In fact, Chatzky admits she made her own money mistakes along the way.
“When I left my first job, I actually pulled the money out of the 401(k) and spent it. I didn’t really understand what a 401(k) was at the time. I signed a piece of paper, I got a check in the mail and went shopping.”
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But while she didn’t understand the dynamics of a retirement fund and the magic of compound interest as a young adult, her parents did teach her that saving could definitely produce “magic” in other ways.
“I didn’t know how much my parents made; I didn’t know how they were invested. But I do remember before that family trip to Disney World breaking open the family piggy bank and counting the half-dollar coins that my family had been saving in there for years and knowing those were our gate tickets.”
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.