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Harold Pollack, co-author of The Index Card: Why Personal Finance Doesn’t Have to Be Complicated, wishes he owned a time machine. When he was young and just starting out, he was told to start saving money for retirement. The stock market was not performing well and he decided to pass on the advice. Now, of course, the stock market is performing well and steadily rising. If Pollack had invested back when he was told, he would have made a killing in stocks.

He advises adults who are just starting out to live below your means and save as much as you reasonably can. Follow this advice until you retire, and you'll be pretty well off.

While you are on this journey to retirement, Pollack advises that you ignore every stock tip you receive. This isn't because you shouldn't invest in stocks, but because you shouldn't invest in individual stocks. You're better off with a broad spectrum. And before you make any financial moves, make sure you understand every detail.