When Schwab-Pomerantz’s own three children started working as teenagers, she encouraged them to save 10 percent of their income as well. They each opened up a Roth IRA and invested in mutual funds or broad-based exchange-traded funds.
“Most people’s mistakes are about procrastination,” she said. “As a young person, retirement seems so far off.” But when it comes to saving and investing, “time is of the essence,” she said.
Now, Schwab-Pomerantz is president and chair of the Charles Schwab Foundation, and a senior vice president at the $56 billion company. She’s a certified financial planner and focuses on reaching out to other young people who tend to have less experience managing their personal finances.
Other money-saving tips will roll out on social media throughout the month with the hashtag #MySavingsTip.