Rebecca Katz: Next question, shifting gears from retirement, is from Christian, San Jose, California, who says, “Congratulations, Mr. Bogle. May you live longer and provide sensible financial guidance to us all. I have two sons, ages 23 and 20. So what is the one single piece of advice you’d give them so that they are financially secure when they retire?” So what’s the one thing investors just getting started right out of college really should know?

Jack Bogle: Start to invest now. Continue to invest as you have the money. Increase your investments as you make more money. Have a little note in your budget so that let’s say 15% of your compensation goes into a mutual fund investment, a low-cost mutual fund investment. Or, even better, an index fund investment. And that’s only because I believe in them. I’m not trying to sell anything.

Rebecca Katz: That’s okay, you can sell. It’s a Vanguard webcast.

Jack Bogle: But make sure that your contributions go up with your income. And then, you know, I would say, another rule that I use, it’s a little overdone maybe, don’t peek, P-E-E-K. Don’t look at your account every day. Don’t look at your account every month. I tell people if they don’t look at it, they start investing when they’re 22 years old and they don’t peek at their 401(k) statement or IRA statement until they retire, a caution, “Have a good cardiologist next to you.” Because when you open that final statement, you’re allowed to open it at the end, you will probably have a heart attack. You won’t believe how much money you’ve accumulated. It’s so remarkable what long-term compounding plus, well, the magic of long-term compounding returns without the tyranny of compounding costs is magical mathematics. And if you’re aware of that, that’s really all you need to know.

Rebecca Katz: Start early, save often, don’t look.

Jack Bogle: Yup.

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