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Updated about 7 years ago,
Set for Life Book Question
I have been reading @Scott Trench book Set for Life and a question occurred to me while reading that I am hoping to get some insight to. It says that the first priority after paying off all bad debt is to accumulate $25,000, or a years worth of living expenses. Based on the reading this book is focused towards someone like me, just graduated from college, beginning my first job making about $50,000. Now my question is, should I be putting money into some sort of retirement account like a 401K? I ask this because it does not mention anything about retirement accounts, at least as far as I have read, and if I did put money into a 401K it will take about 4-5 years to save that much with my current living expense, (the largest parts being rent, insurance, and transportation, as mentioned in the book)
Thoughts on this would be great.