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January 09, 2014

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Re: Step 16
I can still remember having a conversation about this decades ago when I was still working. A guy sitting near me made the statement, "I just can't afford to invest in our company's 401K. My immediate response was "You can't afford NOT to invest in the 401K, where else are you going to get a 50% match on your savings." This same guy was always bellyaching that he couldn't afford many of the things that he wanted - he just had no idea about frugality and saving for the future. He was also let go the first time there was a layoff in the department.

Fortunately credit cards weren't available back then. The first credit card I ever heard of was in 1958 when Bank of America launched their BankAmericard. It wasn't until 1970 that it became VISA. I got my first one soon after that and have always paid my cards off every month.

I agree that Index funds are probably the best way to go for most people. However, after I had retired I made a point of educating myself in mutual funds and had accounts at Fidelity, T Rowe Price, Vanguard, and 20th. Century. That's when I decided to simplify things by consolidating everything at Fidelity which has offices nearby.

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