what's one thing you would've done differently?

[FLA]

what is one thing wise, older, current you would go back and tell young you to do differently with your finances? And what's one thing you did right?

I would've listened that nurses often end up on disability and bought disability insurance even though it seemed so expensive. Own occupation disability insurance would've saved my skin right now.

I started saving fairly aggressively for retirement at 22, I could've saved more but I think I saved enough.

I'm trying to pass these two ideas down to my college aged children but they're not too interested yet. DS has a 403B at his job that they contribute to but he doesn't put anything in. I try to show him how $1000 a year now at age 20 will be worth so much at age 65, but it's falling on deaf ears.

[kork13]

I would have studied more & focused more on my grades in college. It would have opened up a variety of better opportunities for me.

However, I also did start saving aggressively since about age 20. Now (12 years later), I've got $250k saved in personal retirement accounts alone, and a total net worth (including DW's accounts & our 2 homes) of nearly $750k.... And we're just 31/32 right now. Starting early & saving aggressively as much as I could was by far the best thing I've ever done for myself financially. If nothing else, it's giving us alot of flexibility right now as we stare down what's looking like my wife getting medically retired from the military.

[rennigade]

Why do I have a feeling we're going to start seeing posts about what they should have invested in...hindsight is 20/20.

^besides those obvious things...I probably would have chose a different degree...or took college more serious in general. My skill set as an IT tech is pretty generic...which doesnt make me marketable. I was lucky to get in the job im at now. Without networking, security...or the best skill now...scripting/programming...you pretty much sit at the bottom of the totem pole.

Im still relatively young at 35...so I could and should learn some of the above skills.

Like Kork...Ive always been smart with my finances. Ive invested from a young age and let my money work for me in the market. It certainly helps since my salary is average.

[cypher1]

Biggest ones were not taking advantage or more serious on 401K/Roth IRA until my late 20s.

Or not finishing college, but that's not for financial reasons. But on the flip side, I'd glad I took a chance on dropping out and leading to a career I do enjoy. Unlike a bunch of friends who racked up 60k+ in student loans and still figuring out their careers. I don't have that regret so far.

[bjl584]

Maybe picked a different major in college. I probably would have done community college for 2 years, then transferred to finish out my degree if I could do it all again.

I would have started investing in my ROTH sooner too. I didn't open the account until I was 28.

[FLA]

one other thing I did right was selling my way too large townhouse when the kids went to college and buying a handicapped accessible home with my parents 2 yrs before I got sick. My mom has an end stage disease and if I was going to sell my home it made sense to live with her so I could help with caregiving as my father has multiple chronic illnesses. So I took a leap of faith that I could live with them as an adult and not lose my mind, lol and it's worked out. I live at one end, they live at the other. When I got sick, my father took care of me. Once I settled down, they both got a lot sicker and if I didn't live here I don't know how they would care for each other. They would both be in nursing homes. I'll never regret having made this change. It helps me financially, too, being on disability to not have a mortgage since I only own part of this home.

[Captain Save]

save more money .. wait a little more to upgrade my hooptie and not buy the rental property.

[GoodSteward]

I would tell my younger self to never get a credit card at that age and learn to save to buy something I couldn't pay cash for yet. That trait alone would have saved me a ton of headache and heartache.

Growing up in a family that excessively used credit cards as a way to get things, I assumed I must do the same. As I've stated before, I even had a grandmother (who was deep into debt all the way up to her death) tell me once "We(avg income level people in general) just don't have much money. If you want things, you have to use credit cards to get it."

I bought into that and it landed me in a bankruptcy. My hope is never again.

[msomnipotent]

I would never have bought our current house if I knew better. And I'm really glad that I didn't listen to my family when they tried to talk me out of signing up for the 403b when I was 18 years old.

[Gailete]

On my own, I was a very agressive saver. At one point after taxes, SS, retirement, company stock purchase, etc. I only took home half of what I earned and was saving outside of what was pulled out of my paycheck. At that point I met my second husband and after we got married, it didn't take more than about a year and half to be swamped in debt, both mortgage, car, and credit card debt (~$40K+). Never did get back to saving half of what I made. I was lucky to have grocery money.

Other than my boys, for sure if I could do things over, AND knowing what I know now, I doubt I would have ever gotten married. That isn't just because of financial reasons either.

Like FLA, I would have bought more short term and long term disability insurance as well. I know on just my retirement money alone at this point, I am eligiable for discounted senior housing and would still have enough to live on nicely, but living in a house that sucks up $5-6K in property taxes, $4K in propane and electric, etc. yearly is ridiculous. But my husband built this house and I think he would do just about anything to stay in it. It is like he doesn't see or understand what it is costing us to live in this house. Nor does he see the stress it is causing me to try to round up the money to keep us going. Nor do I have the energy to fight it.

[FLA]

((Gailete))

If it wasn't for my kids, I wouldn't have gotten married either or at least not so young when I thought I knew everything (24).

[LivingAlmostLarge]

started saving for retirement earlier. Also i wouldn't have gone to grad school. i'd have just worked.

[Smallsteps]

It is hard to stay objective with 20/20 hindsight................ but I would have been a bit more aggressive in my investing and savings.
I felt like I was doing slow and steady but really passed on what looked like too much risk at the time.

[~bs]

bet the farm in bitcfoin

[amastewa93]

bet the farm in bitcfoin

LOL right?! These comments have given me some ideas though... I'm only 25, so I have a few regrets, mostly to do with lending money I didn't really have to lend - to family members, etc.

Something I think my family did right - I did start my first savings account at the age of 7 though (at a credit union). I saved ALL of my birthday money, etc. to open that account and still have it. Learning to save at a young age (with my grandparents help) was great. My siblings didn't do the same, not that they didn't have the option... but a savings account didn't entice them the way it did me - mostly because I always knew I'd have to pay out of pocket for college.