I’ve Got a Few Issues With the Younger ME
I was sitting around thinking (not again) and I realized that I’ve really short changed myself in the past. Not so bad that I haven’t recovered from it (to some extent), but enough that I could have made things a bit easier on myself. Jonathon at MymoneyBlog had a good post about mistakes, and so did MyOpenWallet. I think it’s a fact of life that we all make mistakes. I’m certainly no different. Here goes:
-Purchased a brand new Acura. Ouch (and then sold it a year later)
-Bought Commerce One years ago and rode it to 0. (Could have been worse)
-Kept too much stock in my company after the IPO and then rode it waaaaay down. (Made some money, but only 10% of what I could have. Think diversification)
-Learned all about compound interest and the rule of 72 when I was 18 and then proceeded not to do a damn thing about it for 10 years. Knowing something, and actually acting on it, are two entirely different things. (Yeah. Duh)
-Didn’t start my 401k at my current company for 6 months after I started. (And I’m vested in their portion from day one. Lost that match)
-Drove cars for a couple years and then traded them in. (HUGE financial hit)
-Ate dinner out at least 4 times per week for dinner, and every lunch. (And I suppose I shouldn’t forget the coffee and pastry in the morning)
Well, the good thing about reflecting and acknowledging mistakes is that it helps you from repeating them later. (In theory). I do feel some good fortune that I figured these things out in my late twenties and early thirties. It’s given me a chance to catch myself up. So, have you made any doozies that you aren’t so proud of?
13 Responses to “I’ve Got a Few Issues With the Younger ME”
Comment from Caitlin
Time February 7, 2006 at 12:47 pm
I love that this is a bit of a “meme” going around…I’ve made my share too and I hope to get them up soon
Trackback from MyMoneyBlog
Time February 7, 2006 at 1:39 pm
Reverse Carnival – Submit Your Mistakes!…
After I revealed some of my previous money mistakes, I noticed so did Hazzard and Madame X. Is it bad that I enjoyed reading them? So I’ve decided to hold a Reverse Carnival, where instead of submitting financial tips, everyone submits their own money…
Comment from Lauren
Time February 7, 2006 at 3:12 pm
Definitely. I spent the vast majority of what I made as a 17 and 18 year old on stuff like sports equipment, a MiniDisc player, and eating at restaurants. It’s not like I made a ton of money, but I hate to think of what I could have put into a Roth or something. I don’t agonize over it, but I still wonder how I could have been so different not that long ago.
Comment from stackbacks
Time February 8, 2006 at 9:36 am
The only mistake you can really make is not looking back and learning. Great post!
Comment from John
Time February 8, 2006 at 2:44 pm
There’s a wise old saying “Mistakes are doorways to discovery.”
If that’s the case, then I must be the Christopher Columbus of mistakes!
Comment from Amdollar
Time February 9, 2006 at 11:03 am
The saying goes; We live and learn…but better to learn early than later OR NEVER AT ALL.
Pingback from Investing Intelligently » Blog Archive » My Mistakes
Time February 11, 2006 at 4:17 pm
[...] For more, see the Canadian Capitalist’s mistakes, MyMoneyBlog’s mistakes, Hazzard’s mistakes, or Madame X’s mistakes. [...]
Trackback from Fearless Money
Time February 12, 2006 at 6:24 pm
Scary financial mistakes…
OK, so I haven’t always been fearless about money. At times I was careless, clueless, or spineless. It cost me big.
Without beating up on myself too badly, I hereby present the list of my worst financial mistakes for inclusion in the Reverse Ca…
Trackback from MyMoneyBlog
Time February 15, 2006 at 12:59 am
Reverse Carnival of Money Mistakes…
Wow, I am really impressed with the great quality and variety of submissions for this Reverse Carnival of Money Mistakes. Everything from everyday expenses to complete lifestyle overhauls is covered, and I’m sure everyone reading it can relate to at l…
Comment from Uncle Foobar
Time February 18, 2006 at 9:44 am
I’m WAYYY to lazy to google; what is the rule of 72 re:compounding?
I have an intuitive feel for it, but would like a clarifier/next blog?
Foob
Comment from Hazzard
Time February 18, 2006 at 10:02 am
Jim at Blueprint has done a pretty good job of giving a brief explanation of the Rule of 72, but like you say you can also google it. Here is Jim’s:
http://www.bargaineering.com/articles/rule-of-72-understanding-compounding-interest.html
Hazzard
Pingback from MyMoneyBlog » Blog Archive » Reverse Carnival of Money Mistakes
Time August 5, 2006 at 4:12 pm
[...] Everybody Loves Your Money [...]
Comment from SMB
Time February 7, 2006 at 4:43 am
Oh, lord–have I ever. They are chronicled for all posterity here:
http://smbmoney.blogspot.com/2005/12/mamas-dont-let-your-babies-grow-up-to.html