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30 January, 01:35

Your friend recently got a pay raise and plans on putting more money into his savings account. You know that he does not have any investments and advise him to open a 401k instead. He doesn't understand why he should do so. What do you tell him?

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  1. 30 January, 02:51
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    Saving money when you have a stable job is working towards financial independence.

    Explanation:

    Financial independence is when a person is able to live off their life without worrying about paychecks to paychecks and when their stable income is more than their salary. Then a person does not need to rely on their job completely to meet expenses.

    This means, that the investment a person has made can pay off and support their lifestyle even if they do not have a salary.

    This is why it is important to start saving as soon as one starts to earn so as to work towards financial freedom.
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Home » Social Studies » Your friend recently got a pay raise and plans on putting more money into his savings account. You know that he does not have any investments and advise him to open a 401k instead. He doesn't understand why he should do so. What do you tell him?
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