A 401(k) is a savings plan for retirement offered by many employers that lets you invest a portion of your paycheck before taxes are taken out. The money grows tax-deferred, and many employers offer matching contributions to help boost your savings.

The benefits of investing early go far beyond just growing your savings, they include harnessing the power of compound interest, reducing financial stress down the road.

Educating yourself and developing your knowledge in financial literacy is a crucial investment.