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

likesmarthelpful
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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
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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

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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.

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Stop buying everyone drinks at the bar

likefunnyhelpful

Go with the HSA instead of the PPO

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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).

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.

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@SA4 yes

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

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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.

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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!! 🤑

funnylikesmart

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

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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

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To have started investing when I was 16.

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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.

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VTI + VXUS gang.

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...

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!

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Earn interest don’t pay it...

likesmartfunny

Should have bought a lot of bitcoin.

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Selling Bitcoin :(

likehelpful

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

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Flight attendant to Passenger struggling to fit his bag into overhead cabin: "Sir, please pull it out for a second, and push it back in on the other side....there you go, slid right in" #morningbrain

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