply ignored the future of me.
What he didnt realize at the time was that his plan was unrealistic.
Any plan that was done would have shown me getting a six-figure pension.
Armstrong said planning has evolved since then.
Life changes, and so plans need to be reviewed and adaptable, he said.
Thats money he now wishes hed invested for the long term, with an appropriate allocation to equities.
But looking back, Armstrong realizes that that was a different time.
The 401(k) plans were not readily available back then, and many companies offered pensions.
Still do, in fact, Gilmore told GOBankingRates.
Making mistakes is a sign that you are still trying.
And that stems from a lack of financial literacy.
We have to, in fact.
I am working on that!
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