Advice you'd give your 25 year old self

[EvrClrx311]

If you had a time machine and could go back to talk to your younger self, what piece(s) of financial advice would you give in hopes of achieving FIRE more easily and/or living a better life. Or more specifically, what mistakes would you avoid if you had a mulligan.

Obviously, "save more!" is the easy answer... but I was looking for something more detailed.

I'm not much past that age myself (just turned 30) and am always looking for an opportunity to learn from others much wiser than me.

 

[GrayHare]

"Buy MSFT and AAPL" in the 1980s would have been great advice, but I suspect you mean something more useful in general. I think it would be to manage my own accounts back then rather than use an investment advisor. Also buy more stocks less funds.

 

[brewer12345]

Have a bigger emergency fund all in 5 year CDs.

 

[Animorph]

That's my DS. I've told him to save at least 15% of gross salary for retirement and contribute to a Roth IRA as long as he's in the lower tax bracket and below the income limit.

 

[DangerMouse]

Don't spend all your money on clothes and booze.

 

[Midpack]

• Save all you can, that you've already figured out. Many don't even grasp this...
• Read The Millionaire Next Door and The Four Pillars of Investing, and take them both to heart.
• Understand that you'll be different than your peers and mainstream western culture, especially the USA. You'll have the last and best laugh.
• Make your goal FI, ER is a separate decision you can consider later.
• Enjoy your life every day in the meantime. Relationships and experiences are much more valuable than "things."
• Best of luck.

 

[FIREd]

Everything's gonna be OK. Stop stressing about it!

 

[RetireBy90]

I think mine would be work harder to balance spending and savings. Î spent lots of time binge saving then spending.

 

[bbbamI]

If you had a time machine and could go back to talk to your younger self, what piece(s) of financial advice would you give in hopes of achieving FIRE more easily and/or living a better life. Or more specifically, what mistakes would you avoid if you had a mulligan.

Obviously, "save more!" is the easy answer... but I was looking for something more detailed.

Drive your car until the wheels fall off before you buy another one.

I'm not much past that age myself (just turned 30) and am always looking for an opportunity to learn from others much wiser than me.

Mmmmm, hmmmmm.....

Oh...and I'd add....'quit your b*tchin', you're only 25!'

 

[soupcxan]

- It's ok to be frugal but don't be cheap.
- Don't waste your money on "status" items; do waste your money on experiences with other people.
- Don't worry so much about your job; it will all work out.

 

[easysurfer]

Start saving, investing before the age of 25.

 

[foxfirev5]

Everything's gonna be OK. Stop stressing about it!

Exactly. If you are on this forum your probably of the mindset to LBYM and save like mad. Don't forget to live a little while your at it.

 

[LOL!]

More sex. More drugs. More rock & roll.

 

[lrak]

Since I'm 35 now... Avoid the stock market. Invest in gold, silver, oil, Australian denominated CDs, etc.

 

[foxfirev5]

Also, on a more serious note - Asset allocation = age in bonds give or take a little. Stocks looks great now, maybe bonds will in your lifetime, nobody knows. That's all I've got to offer. I'm a plodder ,but don't forget to keep some balance in your life.

 

[foxfirev5]

More sex. More drugs. More rock & roll.

Oh yeah, I forgot the basics

 

[Tree-dweller]

- It's ok to be frugal but don't be cheap.
- Don't waste your money on "status" items; do waste your money on experiences with other people.
- Don't worry so much about your job; it will all work out.

+ 1

 

[SJ1_]

If you had a time machine and could go back to talk to your younger self, what piece(s) of financial advice would you give in hopes of achieving FIRE more easily and/or living a better life. Or more specifically, what mistakes would you avoid if you had a mulligan.

Obviously, "save more!" is the easy answer... but I was looking for something more detailed.

I'm not much past that age myself (just turned 30) and am always looking for an opportunity to learn from others much wiser than me.

Live below your means - sorry but that is all there is to it. I am retired
and there is a certain basketball player that made $135,000,000 and he
will never retire!

 

[MrEd]

Must Do at 25

I have the answer. I have done it. Ignore at your own risk. Most do.

Read:

The millionaire next door-already mentioned
The millionaire mind-an excellent book which delineates the way millionaires think
Stop acting rich and spend like a millionaire-what millionaires spend money on

All by Thomas Stanley

Invest as much as possible as fast as possible into the equity markets and increase your investments during severe financial market slumps.

Finally, the only advice you will ever need to live by, my favorite quote:

Buy when everyone else is Selling. Sell when everyone else is buying. Spend when everyone else is saving. And save when everyone else is spending.

 

[walkinwood]

Learn about AA, re-balancing & invest in low cost index funds. Become financially literate.

 

[devans0]

More sex. More drugs. More rock & roll.

But be LBYM about it and grow your own.

 

[Ally]

Probably go into a higher paying career.

 

[plex]

Get out of law school, it's a trap.

 

[Onward]

1. Live it up, but save 10% of every check, then invest it.

2. Don't be too nice a guy at work. Some people will exploit your good nature, to your detriment. Defend yourself more aggressively.

3. A time is coming when you'll wake up in the morning, look in the mirror, and hate yourself for being shackled to the corporate experience while your best years tick away. Prepare!

4. Forget the fairy tales. You will soon need money--lots of it--to live a happy, free life.

 

[SandsofTime]

1. marry a woman who is financially frugal (not into consumerism)
2. marry before you accumulate too many assets (if possible, its better to built a future together as a joint project)
3. be educated enough to make a good income.
4. save money

If I was to be self-employed, then the next items also apply:
5. buy a house and try to pay it off asap
6. buy stocks (diversified with appropriate AA) and don't panic sell
7. consider buying another house cash
8. take care of you health and if you play your cards right, you should be FI by 40 or so, and perhaps even RE around that age. Or at least have the freedom to choose if and how much you will want/need to work after that time.
9. Enjoy life. There is no rewind button and there are no dress rehearsals. Engage in your hobbies and don't listen too much to other people's opinion about things.