Do you have any financial regrets in your life?Oct 15, 2019
Do you have any financial regrets in your life?
At some point in our lives, we feel financial regrets. Maybe it was something we bought when we shouldn't have one. Perhaps it is something we should have done, and we didn't. How about a wrong business decision by you or someone else?
There are a lot of things that we could regret.
Here are some of my financial regrets...
- I cashed out my 401k three times.
- I maxed out my credit cards.
- I was investing over 100k in potential businesses and lost it all.
- I spent all I have saved on stuff and fun.
- I didn't start saving for my retirement early enough.
- I spent my money in a Real Estate Course instead of using that money for a downpayment.
Do any of these resonate with you?
We all have financial regrets at some point or another. We all have made financial mistakes that we wished we can take back. However, instead of focusing on the disappointment, or the blame, or feeling sorry for ourselves, it is time to change that.
Today, I am going to tell you why I don't have them anymore, and I am going to show you what you can do to deal with financial regret.
Here are the reasons why I don't have those regrets anymore.
Cashing out my 401k, helped me to go through a rough time in my life and helped me to support myself during that time. So it was maxing out my credit cards. Even though I had to pay taxes on the 401k and some penalties, I am glad that the amount of taxes I paid was small compared to the amount I would have had to pay in the future if the money kept growing in that account.
One of my clients is ready to retire, and he has $800,000.00 in his 401k. Or he thought he did. He used to have double that, but he lost about half during the market downturn. After management fees and taxes, he is going to be left with approximately $525,000.00. He was shocked that he had so much less than what he thought to live.
Again, I maxed them out in a time that I was struggling financially. So yes, I had that debt, but I am grateful that I had something to count on during the moments I needed it the most. I gladly paid that debt back because of the way I see this debt. You see, debt is not necessarily bad. It depends on the purpose you got into that debt. When we change our mindset, we will change our emotions. So it stopped being a regret.
I took a risk, yes, and painfully it cost me over $100k. Lesson learned. Losing that money taught me to get informed on what I am getting involved in and be open-minded and all opportunities. It also taught me to say no when it doesn't make sense.
I was balling, having fun, going out, spending with my friends, paying my friends. It was the experience that I was looking for. And yes, unfortunately, I wasn't smart with my money. Now, I know better, and I still look for enjoying experiences with my friends, but I have learned to pay myself first.
Nothing I can do about the past, but I can do a lot about my future. I have created a Spending Plan, I am smarter about my money, and I am growing it along with building my business. This is giving me more opportunities and options. You see, there is no lack of money; money is an infinite resource. I learn that not because I start late means that I will not finish wealthy.
Well, I still don't have a house. Lesson learned. I should have just used the $30,000 that I invested for the Real Estate Course for the downpayment. It is never late! I am putting a substantial amount of money aside, in low-risk investments, tax-free, that growth on average around 8%. This will prepare me for my future and to be able to buy a home when the market is in compression. Also, I don't have to worried about all the work, maintenance, and expenses involved in a home right now.
What did I do to get rid of the regret?
1. Accept Reality
Take responsibility and own it. This is not a blaming game. It is time to accept it and let it go. Instead of looking at it with regret, look for the lesson in it. What is this teaching you?
2. Forgive Yourself
When you take 100% responsibility for your financial decisions, it will open space to forgive yourself. This is your past, and it what you do from this moment on that will determine the course of your life. So instead of keep thinking about your past mistakes, it is better to think about where can you go, and what can you do to get you back on track of your financial goals.
3. Fuel Yourself
It is time to get fired up, increase your vibration. Let this be the fuel and motivation to go all-in on what you need to do to reach your most amazing goals and dreams. Create a plan that is going to get you there. Get financially educated, hire a coach, and learn the concepts of wealth. Action, action, action!!
4. Hire a Financial Coach
Who can better help you to stay on track of your financial goals? A Financial Coach. This person is going to make sure to keep you accountable. It will also do a review with you, either once a month, once a quarter, every six months or at least once a year. This is the best way to stay focus and not derail yourself on other less essential things.
There is no better time to drop the blame and regrets than today.
There is no better time to take charge of your money and finances than today.
There is no better time to take action and look for help.
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