Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Advice you'd give your 25 year old self
Old 03-22-2012, 04:53 PM   #1
Full time employment: Posting here.
EvrClrx311's Avatar
 
Join Date: Feb 2012
Posts: 524
Advice you'd give your 25 year old self

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.
__________________

__________________
EvrClrx311 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-22-2012, 05:04 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 2,370
"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.
__________________

__________________
GrayHare is offline   Reply With Quote
Old 03-22-2012, 05:08 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Have a bigger emergency fund all in 5 year CDs.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 03-22-2012, 05:43 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,863
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.
__________________
Animorph is offline   Reply With Quote
Old 03-22-2012, 05:48 PM   #5
Thinks s/he gets paid by the post
DangerMouse's Avatar
 
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
Don't spend all your money on clothes and booze.
__________________

I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
DangerMouse is offline   Reply With Quote
Old 03-22-2012, 06:20 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
  • 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.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-22-2012, 06:22 PM   #7
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
Everything's gonna be OK. Stop stressing about it!
__________________
FIREd is offline   Reply With Quote
Old 03-22-2012, 06:36 PM   #8
Recycles dryer sheets
 
Join Date: Feb 2009
Location: Cville
Posts: 399
I think mine would be work harder to balance spending and savings. spent lots of time binge saving then spending.
__________________
RetireBy90 is offline   Reply With Quote
Old 03-22-2012, 06:41 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
Quote:
Originally Posted by EvrClrx311 View Post
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.
Quote:
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!'
__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Old 03-22-2012, 06:46 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Houston
Posts: 1,435
- 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.
__________________
soupcxan is offline   Reply With Quote
Old 03-22-2012, 08:08 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,904
Start saving, investing before the age of 25.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 03-22-2012, 08:15 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,437
Quote:
Originally Posted by FIREd View Post
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.
__________________
Retired in 2016. Living off dividends / interest and a mini pension. Freedom.
foxfirev5 is offline   Reply With Quote
Old 03-22-2012, 08:29 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,627
More sex. More drugs. More rock & roll.
__________________
LOL! is offline   Reply With Quote
Old 03-22-2012, 08:29 PM   #14
Recycles dryer sheets
 
Join Date: Feb 2007
Posts: 59
Since I'm 35 now... Avoid the stock market. Invest in gold, silver, oil, Australian denominated CDs, etc.
__________________
lrak is offline   Reply With Quote
Old 03-22-2012, 08:29 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,437
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.
__________________
Retired in 2016. Living off dividends / interest and a mini pension. Freedom.
foxfirev5 is offline   Reply With Quote
Old 03-22-2012, 08:31 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,437
Quote:
Originally Posted by LOL! View Post
More sex. More drugs. More rock & roll.
Oh yeah, I forgot the basics
__________________
Retired in 2016. Living off dividends / interest and a mini pension. Freedom.
foxfirev5 is offline   Reply With Quote
Old 03-22-2012, 08:33 PM   #17
Recycles dryer sheets
Tree-dweller's Avatar
 
Join Date: Jul 2011
Posts: 348
Quote:
Originally Posted by 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.
+ 1
__________________
"The future's uncertain, and the end is always near. Let it roll, baby, roll." - The Doors
Tree-dweller is offline   Reply With Quote
Old 03-22-2012, 08:54 PM   #18
Recycles dryer sheets
 
Join Date: Aug 2011
Location: Atlanta
Posts: 420
Quote:
Originally Posted by EvrClrx311 View Post
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!
__________________
SJ1_ is offline   Reply With Quote
Must Do at 25
Old 03-22-2012, 08:59 PM   #19
Dryer sheet wannabe
 
Join Date: Jul 2011
Posts: 12
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.
__________________
MrEd is offline   Reply With Quote
Old 03-22-2012, 09:12 PM   #20
Thinks s/he gets paid by the post
walkinwood's Avatar
 
Join Date: Jul 2006
Location: Denver
Posts: 2,677
Learn about AA, re-balancing & invest in low cost index funds. Become financially literate.
__________________

__________________
walkinwood is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How frugal are you in ER? Birchwood Life after FIRE 132 04-08-2012 10:58 AM
Do you perceive an inflation generation gap? LRDave FIRE and Money 107 03-27-2012 05:41 AM
What sort of buffer do you have? RetirementColdHardTruth FIRE and Money 26 03-24-2012 12:02 AM
55 yr old wants husband to retire @ 50 arlen Hi, I am... 7 03-21-2012 10:54 PM
Millions in Self-Directed Roth IRA? inquisitive FIRE and Money 9 03-21-2012 02:02 PM

 

 
All times are GMT -6. The time now is 11:38 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.