However, if you’re trying to save for emergencies or a home purchase and are just contributing to your retirement plan to get the match, you may want to make pre-tax contributions and use the tax savings for your other goals. Even if you’re focused on retirement rather than more immediate goals, a traditional pre-tax account may still be better for you if you’ll end up paying a lower tax rate in retirement. If you plan to go back to school full-time, you can also convert those pre-tax dollars to Roth at a time when you’re in a fairly low tax bracket. If you’re not sure which makes sense, you can split your contributions between pre-tax and Roth or contribute to your employer’s plan pre-tax (it may even be the only option) and to a Roth IRA (which has additional benefits).
3)  Invest aggressively while you’re young.
There is some truth in this. The longer your time frame, the more aggressively you can generally afford to invest your money and young people tend to have long time horizons before retirement. There are a couple of important caveats here though.
The first is that not all of your money has a long time frame. For example, financial planners generally recommend that one of your first goals should be to accumulate enough emergency savings to cover at least 3-6 months of necessary expenses. This is especially important for young people who are more likely to change jobs and haven’t had as much time to accumulate other assets like home equity or retirement plan balances to tap into. You may have other short term goals to save for like a vacation or home purchase. Any money you may need in the next 5 years should be someplace safe like a savings account or money market fund since you won’t have much time to recover from a downturn in the market.
Speaking of downturns, the second problem is that this advice ignores risk tolerance. Many young people are new to investing and may panic and sell at the next significant market decline. If this sounds like you, consider a more conservative portfolio (but not TOO conservative). If you have access to target date funds, you may want to pick a fund with a year earlier than your planned retirement date. You can also see if your retirement plan or investment firm offers free online tools to help you design a portfolio customized to your personal risk tolerance.
Of course, there are plenty of young people who should pay down their student loans early, contribute to Roth accounts and invest aggressively. The key is to figure out what makes the most sense for your situation. If you want help, see if your employer offers free access to unbiased financial planners as an employee benefit or consider hiring an advisor who charges a flat fee for advice rather than someone who sells investments for a commission or requires a high asset minimum that you may not be able to  meet. In any case, you don’t want to make the wrong choice now, and regret it when you’re older.
Erik Carter, JD, CFP® is a senior resident financial planner at Financial Finesse. For speaking opportunities on personal finance issues, please email ffpress@financialfinesse.com.

4 Essential Steps to Achieving Financial Success

If you're hoping to consistently build up wealth, you will need a blueprint for your financial journey.
In this video, Entrepreneur Network partner Brian Tracy lays out a few steps towards financial success. These include building a high income: If you are able to start with a high income early in your career, you will most likely earn even more in the future. To compound a sizeable salary, you should also be actively investing and saving. If you're having trouble saving money, consider having a portion of your income directly deposited into your savings or investment accounts. 
Tracy also underscores how building practical experience -- outside of schooling -- can help you develop your skill set. If you possess skills people wil pay for, this can act as another source of income and as an investment to your overall worth.
Finally, another tip Tracy emphasizes is cutting wasteful spending. Making cuts to the streaming or cable packages you pay for, as well as unncessary use of utilities, are some areas you can reduce your use.
Click the play to hear more about building your wealth.
Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.
EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on RokuApple TV and the Entrepreneur App available on iOS and Android devices.