The personal finance blog Watson Inc asked a great question recently: what do you wish you had done differently financially?
The author named four of his own financial regrets: financing a car, taking out too much in student loans, not getting started with investing earlier, and not delaying grad school until he could better afford the tuition.
I, too, regret financing a car when I was in my mid 20s. That came about because of another regret: not taking care of my previous car. I ruined the engine by not keeping up with some very basic maintenance and that led to my need for another car, which I foolishly financed. I can also relate the Watson’s regret about not investing earlier. I was clueless about saving and investing until I went through a true financial crash and burn.
The point of taking stock of past mistakes is not to beat ourselves up about them, but to learn from them. I kept the car that I financed until it had well over 100,000 miles on it, making sure to keep up with all of the recommended maintenance, as I have with every car since.
What about you? What are some of your greatest financial regrets? And how have you used those mistakes for good?
Thank you for this post! I definitely regret not seeking to understand and pay my student loans during college.
Even a little bit would have made a difference. Most of all, I regret blowing the $10,000 I made at an internship during a college summer. Student loans seemed like an un-important imaginary thing, and I figured I’d worry about them after college, when I had a real job and tons of money. Little did I know, God would humble me and refine me in a huge way, by bringing me face to face with $90,000 grand in debt after graduation.
I wish I would have started investing, even a little, when I started my first job at 14.
I wish I wouldn’t have leased my first car, then financed my 2nd car. However, I’ve been car-free for 6 years now so I’ve made a lot of that back up. 🙂
No doubt about it some of the best (and most painful) lessons about money can be regretful. I over financed a failing business in my early twenties that really did a number on my for several years.
If I woulda, shoulda, coulda only know then what I know now.
Thanks for sharing.
Oscar