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April 21, 2014

Andrew Silow-Carroll: Passoverkill? Suggestions to make next year's seders even more culturally sensitive

Sara Israelsen Hartley: Seeking the Divine: An ancient connection in a new context

Christine M. Flowers: Priest's execution in Syria should be call to action

Courtnie Erickson: How to help kids accept the poor decisions of others

Lizette Borreli: A Glass Of Milk A Day Keeps Knee Arthritis At Bay

Lizette Borreli: 5 Health Conditions Your Breath Knows Before You Do

The Kosher Gourmet by Betty Rosbottom Coconut Walnut Bars' golden brown morsels are a beautifully balanced delectable delight

April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review

An open letter to everyone under age 30

By Morgan Housel






JewishWorldReview.com | Dear Millennials,

There's an old story about a guy taking a smoke break with his nonsmoking colleague.

"How long have you been smoking?" the colleague asks.

"Thirty years," says the smoker.

"Thirty years!" marvels the co-worker. "That costs so much money. At a pack a day, you're spending $1,900 a year. Had you instead invested that money at an 8-percent return for the last 30 years, you'd have $250,000 in the bank today. That's enough to buy a Ferrari."

The smoker looked puzzled. "Do you smoke?" he asked his co-worker.

"No."

"So where is your Ferrari?"

When you think about money and saving, stop, look around and ask yourself: Where are all the Ferraris?

Sure, not everyone with $250,000 should buy a Ferrari, or even wants one. But we know the rough financial position of average Americans, and it isn't within hailing distance of Ferraris. Less than 60 percent of Americans are saving anything, and two-thirds of those who are have less than $25,000 salted away, according to ConvergEx. Almost half of Americans couldn't come up with $2,000 in the next month if they had to, accord to the National Bureau of Economic Research. According to Nielsen Claritas, Americans age 55 to 64 have a median net worth of $180,000 -- less than they'll likely need for health care spending alone during retirement.

How can so many Americans be so poor if accumulating a lot of money over time is as simple as saving a few dollars a day?

Because most people don't take advantage of what you Millennials have in spades: Time.



You have time on your side. Decades in front of you to save and invest. It's the biggest financial asset you own today, and you're probably not even aware of it. The single best thing you can do for your finances is to realize how valuable it is.

I know you, Millennials. When you think about building money for retirement, you focus on earning more money later in your career. And why not? You'll likely earn far more in your 40s and 50s than in your 20s and 30s. Waiting until you have a nice fat paycheck before you save money makes sense, right?

Wrong.

The average American age 16 to 24 earns $444 a week, according to the Bureau of Labor Statistics. Those age 25 to 34 earn $707 a week. Workers age 45 to 54 earn $878 a week. And those age 55 to 64 earn about $900 a week.

So, by the time you're in your 50s you can expect to earn about double what you earned in your 20s and 30s. Optimistically.

Compare that to the value of money saved and invested in your 20s and 30s, and we're not in the same ballpark.

For the last 150 years, the S&P 500 has delivered an average annual return of 6.6 percent, after inflation. During that period, we had nine major wars, 33 recessions, a half-dozen financial crises and an uncountable number of really awful things happen to the economy. Through it all, 6.6 percent a year is what you averaged. It's the best estimate we have of what stocks will return over the next many decades.

And lucky you, earning a 6.6-percent return on your savings does nothing short of miracles over time. If you are 20 years old, every dollar you save today will be worth $18.50 by the time you are 65 (and that's adjusted for historical inflation). If you're 30, each dollar saved today will be worth $9.60 by age 65.


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Think about that. From the time you are in your 20s and 30s until your 60s, your weekly wages might double. But money saved in your 20s and 30s could very realistically grow tenfold by the time you reach your 60s.

Saving a little bit of money when you are young can be a more efficient way to build wealth than saving a lot when you're older.

I know how ghastly the jobs market is right now, Millennials. And most of you lucky enough to have a job feel as if your paychecks round to zero.

I get it.

But don't overlook the incredible asset you have in time.

Time allows the market to do the heavy lifting of wealth-building for you.

Take advantage of that any way you can. Twenty dollars a month. One hundred dollars a month. Whatever. Any small amount you save now will likely be more important to your long-term wealth than much larger amounts saved when you're older and earning more money.

This might sound basic and boring, but in 40 years, you will not care what the 200-day moving average is, or how many basis points Treasury yields rose this month, or the short-term forecast of another well-dressed analyst with a charming British accent. I promise. What will matter is whether you saved money and invested it for the long haul.

I know you, Millennials. You're spending $5, $10 a day on stupid stuff you probably don't even like while working tirelessly in college and working to boost your future earnings. Once you realize cutting out the former can be as important to your finances as trying to boost the latter, you might find yourself closer to your goals. That's how you leverage your assets. That's how you turn cigarettes into Ferraris.

Good luck.

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Comment by clicking here.

Morgan Housel, a columnist at The Motley Fool, is a two-time winner, Best in Business award, Society of American Business Editors and Writers and Best in Business 2012, Columbia Journalism Review.


Previously:


15 biases that make you do dumb things with your money

If this scares you, you shouldn't be investing

What I plan to do when the market crashes

The three most important words in investing

Monkeys and investing

Two types of risk, two types of bubbles

The secret to financial success: Use ignorance to your advantage

How to effectively fight investors' greatest enemy

Four mistakes that make everyone a bad investor

Learning from the past, and the Next Big Tren

What newspapers were saying when you should have been buying

Why you never learn from your investment mistakes

The curse of success, and why most mutual funds fail miserably

If you know only five things about investing, make it these

Why spotting bubbles is so much harder than you think

When smart investors do stupid things

The deep downside of home ownership

The biggest retirement myth ever told

He's rich, smart and old: Listen to him

Admit it: No one has any idea what's going on

Gold collapse: The start of something big?

BAD NEWS: EVERYONE IS RIGHT!

Twitter: The carnival barker of investing

Warning: Don't waste your capital being fooled by profit prophets

25 important things to remember as an investor

New paradigm for both drivers and car companies

Biases that make you a bad investor

Nine financial rules you should never forget

Gaining from financial destruction

How to read financial news

Housing: Partying like it's 1925

A rebuttal to student loan horror stories

CONGRATULATIONS: We just saved half a trillion dollars

End this crazy tax: It will boost the economy

Medicare: A dangerously good deal

Economic future looks bright

The Biggest Threat to Your Portfolio (It's Not What You Think)

Bond Market Bull Run dead at 30



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