Whats a money lesson you wish you would have learned earlier?

likesmarthelpful
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Honestly, I was super frugal in college and up until I had my first child. I wish I wasn't so frugal. I missed out on a lot of fun activities in college, a fun trip to Asia in b school, and just random other experiences (not really things).

I graduated undergrad with $5k in debt and b school with $0, so it really was a good idea financially, but I'd certainly survive with an additional 10k in student debt. So my anti financial advice is maybe don't waste your 20s being frugal. If you put into your IRA/401K, it's not against any rules or unwritten code of conduct to spend some money on yourself. But I'd spend more on experiences than random trinkets for you house.

I did have fun in my 20s tho, I just know I missed out on some things so.l I could graduate debt free.

likeuplifting

My biggest lesson learned was the power of compound interest. A close second lesson was to understand tax advantaged accounts early on. I spent most of my 20’s without a 401k or retirement account (I was in the military) I did a good job investing which paid off well now that I’m late 30’s, but I should have used a Roth more when I could have and I also could have easily socked away 5k minimum extra a year which would have actually gone a long way given compound interest. I’m now trying to make sure I max out my 401k, and my wife maxes hers along with some whole life insurance to supplement tax beneficial retirement monies.

likesmart
Recent IconRecent

Investing in the stock market isn’t just for rich people.

likesmartuplifting

Agreed. It's not too early to start, especially now that you can buy fractional shares.

like

Making a few smart big financial decisions (don’t own a car, get a cheaper apartment, etc.) means that you don’t have to worry about finances the other 99% of time

likesmart

^ Totally agreed

like

Stop buying everyone drinks at the bar

likefunnyhelpful

Go with the HSA instead of the PPO

like

AA1 is right on HSA, it’s one of the best savings/retirement vehicle if you are relative healthy and don’t require much office visits, etc. Many companies also contribute to employee’s HSA account. We pay $0 premium for health insurance + company contributions of $600 for single or $1,200 for family annually, I then contribute the differences up to IRS limits for the year ($6k for this year). I also setup a limited-purpose FSA for dental/vision (eye glasses, etc).

like

Learning how to utilize loans to increase my networth. Growing up, my parents didn’t have much money but were huge savers. They hated any and all kinds of debt including auto, mortgage and credit cards. While this helped me grow up frugal, I realized in my mid 20s that certain types of debt were OK and some can even be very beneficial by giving you leverage. No point in paying off a sub 3% mortgage when you can put it in the market and earn 8%+

likesmart

Yes. I’m currently in school and got to take out loans even though I have savings to cover my tuition. These loans are currently invested and growing 💪🏻

Investing into a Roth IRA as soon as your first high school job.

like

@SA4 yes

like

Working for $11 an hour in college seemed very silly about 2 weeks into my first job out of college.

like

Working the menial jobs as a kid let me save enough to take the unpaid internships while living on a hair string budget. I do wish maybe I’d used some leverage like student loans to better enjoy my time in college instead of always just trying to make ends meet. At the end of the day, as many things in life, there is a balance. Can’t buy a car with student loans to drive yourself to the internship.

like

If you’re young in LCOL, buy and rent out rooms to start growing equity. I regret not doing so earlier.

likehelpful

This.

These hoes ain't cheap

likefunnysmarthelpful

We surely are not!! 🤑

likefunnysmart

Details about retirement accounts, including different strategies like back door Roth, mega back door Roth, Roth conversion ladder, etc

like

I also highly recommend JL Collins’ book The Simple Path to Wealth! You’ll learn a lot about investing and it’s a quick easy read

likehelpful

Investing the extra 10k I threw into a car in the market. Had to watch tons of investment opportunities pass me by because I didn’t have the funds to participate. Could have been $50-60k by now. Cars and rent will ALWAYS be the worst investments you can make!!

likesmart

CoS - although the car itself is consumption/expense, OP said “the extra 10k I threw into a car” - so I read that as upgrades (nicer rims, other upgrades, etc) - which is indeed a perfect example of lost opportunity cost that could have been growing in the market (“$50-60k by now”)

likesmart

Sticking to one company is a sure way to be underpaid. Have to keep shifting jobs!

likesmart

This! ^ Loyalty doesn't pay

like

Index funds! I always thought investing was super risky and that you needed to be a finance major Wall Street bro to do it. While not the most sexy thing, index funds have been life changing and have given me an avenue to early retirement.

like

Thank you for the advice

Don’t get married

funnylike

Married but filling separately is the least beneficial tax approach. Speak to your CPA before raising a flag on the tax man's radar...

To have started investing when I was 16.

like

Make your money work for you.

I wish I can get back the 6+ years after college where I just had $30K+ sitting in my checking account.

It’s not a lot of money, but I can only wonder what that money would’ve been today if I put it in a money market or even a Roth to save for my future.

likesmart

Second this!

likehelpful

Earn interest don’t pay it...

likesmartfunny

Should have bought a lot of bitcoin.

like

Selling Bitcoin :(

likehelpfulfunny

Besides all listed above, Would’ve made sure I got a job with a pension and excellent health benefits at retirement .

likesmart

Congress is one of the worst political jobs. Elections every two years, and zero impact outside of leadership (which takes many years to enter).

Senate is one of the best, as is (interestingly) county supervisor/commissioner in certain parts of the country.

When you get a nice car, the only thing you attract are more male friends and people you don’t even like.

likefunny

Related Posts

Has anyone done the final round presentation for LinkedIn’s Customer Success position? Any tips?
LinkedIn

like

I did the interviews with Amazon.

Round 1: HR round cleared.

Round 2: Hiring manager round. After round 2, HR said, there is restructuring in the team and the role no longer exist.

This happened in April. Now, I joined another company in june (not ecommerce).

Shall I apply again in amazon? I target L6.

Issue is: In past i worked in a company, left in 6 month (layoff due to covid). Now, in current company, I am only here for 3 months.

Its my 4th compny in 6 yrs. does it look bad on CV?

Does BCG SEA has pension for MDPs like other consulting firms in SEA and almost all firms in the US?

Hello All,

Please guide me in choosing the right company in terms of learning, wlb and future growth opportunities from the below options. I have 3.3 years of experience.

1. Citiustech- 17 lpa fixed
2. Redbus- Expecting to be between (14-17 lpa)
3. Siemens Technology - 13.5 lpa fixed + 1.3 lac jb 4. EY - 13.5 lpa fixed + 5% variable

Thanks in advance!! Siemens Redbus Citiustech Healthcare Technologies EY

like

Deloitte India Hi Fishes,
I am actively looking for a Qlik Sense Developer role. I have 2 years of experience in data analytics. My tech stack is: Qlik Sense, Qlik Nprinting, Python,Machine Learning, Deep Learning, NLP, Time Series Forecasting, Data Analysis, Web Scraping, SQL. Please let me know if there are any open positions matching my skill set.

Thanks!
Citi, CGI , Deloitte India , Deloitte, EY , Fractal , Tiger Analytics , JPMorgan Chase Bank of America

like

Over agency life? We’re currently hiring a Creative Director for our Watson Health team. Healthcare experience preferred but not required. You would be responsible for some new brand work coming up on the horizon for exciting new launches. Great leadership time and no one works after 5 PM.

DM me if interested

likeupliftinghelpful

Any job openings for a UI/UX designer at Accenture?

like

Starting at a PE fund focused on industrials and manufacturing soon after some time doing diligence work across tech, consumer, and healthcare. Any advice to prepare on the new industries of focus or recommended reading / considerations?

like

How can I claim air ticket reimbursement, can any one let me know where do I need to submit bills etc.My Hiring HR told me I can claim the same but he was not aware of process.He told me to get in touch with buddy but the buddy assigned never contacted me.

like

Does anyone know of any remote positions hiring ? Preferably insurance verification, admin/clerical etc. I’m trying to apply to as many jobs as I can. Trying to leave my current job asap.

like

Aside from Fidelity, which other brokerages are there? Interested in changing. Has anyone switched?

Which brokerage do you currently use for your IRA/401K?

like

Please tell me how is insurance vertical in coforge@

like

For those who work 100% remote with their company, what health insurance provider does your company offer? (ie. UHC, Aetna, BCBS, etc)

like

Hi!!
I am looking for a referral for Marketing/Product management role, lost previous job in a layoff.
YOE: 2.5

What should be a good salary in Delivery role (Director+) in Dallas, TX area? If someone can provide a range that also will be helpful.

like

Hi everyone, I have an offer from Evalueserve for SBA. Looking at other similar roles in CPG domain. I am not in tech. I have 6.5 yrs of experience in fmcg CPG analytics. Do let me know any companies that are hiring.

like

Hey All, I am new to this bowl. I am interviewing for Client Consulting Analyst position for the NYC office. Can anyone kindly guide me what to expect in the interview rounds?
Thank you 🙏

like

Any idea what are the l1b visa extension trends? My spouse has an extension coming up and there has been no material change to her role since she got the visa approval. Will "defer to previous action rule"passed by Biden administration help her get the extension easily? Or are there any RFE/denial trends currently being seen?

like

I currently work for an Insurance Company and I would like to change my focus from Life Insurance to Annuities, Mutual Funds, IRA’s, and 529 Plans. Any tips or advice would be appreciated.

like

More Posts

Is BA Continnum allowing work from home or hybrid work model?

like

How long does it take to rebuild your credit after buying a house? Obtained a mortgage 5 months ago and my credit has only gone up 8 points after dropping 40. I’ve had no late payments or other inquiries/new accounts

like

Hi Fishes, I am currently on Notice period, last 30 days NP left. I am having 9 YOE and working on reporting development using Qlikview ,Powerbi. Can anyone please help me to refer? Or let me know if there are any opportunities for me?

like

How do progression look like? Do we have lateral moves (SA1A, SA1B)

like

Hey, is anyone aware of the model monitoring team at HSBC, I am having experience in ML model building, if someone could guide me whether it is a good role or will it limit me just to monitoring phase

like

Can MDC start winning business again as a network? I’d like to have my stock payout a bit more. Thanks in advance 72, Crispin, Anomaly, Vitro blah blah blah.

likefunny

Hello,

I've been offered Data engineer /Software Engineer at PayPal, india.

How's the company doing, is it profitable?

Bit skeptical about the recent layoffs at PayPal.

Any data engineers at PayPal around? Whats your thoughts, how's the team doing and how would be the growth?


YOE - 5
TC offered : 19 Base +10k RSU (3 years)

TC seems to be a lowball, but that's their budget, no scope of negotiation.

like

It’s 2019, finally! Anyone have any wins on deck or in motion for this year? Please share!! Good news is contagious! Sure we’d all love some inspiration + the opportunity to virtually clap for you!

like

What do you use to manage your companies accounting? I use QuickBooks but not a huge fan. Any better options?

like

It's March, and I have done a lot of seminars in Jan and Feb. I've gotten a few clients but would like to increase AUM drastically! Any books, sites or advice on what I can do for marketing?

like

Got two audits out before the holiday break and I feel so free!

like

Hi, I have my MSW and have been working at a nursing home where the demographic is mostly mental illness for 1 year with 65K salary. I recently passed the licensure exam and would like to renegotiate my salary as a LMSW. I'm not sure how much I should request. I don't mind staying at that location. I just need a pay increase. Has anyone experienced this? If I put out feelers..What is a good offer with my credentials?

Any advice would be greatly appreciated 🙏🏾

like

art directors, how do you go about faster video mock-ups? And back end sites that help make a more visual video/color/transitions if you are on a time crunch in AE or Premiere?

I have offers from Amex and GS with similar Fixed component but the joining date of GS is two months after my last day in the current organization whereas Amex joining date is immediate. Should I wait for GS date or go ahead with Amex?

like

Please let me know if anyone has opening in CSIRT / incident response / endpoint security.

like

Can we renegotiate with thoughtworks?

like

I’m desperate to get out of town. Can’t really do Road trips bc I can’t drive for long periods due to injury. Where can I fly to that’s relatively safe and I’m not putting anyone at risk?

like

Additional Posts in Personal Investment Chatter

Asking for a friend - contributed full $6k to a ROTH IRA during 2021. Due to RSUs vesting is now above the MAGI limit to contribute to a ROTH IRA. Would the best approach be to have the contributions be reclassified to traditional, and then do a back door Roth? (Currently does not have a traditional IRA balance)

likesmart