On the second episode of Life Well Learned, Liz interviewed a few experts that work in the realm of finance who spoke chiefly about 401(k)s. I do a number of different things at Life Well Learned, and one of these such things is listening to each episode and writing the transcript for the website. I wouldn’t consider myself an idiot, but I also wouldn’t say I’m a genius either, especially because halfway through transcribing the podcast I came to a realization—I have no idea what the heck these people are talking about.
I graduate college in a few months and will hopefully smoothly transition into the real world, but I’m about to complete my 18th year of schooling and I have not been taught about 401(k)s, IRAs, CPAs—I don’t even know how to balance a checkbook (I also have no idea if that’s even important to know but I’ve heard it mentioned many times so I’m pretty sure it’s something that should be taught). Whether this is the fault of my high school education or my own fault for not taking a finance class in college, really who’s to say? Instead of watching 21 starring Kevin Spacey and Laurence Fishburne, I can’t help but feel like learning about the things talked about in episode two of Life Well Learned would have been a better use of my high school’s time and resources.
I took it upon myself to discover just how far behind the curve I was on this type of knowledge, and asked ten people my age, who I know from different parts of my life what the extent of their knowledge was on 401(k) plans. Only two of them had a solid idea of how it works. Between the 11 of us, the good news is that nine at least knew it had to do with saving money and the other two thought it was related to taxes, which I suppose is kind of close. This alleviated most of my fears regarding my lack of knowledge on the subject, but the fact remains that this topic is an important one that many my age are clueless on. If you’re in the same boat, fear not—I have exactly what you need. Life Well Learned Episode 2- “Making Cents of It.” This was an eye-opening episode for me, and I promise you’ll be better off having heard it.