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If you could give your past self one financial tip...

Coach Natalie

Imagine you could go back in time and give your younger self one piece of financial advice. What would it be?

Whether it was something you learned the easy way or the hard way, your experience could help someone else on their financial journey.

Share your advice below! 👇

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Comments

rjg5060

Save as much as possible in a Roth 401K or Roth IRA. Pay income taxes now on the deposited amounts, but get non-taxable/never taxed distributions on principal and growth in the future.

SRC54

I was always fairly good at saving, and I set up retirement plans as soon as I could. Elsewhere on here, I've preached about not borrowing money except when one has to do so because interest charges are so insidious and a serious inhibitor to growing wealth no matter what your income level. Drive that used car until it dies and save for your next one.

So the only new thing I can think to add, which is my current regret, is not having bought a slightly more expensive house in a neighborhood in a better section of town that might have been maintained not only for one's comfort and safety but also to maximize the house's resale value.

I've been lucky; our neighborhood has gone down but so far our house values and safety have not been markedly affected. I think this advice applies mostly to those buying their house in their 40s and 50s. Obviously younger folks will more often rent and have to move than the older settled ones.

K413

Saving at small increments does pay off. No, this isn't a boomer telling you to give up your avocado toast and you'll magically have enough for a house. But, saving small amounts regularly will pay off in the long run. If you start working at 16-17 years old, start putting some money away immediately. If you can tolerate the risk, invest in the stock market, but if not, get CDs/HYSA bank account. Just keep putting small amounts in at regular intervals, and it will be meaningful when you need it years/decades later.

Also, there was a time when I declined my grandfather's offer of $$ to put into Apple when it had tanked (before Jobs came back). Didn't want him wasting his money on a 'dead end' company. Nostradamus I am not.

Adam14342

A car doesn’t define who someone is, so don’t judge others, or yourself, by what they drive. Buy a reliable Toyota or Honda, maintain it for years, avoid swapping cars every couple of years, and put the money you save toward your 401(k) and Roth IRA instead.