Have you ever been in the middle of reading an article about savings and the following sentence catches your eye, “If you had saved $2000 since age 18 you would have a million dollars by the time you retire. Recently, this sentence has really begun to piss me off. Why? Because, I became aware of this many years after 18 was just a little glimmer in my eye. In fact 18 had become the annoying dust particle that sticks on your contact that you rinse off so that you can see clearly what you’re looking at right now. I didn’t save from the age of 18, so get off my case. I have to deal with my reality now. In fact I didn’t do the following:
1.) Save diligently
- Instead, I worked hard saved a ton of money and traveled to: Europe, then came back and hung out, saved money traveled for a year with Up With People, came back hung out, saved money then studied for 6 months in Paris.
2.) Not take out Student Loans
- Instead, I took out loans for undergrad and then grad school. It’s too painful talking about the amount. Let’s just say, I’m working on it. I don’t regret going, I don’t regret the loans. WIthout the pain of the experience I wouldn’t be blogging right now and I wouldn’t have had an evolution in how I think about borrowing money. Wouldn’t recommend this route to everyone. But, it’s the one that I’m on.
3.) Not spend foolishly
- Instead, I spent money on nights out, dancing, gifts for friends, school stuff, clothes-lots of clothes, shoes-lots of shoes, and did I mention I charged most of these items.
4.) Invest diligently
- Why would I invest? I was too young and too dumb to think about this stuff. And, no one had coached me on this as a life practice.
5.) Have a downpayment for the purchase of my condo
- Nope, just bought it with a zero down situation. Luckily, this was one purchase that was a diamond in the rough. I accidentally rocked this! I bought a condo that was half the amount of similar properties in the same great neighborhood. The only difference was my unit was a ground level unit. I also was smart about getting a conventional loan with a 30 year fixed mortgage. I am accelerating my payments and because my mortgage is so low I am loving life! I can see the light at the end of the tunnel.
All of these choices had both good and bad aspects to them. Going to university and grad school has opened doors to me that might not have been opened to me if I didn’t have this experience. Travel expanded my horizons, gave me world awareness, and made me a citizen of the world. Up With People introduced me to some of the most wonderful, loving people that I’ve ever met. They aren’t just friends they are now family. They cheer me on when I’m feeling down, visit me when they are in town (which is often). Open their homes to me if I’m ever in their neck of the woods.
The phrase “If you had…” doesn’t mention the bumps along the road of life, the money habits we have, the financial education we receive at home, our children, our spouses and all of the other elements to our financial life. Our financial life doesn’t and will never exist in a static situation.
People’s lives don’t exist in a bubble. So I will continue to look forward because looking back will only give me whiplash when I look forward again. I can’t change the past, but I can change my future. Rock On.
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I think that it might be helpful for those who are 18, but it’s also motivating for those of us who didn’t put away that amount.. we just know to adjust the numbers a bit. Many bloggers are trying to hit a wide range of audiences, and unfortunately that’s not easy to do.
When I wrote this I was actually thinking of a specific book that I’ve read a number of times and not blogger posts-which in retrospect was kind of dumb! LOL. I forgot that a lot of people use this phrase as a way to highlight what you shouldn’t do financially and to engage/embrace a wider audience. It’s totally possible that I will end up writing a number of posts entitled “I wish I had known” or “If only” “Damn, that was a mistake” or just “Oops” but for this week that phrase really got on my nerves 🙂
Well said…I mean there is NOTHING we can do about it now, so why bother with the guilt right?? To quote Maya Angelou, “when you know better, you do better.” Simple, and explains it all!
I met Maya Angelou once in Boulder of all places. That woman has PRESENCE! I have just dealt with a lot of people who are backwards focused and always talking about “how they would have done something differently if they had known” Well it’s too late now. So, make some adjustments and change what you would do in the future. That’s all you can do…and tell younger peeps what to avoid!
I love that you look to the future and forget the past, because for me, that is the only way I look. Yeah I made mistakes, but learn from them and move on. Start today and keep moving forward. 🙂
I just find that looking back makes me crazy and then I have this crazy loop in my head about I should have done. I didn’t do so-oh well! Let’s move forward.
LOVE It! We can (and should) learn from our past, but no sense worrying about what we didn’t do years ago. Keep rocking those future decisions!
That’s all I can do! I’m looking forward and the future looks bright!
Sounds like you have already LIVED more than some people do in a life time. That counts for sure!
I haven’t even mentioned half of the things I’ve done! That’s for another day 🙂
Love this post! I was too busy trying to figure out my life and trying to enjoy life when I was 18. There’s nothing wrong if you started saving and investing several years later. As long as you can live life and save for life, then you’re golden. 😀
I really enjoyed myself at that age. I didn’t have a clue about what I was doing. Would I change some things? Yes. Is that possible? No! So, I am working in the moment that I’m currently in and I’m ok with that.