What I wish I knew about money when I was younger

To celebrate Financial Literacy Month, Old National Wealth Management team members reflect on their learning and share what they wish they knew about money when they were younger.

"When I was younger, I wish I knew the cost of waiting to invest in a 401(k). Being young, you have time on your side and the ramifications of delaying your 401(k) are magnified even more if you’re passing up the company match. A 50% match on the first 5% of your contribution can result in tens of thousands of extra dollars in your pocket at retirement. Plus, add in compounded interest and dividend reinvestment, which are time-tested methods of building long term wealth."

Dividend payments are not guaranteed and may be reduced or eliminated at any time by the company.

Gidget Rowe, AIF^®

Old National Investments Wealth Advisor, VP

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"As a first-generation Latino, I grew up in a household that only believed in savings accounts products. According to my mother, they were the most secure accounts with no risk of losing money. However, as I got older, I realized there were other alternatives to pursue growth of your money while taking minimal risk. If I had known this when I was younger, I would have invested earlier in the stock market."

Stock investing includes risks, including fluctuating prices and loss of principal.

Arturo Gaytan

Old National Private Banker

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"When I really break this down it is about delayed gratification. I wish I truly understood the value in that when I was younger. Giving up a TV you don't need today gives you the opportunity to afford much more in the future." 

John Reakes, CPFA^®

Old National Investments Wealth Advisor

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"The thing I wish I knew when I was younger, and what I emphasize to my kids, is the benefits of saving for emergencies or large purchases.  Being able to pay with cash instead of using a credit card would have saved me a lot of money!"