What Would You Do With 3 Financial Do-Overs?
There's a Money Genie over at Adam's blog today, and he's been so kind as to lend him to us! A true gentlemen indeed. Now, this genie isn't your ordinary genie, but rather a financially-savvy one! So don't try and ask it to bring you hot women or better looks or anything like that because it won't work ;)Before I continue though, I should spell out two things here. The first, this genie is not real (sorry, folks). The second, I don't really believe in wishing for pasts to be different when it comes to this sorta stuff. Call me old-school, but I seriously believe the only way we can be where we are today is by experiencing and learning from all those boneheaded moves we've come to hate. So I'd have to tell that genie to go F off if he tried to wipe away my knowledge at the same time.
That being said, it's still fun as hell to think about ;) Plus, you never know who you may be helping by listing these out! That's not to say high school or college students would actually *listen* to us all here, but the advice is still free for the pickin'. So, I'll go first. Although I warn you there's nothing too exciting about my 3 choices. I luckily never got into much trouble over the years, so for me it's more about lost opportunities than past mistakes. At least for my #1 and #3. Number 2 (haha...) is a toss up:
- I wish I contributed to my 401(k) from work day #1: It's no secret I'm a HUGE fan of 401ks, I just wish I paid more attention to them my first 4 years out into the workforce. It was the only thing my dad harped on, only problem being I just didn't care. Lesson learned Daddy-O!
- I wish we didn't buy a house when we did: This isn't to say I'm against home ownership or anything, cuz I'm not, but more that we should have waited a bit longer. At the time I was in "I can do anything" mode and disregarded the fact that I like to live care-free and move around every other year. There's a helluva lot of pros that come with home ownership, but deep down I'd still rather be renting.
- I wish I saved 10% of my earnings "for real": For Real in that I xfer it into my savings account, and I leave it. Not I xfer it in, then take it back out when I over budget, then put it back in 3 weeks later... and then take it back out again, and then put it back in again ;) You all know what I'm saying.
Labels: 401k, advice, home ownership, life, saving
posted by J. Money at
11:24 AM
18 Comments:
1) I would take out LESS STUDENT LOANS and just work more
2) I would have saved while still IN COLLEGE...what the hell else did I spend all those pizza tips on anyway...oh yeah...vodka..damnit
3) I would have NOT stayed to get my masters and spent an extra year out in the work force and found a company who would PAY FOR ME to go back...
1. Gotten behind on some credit cards back at beginning of college and get into trouble with them ( but have certainly learned my lesson from it at only about $2,000)
2. Waited on buying a house with all the stuff the gov't did with 1 year of it, and taken more time deciding where I wanted to live exactly.
3. Should save more but I still should do that so it would not only be changing the past but the future also.
I've been the same way with your #3. I take out 10% but then use it at times if I need it instead of just letting it grow. Something I need to work on.
1) Would have gone to public college instead of provate
2) Would not have bought a new car two years ago.
3) I wish I would have known the market was going to drop 40% so I could have put my investment accounts in a more stable vehicle (I think we all wish that) :)
1) Would've never started the business.
2) Would've never started the business.
3) Would've NEVER started the business!
I posted mine up over on my website:
What would you do with 3 financial do-overs?
I wish I didn't sell my condo 5 years ago (I'm now renting) before the market went crazy and then it doubled in price.
I wish I didn't cash in my RRSP's in my early 20's.
I wish I didn't work for so cheap and settle for jobs that weren't right for me when I was younger.
1. Not spent so much money when I first started working
2. Started contributing to my retirement funds as soon as I graduated college (waited until 24)
3. Figured out what I was doing with my life sooner (5 year break after undergrad)
1. I wish I did not buy my house when I did (really hate my neighborhood)
2. I wish I hadn't dipped into my 401 (k)
3. Should have been making payments to myself after I paid my car off.....
1. I would have saved 10% from the first paycheck I ever received.
2. I would have someone teach me what I know now about budgeting.
3. I would have taken a second 10% and sent it to RRSPs from my first check.
I can only have three? darn.
1. I wish I never would've bought my super awesome 2008 Acura RDX with fully-loaded navigation system. Yeah, it's totally nifty and I really love it, but I didn't need and I traded in 2 year-old brand new car for my Acura with a hefty monthly payment. Oh well. I plan on keeping it until it dies.
2. I wish I didn't rent that apartment last year, get a puppy who ruined it, then broke the lease to move back in with my parents. Good learning experience, but that apartment drained me of almost all my savings, now I'm slowly building it back up, but my savings is only being built up to payoff my debt in huge chunks.
3. I wish I'd have saved 10% from day one of working. That'd be a huge chunk of cash right now!
1. Would have thought about what I wanted to do when I was young and finished college earlier so I could be doing what I love RIGHT NOW!
2. Would have not taken $20k in student loans out just so I could take six months off of work.
3. Would have waited to get a credit card when I had a little bit more financial sense.
Hey J, I'm trying to follow you via RSS Feed on my own PF blog, however, when I put in your URL for your blog, it says it's unable to get the Feed. Do you happen to know your URL for your RSS Feed so I can track you on my blog as one of the PF blogs I follow? I love your blog, by the way!
Oh how fun, there are many things that I'd do differently. I agree with you on the 401k
1) Invest in 401k from the start, I lost a few years of free matching contributions
2) Not buy a house in 2005! This is a huge one, I try not to think about how underwater I am
3) Not get into $20,000 of credit card debt, that's a biggie. That debt strangled me for years.
These are fun exercises, I try to both embrace the fact that these things shaped who I am today while recognizing they were huge mistakes that I'm now atoning for.
1. Wish I would have saved the money I had and not spent it on 2 years at a private college I didn't even end up graduating from.
2. Not loaned (or given because it isn't coming back!) the thousands of dollars to friends and family that I did. Would be in better financial shoes right now!
3. Contributed to my 401k from day 1 at my previous employer/saved a lot more while still living under mom and dad's roof!
I guess that is more like 4... But they are my wishes!
I almost wish I had taken the free tuition at public college to save me from my $80k in student loan debt, but then I wouldn't have met my best friends. Can I just make the debt disappear?
You guys are cracking me up on some of these ;) Wait, is that bad? haha...it's all about keeping it honest & REAL! If you can do that, you keep living and learning baby.
@Bank Gal - Sorry my RSS isn't working for you, that blows :( Glad you like the site though! Try my main one here:
http://feeds2.feedburner.com/budgetsaresexy
Or this one if that one doesn't do the trick:
http://budgetsaresexy.com/atom.xml
1. I would have saved more money as a kid. I started working when I was fourteen and I realized I made about $10,000 over the course of two years at my first job, all thanks to being related to the owner who paid extremely well! But what do I have to show for it five years later? Designer purses that I don't use anymore and designer jeans that no longer fit!
2. Attend college closer to home so I could commute. I'm starting to realize how much money I could save if I lived at home. I'm commuting between school and a relative's house now and although it's only temporary, it's saving me a ton of money!
3. Did more research when I was taking out my student loans. I don't regret using loans to finance my education, but I do wish I was more informed about loans in the future. Luckily, I know what I'm doing know and I realize I'll have to make a couple sacrifices immediately out of college if I want to pay off these bad boys as quickly as possible!
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