A new study reveals that many Americans are struggling with personal finance concepts. Lack of access to formal financial education and reliance on social media for financial information are contributing factors. It is important for parents to educate their children about money and finances. Technology has made it easier for young people to invest and learn about finance, but caution should be exercised when relying solely on social media for financial literacy. Risk management, due diligence, compounding returns, diversification, and defensive and offensive investing are key principles to consider when investing.They emphasize the importance of understanding market cycles and adjusting risk levels accordingly. They also highlight the benefits of diversification and utilizing different investment vehicles to manage volatility. The conversation covers the significance of maintaining liquidity and having accessible cash reserves. They stress the need for a comprehensive financial plan that includes estate planning and powers of attorney. The hosts also address the advantages of contributing to a Roth 401(k) and the importance of reviewing and updating estate planning documents regularly.

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