What would you do differently?

[WSUCoug1994]

One of the most valuable "threads" I have read on another board was "What would you do differently?" on your path to FIRE.  I learned a lot from that thread and would love to hear from the MMM community.

I will start us off - I had a very high paying job in my 20's and very few expenses and I don't have a dime to show for it (outside of maxing my 401K).  I wish I could have that time (and money) back.

I also wasted a lot of time and money investing in individual stocks.  I will never do that again.

[sisca]

There is a lot I could have done differently, but I am not so sure I would. I would have been a different person had I done things differently. I learnt my money lessons the only way there is, the hard way.

I am actually quite pleased with my life, even my high spending early years. I needed to get partying, spending, being a young adult out of my system, so I did. I came to my senses in my late 20's fortunately.

[human]

I understand what sisca is saying and I traveled a lot and had lots of fun in my 20s and early 30s but I could have easily done quite a bit of that and still paid off the student loan quicker and got a jump on savings. I also would have been more aggressive in going after promotions, I have a pretty decent middle management job with great pay but I could have got there a lot sooner.

[ysette9]

I have bought  real estate twice now and in each case, if I could go back and do it again I would have kept renting.

Also, I wish I had started maxing out my 401(k) from the beginning. Big picture: I wish I had discovered the idea of FIRE much earlier because having a big goal like that would have really focused my saving and decision-making.

[Cyaphas]

There are a few things I might change, but they're not financial. Going to one of my friends weddings was one of them. I was supposed to be a groomsman and I had to bail 3 months in advance. I still feel really shitty about that. It was going to cost me almost $4K to attend the wedding and I just couldn't afford it at the time without taking on more debt.

Don't get me wrong I've made some bad decisions in regards to money and real estate but those decisions and what I learned from them made me who I am. I can't take back the decision I made that let a good friend of mine down.

I would definitely try to spend more time with one of my Grandfathers before he passed. He was a great man, I was still young and working full time and in college full time, but it would've been nice if we could've gone fishing once or twice before he passed.

[randymarsh]

Student loans. I went overboard. It was sort of like that frog boiling story. I ended freshman year with only $5000. Then I studied abroad my first semester of sophomore year adding another 10K. Then I moved out and rented a way too expensive apartment, ate out all the time, bought stupid stuff, etc. Somehow I graduated with 70K (including interest) when it could have easily been 30K.

I'm incredibly glad I chose a major with the salary potential I have and lucky for parents who can front expenses like health and car insurance. Both of those factors are softening the consequences of my bad decisions and allowed me to take career risks that have thankfully paid off.

[big_slacker]

I grew up poor and when I got my first 'real' job (sysadmin for a casino) I leased a $35k car and bought some other stupid toys instead of getting 'tied' to the mortgage on the $92k mountain condo I was living in. Owner offered it to me first, had I bought I'd be retired already and mountain bike/beach bumming it still.

[Bajadoc]

I would have studied more and taken my proffesion more seriously. I was very good and successful at my job (doctor), but I could have been better. I did not appreciate the possibilities and could have done much more. No complaints, I have a very comfortable retirement but I could have made more of the opportunities given to me. Science and medicine are big forests and I was just a scared little bunny rabbit running through trying to survive. I was a better investor than doctor.

[MoneyCat]

I would have gotten my degree in computers instead of teaching English. I didn't know how much education was going to change and at the time I was wasting money on stupid crap when I could have invested it in computer equipment and learned how it worked. Oh, well. Hindsight is 20/20.

[Classical_Liberal]

Fear less

Both reasonable and unreasonable fear has held me back in everything from career advancement & investing to personal growth. The big three for me:

1) Fear of losing something/someone... Solution, enjoy it while you have it, fearing the loss generally makes having it or them in your life less enjoyable.
2) Fear of the unknown... Solution, try to make it known and enjoy the process of learning.  Screwing up can mean success.
3) Fear of what others think about me.... Solution, screw them!

If I did this at 20 I'd be richer in so many ways.

PS If you think this reads like a Tony Robbins ad...Screw you!

[BigoteGato]

I would have bought less expensive homes. I enjoy(ed) them very much but I would have had much more to invest and save if I had bought lesser homes. Biggest financial impact of all my mistakes. Pricier home means higher mortgage, higher taxes, more $ furniture, worse hedonic treadmill, etc.

[fuzzy math]

Hello fellow WSU alumnus!!

I got 2 credit cards in high school (thanks a lot dad - not the positive lesson you thought you were teaching me) and college. Somehow ended up with about $8 - 12k on them by the time I had graduated from college. Not sure what I spent it on... alcohol, lots of awful meals at Applebees in Moscow ID. If I'd have been able to wipe out that debt earlier I would have been on a much better path much earlier. As it was, I would pay random amounts over the minimum - generally $500 or so then overspend by $200 or so and have to charge them up again.

[Stache-O-Lantern]

I have bought  real estate twice now and in each case, if I could go back and do it again I would have kept renting.

Also, I wish I had started maxing out my 401(k) from the beginning. Big picture: I wish I had discovered the idea of FIRE much earlier because having a big goal like that would have really focused my saving and decision-making.

Ditto and ditto.  I either wouldn't have bought a house, or would have looked harder to find a suitable house at a lower price.

In addition to maxing my 401(k) sooner, I should have learned more about taxes and how to minimize them sooner.

[Tom Bri]

I was right on the path to FIRE in my early 30s AND DIDN'T KNOW IT! We had money in the bank, two good jobs, were saving hand over fist, and I convinced my wife to give it up and move back to my home town. Followed by ten years of much lower income.
Now back on track with decent income (but still lower than before). No worries, good years, and my reasons for moving are still valid, but, I think sometimes that just 5 more years, back then, and I would be FIREd now. On the other hand, I wouldn't have been home when my mom got sick and passed. All in all, I am happy.

[COEE]

Looking back I don't think I would have done anything differently.  I take that back - I hope I would have worried less (I'm a bit of a worry wart).

I've always wondered what would have happened if I had stayed in Houston.  I would have graduated with a VERY good salary and a VERY cheap house.  I would like to think that we would have FIREd quickly, but I really don't think we would have.

I'm happy with the path we took.

[Trimatty471]

I did some things right:

Did not take out much loans--$17K
Paid it off within 5 years.
Put 20% down on my house
Invest in my 401 (k) up to the match.

What I would change?
The first house I saw was for $54K.  It was perfect for ME.  But I listened to someone else's advice and did not get it.  Then I bought a house big enough (though still modest) to accommodate my friends.  It was a mistake because I would have paid off the first house within 5 years.  My friends did not visit that often.  It is still only me in my house.

I would also change locations.  I discovered that I am an introvert.  And where I live is not suitable for me. 

I wish that I had invested more.

[Bateaux]

I wouldn't have gone to college or joined the military.  I would have gone Vo-Tech, got a two year degree and been working at my same job at 20 instead of 23

[StashthatCash]

1.)  I would have found a way to lower the ammount of student loans I took out.  All in all I ended up with $45K in student loans when it could have been more about $20K had I not taken a bunch of trips and bought too many beers. 
2.)  I would have  not bought a new car like all of my friends were after graduation.  Thing was/is a money pit, the only good thing about it is that it is still running reliably. 

[WSUCoug1994]

Hello fellow WSU alumnus!!

I got 2 credit cards in high school (thanks a lot dad - not the positive lesson you thought you were teaching me) and college. Somehow ended up with about $8 - 12k on them by the time I had graduated from college. Not sure what I spent it on... alcohol, lots of awful meals at Applebees in Moscow ID. If I'd have been able to wipe out that debt earlier I would have been on a much better path much earlier. As it was, I would pay random amounts over the minimum - generally $500 or so then overspend by $200 or so and have to charge them up again.

Go Cougs!  You did better than me - I had $25,000 in CC debt when I left Pullman. 

[Cookie78]

When I was in my early 20s and knew I should start investing for retirement I didn't know where to go to get good advice and I didn't know what advice I could trust. I ended up handing over money every month to a financial adviser and not worrying about it. The good news is that after ten years when I started paying attention I had something of value. The bad news is that I lost a lot of that value to fees and MERs and more fees.

If I could do it differently I would have skipped the financial adviser stage, or at least discovered my mistake sooner.

[21runner]

I would have spent much less money on "things" (guitars, electronics, etc.) in my teens. I still struggle with this at times. I was at least still better at saving than average.

[GuitarStv]

My life is certainly not perfect, but looking back there's not much that I'd change.  I made mistakes but that helped me figure things out.  I wasted money on some stuff, but learned from that waste.

[boarder42]

i would have learned to churn credit cards 4 years earlier.  the window is closing fast on this still being a luctrative trade.

i would have saved a bit more.  not bought a boat.(still have it and enjoy it, considering letting it go)

i would have found a job in the mountain states so i could do much more hiking as thats what i love to do most in life.  now i'm too tied to this job to move - just so much value lost leaving - it has accelerated my path to fire by 4-5 years but at the same time i have to travel to go do what i find some of the most joy in .. in life.

[gggggg]

I wouldn't have gone to college or joined the military.  I would have gone Vo-Tech, got a two year degree and been working at my same job at 20 instead of 23

This path is highly under rated by people. Most folks are on autopilot to go get their 4 year degree. I know guys with vocational degrees that pull down some big numbers.

[Fudge102]

I would have got my graduate degree right after college when it was free time on the Navy's dime.  Now they want me to work my ass off all day and then stare at a computer all night and still get charged extra commitment time for it.

I would have never signed up for a financial advisor.  That's all they said back at the academy.  Find an Advisor, invest in mutual funds.  The rest will take care of itself.  I didn't know about low cost anything or self investing anything.  It was all TSP and Financial Advisor.  I'd probably have used the TSP too.  Right now it doesn't make a difference.

[Warlord1986]

I would have majored in something more marketable. Or maybe majored in history.

I would have bought fewer clothes.

I would have traveled more.

I would have saved more.

[Schaefer Light]

I would never have bought a new car.  I'd have shopped for good, low-mileage used cars from day one.  Luckily, I only made this mistake once.

[Seppia]

My life is certainly not perfect, but looking back there's not much that I'd change.  I made mistakes but that helped me figure things out.  I wasted money on some stuff, but learned from that waste.

Mostly this ^^

Generic life choices: no changes, I love where I am at.

Financially:

1- had to be a little more aggressive in 2008/9, I had small amounts of money but still only had 30-40% of my total NW invested.
Hasn't made a huge difference but I would be 1 or maybe 2 years closer to my goal had I gone all in.
Just did not have the experience at the time, plus index funds were totally unknown in Europe at the time. Had to be individual stocks, I only picked major companies but still made me more cautious.

2- could probably have saved a bit more in my first two years in the USA before I discovered MMM.

But maybe I'm just seeing my 25-30 year old self with my 36 year old eyes.
We change, our priorities change, so obviously now it seems very stupid to buy a flight to Oslo just to go watch Immortal, but at the time it felt awesome and have great memories because of that trip.

Luckily my parents (and my wife's) beat frugality into my brain since very young age (for example, I never, ever had a negative net worth in my life) so really no complaints here.

[projekt]

Looking back, there are many mistakes and false paths taken, but I can't imagine how I would have done things differently to follow a happier path. Perhaps if I had applied to U of Miami instead of U of Pittsburgh, things would have turned out differently, and both were on my mind. But, aside from that, it took me a long time to learn the important things about my life and how to live it. I'm sure most any other path would have been just as difficult.

[dougules]

Maybe this is a bit personal, but I wish I had gotten to a psychiatrist a lot earlier in my life.  ADHD, depression, and anxiety have really not been positive forces in my life.  Our society needs a cultural shift on mental health.  There are a lot of people that would go to the doctor if they've got a fever and a rash, but would never darken the door of a psychiatrist no matter how bad things got. 

[Classical_Liberal]

Our society needs a cultural shift on mental health.  There are a lot of people that would go to the doctor if they've got a fever and a rash, but would never darken the door of a psychiatrist no matter how bad things got.

No doubt this would also help significantly with other problems such as homelessness, mass shoots, all violent crimes, unwanted teen pregnancies, etc

[redcedar]

Realize that doing better than all of my friends and colleagues just meant that I was using the wrong comparison group.

Had I compared myself to a different group like here at MMM, I would likely be FI now but likely not RE yet due to a few yet to be realized goals.

[laserlady]

For several years while I was a poor student, I earned little enough money that I wasn't legally required to file a tax return.  So, I lazily didn't do anything, and thus lost out on several hundred dollars worth of refunds I could have easily gotten.  Once I started filing tax returns, I also should have started itemizing my deductions sooner, since I could have gotten significantly larger refunds with itemizing.

I also wish I known more about investing money earlier in life.  I was always good at living frugally and saving money, but I just kept my money in a bank account earning about .2% interest for several years.  I started earning a good salary in about 2008, which would have been a great time to start investing money if I'd just known what I was doing.  But it wasn't until about 2011 that somebody at my church introduced me to the MMM website and the concept of index funds, etc.

[redbird]

I probably would've started investing a lot sooner. Between me and my husband, we had saved up 6 figures in a piddly returns savings account before we started investing. As in over 200k type of 6 figures. We're both risk adverse people and weren't sure if it would be worth it. Even with the 2008 drop, we'd have a lot more than we do now if we'd started investing even 5 years sooner.

[Metric Mouse]

My first sin was a young American girl.

I'd have been a better, stronger, kinder person to those around me, and more greatful for the generosity and positive influence of others in my life. Even if it would have necessitated working longer or saving less, the return on leaving a more positive influence in a world that clearly needs more positive far outweighs the opportunity cost.

[RonMcCord]

I wish I started working, interning, and being active in organizations relating to my career when I was in high school and college so I'd have a network, job experience, and an early 'stache.  With the exception of some scholarships I got for school, a high GPA is worthless if it's a small state school and you have literally nothing else.  Wish I did more research into the job market and putting in for jobs out of the local area before graduating instead of listening to people who said I would have no trouble finding work and trying to find nonexistent work locally.  Overall, my big mistakes weren't from being reckless and loose with spending, it was playing everything too safe and letting people scare me into not taking any risks or spreading my wings.  Trying to break out of that now, because this way isn't working but still scared of failing.

[2buttons]

Not raced into purchasing our first home the year we got married through FHA loan.  Emphasis on FHA.

[Basenji]

My first sin was a young American girl.

What did you do to that girl? ; )

[Trimatty471]

I wish I started working, interning, and being active in organizations relating to my career when I was in high school and college so I'd have a network, job experience, and an early 'stache.  With the exception of some scholarships I got for school, a high GPA is worthless if it's a small state school and you have literally nothing else.  Wish I did more research into the job market and putting in for jobs out of the local area before graduating instead of listening to people who said I would have no trouble finding work and trying to find nonexistent work locally.  Overall, my big mistakes weren't from being reckless and loose with spending, it was playing everything too safe and letting people scare me into not taking any risks or spreading my wings.  Trying to break out of that now, because this way isn't working but still scared of failing.

This!

[Choices]

I would have kept renting until I paid off all my student loans. Then I would have bought a smaller house. We love our home but it's a lot of work to clean and maintain. Tiny houses look awfully tempting when it's time to dust and vacuum...

[WillWork4Mustache]

I would have studied more and taken my proffesion more seriously. I was very good and successful at my job (doctor), but I could have been better. I did not appreciate the possibilities and could have done much more. No complaints, I have a very comfortable retirement but I could have made more of the opportunities given to me. Science and medicine are big forests and I was just a scared little bunny rabbit running through trying to survive. I was a better investor than doctor.

I had to register to say thanks for posting this. So many times I settle for doing something well, when I could have more satisfaction giving it my all. It's my daily struggle.

Thanks for the reminder Bajadoc

-WW4M

[SyZ]

Would have worked / gone to school from 22-26 so my life wouldn't be in shambles today as a result

[tonysemail]

it makes me feel guilty saying it.  But if I could change one thing, I would not give money to my fiscally irresponsible parents.

[Metric Mouse]

My first sin was a young American girl.

What did you do to that girl? ; )

Nothing that could be repeated in polite company...

[WGH]

Not get married to someone who was fiscally irresponsible and then spend 10 years trying to fix them.

[Bucksandreds]

Funded a Roth IRA with summer jobs in high school and undergrad, not spent 5 years in undergrad (had too much fun), started churning credit cards 5 years earlier (would have $20,000 or so more and travelled the same,) never bought a condo and rented instead before we built our house.  All in all a few simple changes and I'd be six figures richer.

[alleykat]

I wouldn't of given my money so freely to others - family or friends.  If someone truly needed help, that is a different story.

Invested more.   No individual stocks.  No pulling out of the market due to fear and ignorance.

Bought a house earlier on. I could be living rent free now.

Really, so many things.  However, I don't regret the good times I had, traveling, go out to dinners, etc.  I would do that more even now but for a few reasons, I cant.

[BoonDogle]

There are many things I would have done different financially.  Wouldn't have bought that Mustang when I was in my 20s.  Wouldn't have moved into that house that was substantially larger than I needed in my 30s.  I am in my early 40s now and went back on my budgets from years ago to see if I made a few smarter decisions, where would I be in terms of financial independence.  I would have achieved financial independence last year.  As it stands, I now have 4-5 more to go.  Didn't think of the long-term consequences of those decisions back then.  Wish I would have.

[Rosy]

I want a complete do-over!:)

[Metric Mouse]

I want a complete do-over!:)

I'm super sad to hear that.