What is the biggest lesson you learned becoming financially independent? What would you do differently with this information?

[Anonymous]

And i don't mean something obvious like buying Stock in NVDA. Everyone would do that (i learned of NVDA back in 2003. No clue it was a publicly traded stock back then). I'm talking about something that is unique to you and your financial journey that you learned along the way.

I'll start.

When you're young they sell you on compounding returns in investing. And i'm not saying they're wrong. But everything wicks away at your profits. The last 26 years. has been better than expected. But i never quite took inflation into account like i should have. Nor how long it takes to really build that financial base. I don't regret my overall choices. But if i knew how quickly it starts to compound after about 200k to 300k i would have shifted my focus a bit into enjoying life more at that point. The first million is the hardest. And after that, unless you have caviar taste (i don't) you should be able to live a good life. But that is a far cry from super rich. It's very unlikely you'll ever have 10's of, or 100's of millions of dollars. So knowing this, unless you're very enterprising. You'll never be "richie rich" rich.

In the words of Tony Stark quoting his father, "No amount of money ever bought a second of time". Time is the only resource you cannot get more of. Use it wisely! And to the young. Understand the power you possess.

Again, i consider myself incredibly blessed. I'm not complaining. I just would have relaxed and enjoyed life earlier If i had it to do over again.

How about you?

[lightbulb27]

Figure out whom you are first and your skills because the markets will screw you if you don't know their games.

Live below your means...

Save money so you have reserves. I don't like financial stress, if you do, then go ahead and be aggressive.

Buy with cash unless you can pay off that card. I don't believe in buying what you cannot aford or are marketed.

Learn to give as well and set some aside.

Investing: Brokers job is clear... to make you more broke... they are sales men. Pay attention to sales fees, commissions and expense ratios. If you invest, you'd better know what you are doing and consider risk and if you are wrong. Study people whom are older and more successful been through a lot.

It's easy to lose money, so don't do that.

[Asker]

All good advice.👍 "Brokers job is clear... to make you brike".😂

[andreasderjuengere]

NEVER! trust a bank! They are the enemy.

Same goes to ''brokers'', ''investments'', ''insurances'' and other money-parasites.

You may have a little less than 'they' would promise - but you're free to do what YOU intend to do,

If I'd have seen that earlier, I now would have 'more'.

Where 'more' would not change anything in my present life.