Baehr Family Financial

"Some things O’Brien Baehr says to keep in mind: If you are under age 59 (the age at which you can withdraw from retirement accounts without penalties), and have a 401k, leave the 401k there, if possible, and don’t roll it over into an IRA account. According to O’ Brien Baehr, if you leave the money in your 401k, you can use it in case of an emergency as long as it remains with your previous employer. At age 55, they would be eligible to withdraw from the 401k without the 10% early distribution penalty, if they have separated from service; however, if it’s in an IRA the age is 59, she said."

Don't be afraid to experiment. "You may need to take risks when you're younger," says Erin Baehr, a financial planner in Stroudsburg, Pa., and author of Growing Up and Saving Up. "You may take one job over another and find it doesn't work out. But when you're younger, you have the ability to do that. And then that can parlay into a bigger return down the road."