October 11, 2019 7:15 am Written by

If You Could Go Back in Time What Financial Advice Would You Give Yourself?

There is a saying that “hindsight is 20/20”.

When we look back at our lives, we can be 20 years old, or 90 years old, we can always see times and decisions we made, that in hindsight and looking back, we may have done it differently.

It could be in relationships we may have had, job choices, various paths we could have chosen, and the same can be said about our personal finances; how we handled our money and financial lives.

There are so many aspects to our financial lives, and so many choices we may have had, it can be easy to see areas we would have liked to go back in time to tell ourselves what to do, and not to do.

Saving For Retirement

As we get older and get closer to retirement age, and look closely at what we have saved for retirement, and what it will still cost us to live, many of us are finding we will be working longer than planned, and until we are much older.

The days of retiring at age 60 or even 65 are slowly disappearing.

If only we had started our pensions sooner.

If we hadn’t bought such an expensive property later in life.

If we had contributed more to our pension, and saved more.

If, if, if…

When we are young and starting out, retirement seems so far away, and out of our minds.

This also applies to investments.

Some of us had opportunities to invest in stocks and shares, and maybe said no thanks, or felt we couldn’t afford it at the time, or it was a risk.

Only to see those shares rise and be worth much more over time.

If only….

Doing Something Earlier in Life….or Waiting Until Later in Life

Having children is one of life’s goals for many of us. We are family oriented creatures, and having and raising kids is a joy….and an expense.

Some older couples often say, if you wait until you can afford kids, you’ll never have them.

And this my be true.

However, there are couples who started their families at a young age, and now feel if they had waited until they were on more solid financial ground, they may not have the bills and debt they now have.

This can also tie in with buying property.

Many people wish they had got on the property ladder at a younger age, and built equity so the could move up the ladder.

Others may feel they bought property too soon when they were young, and struggled to pay the bills.

Save More

A common looking back statement, which really says it all, and is the main force for all our finances, be it investments, pensions, having a family, and buying property.

Saving more also ties in with being in debt, and learning how to budget better when I was younger.

Learning how to handle money at an early age, so we can save, and also avoid some of the debt pitfalls, and poor spending habits we may have developed over the years.

So what is your financial hindsight advice you would pass on to your younger self if you could go back in time?

If you have children, you may wish to help them not make the same mistakes, or help them to have the same successes.

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