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If I could start all over...

Yankees338

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Jul 24, 2007
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If you were to begin your post school life all over again, what things would you change? What regrets do you have about some decisions you made or things that happened? I think one great way to learn is by looking at your, and others', mistakes and evaluating what works and what doesn't work. If everyone could share some little pieces of advice I think it could go a long way towards helping everyone should the time come for them to have to make a similar decision.

Feel free to post about anything you can think of here. Whether it's based on a real experience or not, as long as it's a piece of constructive advice, it's more than welcomed here.
 

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andviv

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spend time learning from others

I wish I had known about the rat race concept earlier. I had no idea that you could make a living without a "job". I was focused only in my professional career cause I didn't know better. You have a great advantage there.

DO NOT GET IN THE RAT RACE if you can avoid it.

Do not get in bad debt (you don't need a Lexus the first year after graduation)

Try dating people with a mindset and understanding of this type of life, a significant other with the wrong mindset will set you up for failure or will delay your success (it has taken me years to convince mine that you can make a living without a corporate job, but finally she understands the concept... the only way was to get her an autographed copy of Rich Woman and then she understood)
You job is just a mean to get to the big goal

Save money. I mean it. Save a lot so you have something to start with (you don't want to start from -$5k, you better start with +$10K, right?)

Read, read, read more. Learn. Study how others have done it (you don't need to reinvent the wheel... if others have done it, ask them how). Listen to those that have made it, not to those that are in a worst situation than you. You want to learn from the successful ones, not from the losers.

Those are the things I can think of for now....

Good question, by the way.
 

AroundTheWorld

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Boy - this is a hard one to answer...

.... lemee think...

  • Get started on the road to financial freedom as soon as you can! We didn't really get started until about the age of 27. Where could we be today had we gotten started at 22?
  • ummmm... that's all, really!

We have made many mistakes along the way, but I'm glad they happened. It is what helped us learn and grow and brought us to where we are today. I don't regret any of them.

I will say that - everything happens for a reason. We didn't exactly do it the easy way. I had three kids by the age of 24. My husband was in the military. It was a rough start.

Then, I got cancer and became infertile at the age of 25. I was meant to be a mom, and it obviously had to be done in my early 20's. There are special challanges associated with the quest for financial freedom when you have kids - but then again - we all have our challanges, don't we?

So, I guess the other one is don't be afraid to make mistakes. Don't be afraid to get it wrong or go down the wrong path. Know that it WILL happen, and when it does, you can either lay down and eat potato chips or learn your lesson and apply it as you move on.
 

Russ H

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Dang, Sonya, I had no idea. Makes you appreciate the kiddies all the more. :)

Post-school, my regrets:

None.

I do regret kicking my brother when I was 16 or so. My dad had just beat him for doing something incredibly henous. And when he was done, I kicked my bro' (he was curled up on the floor).

That's really the only thing I have ever regretted, in my entire life. If I could go back to that day, I would have waited until my dad left, and then talked to my brother to try and understand why he did what he did.

******

Since school, I've only had one small regret (just a teensy tiny one):

One of my billionaire clients (super nice guy) called my up one day and asked if I could join him for lunch with George Lucas the following day.

I was already committed to flying into Mexico City that same day, since I was presenting a workshop the following day.

In hindsight, I probably could have talked my client into having his G4 take me down to Mexico City, or he could have dropped my in San Diego and I could have caught a later flight and still made everything work.

But since it was so last-minute, I balked.

I worked with the THX group at Skywalker Ranch, so I saw George all the time in the lunch room. And I watched a few movies with him (saw the very first showing, ever, of Backdraft, with George and Ron Howard in the theater, b/c they wanted feedback from sound and film techs). But I never met the guy.

-Russ H.
 

ErikV10

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Aug 2, 2007
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I have been thinking of starting an online business and if I don't do this now.. when I'm 20, I would probably look back and say to myself, "I should have done that when I was 17". That would be a complete waste of 3 years where I could be making money all that time.
 
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Russ H

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Viper235z:
It's the amateurs who jump in when the market is hot. It's the professional who comes in when it's cooling down.
Viper-

I think pros are in the market all the time, hot or cold.

They just have slightly different strategies, based on what is happening to the markets.

Warren Buffet has been in the market all the time, for decades.

So has Trump (sometimes broke, but always in there ;) )

I have a few friends that are always waiting for "the time to be right".

Waiting is often caused by FEAR, or feelings of discomfort-- but it's rationalized away as "the time is not right".

So the fearful person puts it off for another day, but feels OK about it.

Saying "I'm too afraid to do this" is much harder--but can often lead to faster results. It deals with the real source of the problem.

-Russ H.
 

ErikV10

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Aug 2, 2007
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I will definitely start it once I feel the time is right.

Might as well just get into it now so I can learn it already. I learn easily from doing it hands-on than reading about it. As they always say, there's no harm in trying. It might even lead you to where you want to be.
 

Peter2

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Aug 2, 2007
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I will definitely start it once I feel the time is right.
The time is NEVER right. If you wait for all the lights to turn green before you are heading to town, you are going to stay home the rest of your life.

As a large sports apparel company would say, JUST DO IT!!!
 

Jason_MI

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Jul 25, 2007
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If I could do it all over again? Hell, I never would have been such an a$$ to M.

Other than that, EVERY day, you can do it all over again.....so today, how are you going to define the rest of your life? Put fear, hate, and regret aside, make a peace with the past, and move on.

Where are we going today?
 

MrDoctor

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Aug 13, 2007
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Never look back, only ahead.

I just want a copy of the book for free!
 

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salezpro

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The time is NEVER right. If you wait for all the lights to turn green before you are heading to town, you are going to stay home the rest of your life.

As a large sports apparel company would say, JUST DO IT!!!
I totally agree! Take a little time to do some due diligence, but, don't over analyze. That has been my trap. Logic and innovation aren't always good partners!
 

MJ DeMarco

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Z5 FILMS

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It was not the cars that killed me cause I only had one. It was all the subwoofers and amps I blew my money on. Which reminds me. I found this old box in a back closet at my moms house last week. I thought it was pretty funny. This box must me a good 17 year old. 15" Kickers baby, that's all I would buy. No Rockford Fosgate for me.

 

8 SNAKE

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Looking back, I'd try not to be so careful. I think that I spent so much time making sure that I'd never "fall down" that I forgot that I could always get back up again.
 

Rawr

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Do not get a girlfriend and

a. get her pregnant
b. get married too soon
c. pay for both of you

I've seen many good men go down this path.. one just got evicted out of his own house he just bought 2 weeks ago because of a BS restraining order.


Honestly, the advice I can give you is simple:

Balance - don't buy the best beer, cheap beer will get you drunk just as well.
Shop at walmart instead of other more expensive chains
Do not pimp out your car.. I wanted to do this for sooo long and almost bought a new car 3 times in the last 2 years.. but it took a friend of mine with a very nice NOS camaro to show me that girls really dont care THAT much. Thanks to him I had to learn how to get laid without a nice car.

Bars are expensive. You think it is patently stupid stupid to drop $60-80 a night on drinks but it is very very easy and doesnt seem so bad when you are doing it. The next day it does.

Wear condoms.

Spend as much time exploring new things and pushing your comfort zone so you get a clear sense of who you are and what you stand for.. you'll save a lot of time and money by avoiding trying to fit in and be "cool"

That about covers it.
 

Sehcill

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My biggest learning curve was learning to build businesses where I myself wasn't "the business". For the longest time I did freelance CAD work, making awesome money for my age at the time, but slowly realized that I would still have to do the work myself. Building systems that grow apart from yourself is hte most important thing I wish I could tell a younger version of myself.

-Jason
 

Runum

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Good responses. I would not have ever become an E if I had known about the rat race and the fastlane. I would have worked more on the right side of the quadrant. :cheers:
 

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Russ H

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Runum-

For those who are not "Richdadders", what is the right side of the quadrant?

-Russ H.
 

Runum

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:iagree:There it is. Thanks FT1. I would have focused more on businesses and investments. I was raised to be an employee and now I resent it. My solution is to work on my investments and develop a business with my teenage daughter. She made the comment the other day that she can't wait until she gets a job. Looks like I have my work cut out for me. Good luck to all.:cheers:

richdad_quadrant.jpg
 
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piranha526

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I should have bought the condo I looked at the first couple of years out of college: $159k (Rockland County, NY). That was 2001. The complex sells for $350K+ today. I was scared in my young 20's that $159k was a lot for a condo. What a joke looking back. It was a great lesson.
 

Onasip3

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Aug 17, 2007
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If I could start all over: I would have started my financial education alot sooner. That is why I am taking this journey with my son who is 18 so that he can have a better head start then I did. So far what I have learned through all this is that I passed up on alot of things that could have improved my life considerably.
One of the things I would have definately done was buy a house in every state that I lived in ( I've lived in alot of places).

Rob
 

andviv

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Hindsight is always 20/20
Playing QB-Monday is such an easy sport....

Chris, I used to think the same... when I bought my first condo I thought "how in my life am I ever going to pay $185K back". I sold it for $315K two years later. Today, given the current circumstances, I think I probably should have bought 2. I don't see these as "mistakes" anymore... now they are just the reflection of my lack of knowledge at the time. Now I know a little bit more and can "read" trends a little better.

Many people were capable of "seeing" that the 2001-2004 was a speculation market and made profits our of it. At the time I was just thinking of buying my first home.

So, I guess my point is to "start learning as soon as you can" and also "network, network, network". My regret is not to have bought only one condo at that time... my regret was not to start my financial education sooner.
 
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piranha526

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Andviv,
You are right, hindsight is 20/20. However, I did learn the lesson by taking it to a different investment class: paper assets. At 22 yrs old, I would have never bought a stock above $50 per share, let alone $100/share because I didn’t understand what I was doing. I would have just assumed it was too high.

Now, I wouldn’t balk at the idea of buying a stock that trades well into the triple digit range. This year alone, I bought and made profits on MA, BIDU, AAPL and RIMM. I am a past owner of Google as well.

Price isn’t the most important factor. Value is (or perceived value along with the trend)!

I was too inexperienced (financial education) after college to understand that $159k was a great deal in that market. All wasn’t lost because I lived at home for free and still bought my first house a few years later for a great deal.
 

nomadjanet

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Jason has it all right.
You do not have a business if you are the business. The thing I would change is stop trying to control every thing in the business. Set up the procedures & systems and let them control the situations. Not be in business with my DH as he is an S and will die one and it causes lots of irritation in our lives.
 

TK1

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Golden thread.

The most important thing I would've changed is realizing NOT to listen to parents, friends, teachers etc. when it comes to business things. Just don't listen to anybody who never went the selfemployment route, but still wants to give you advice and/or even keep you down.

Searching for support by the wrong people can dry all your energy and even destroy lots of relationships. While you argue with your parents there are thousands of likeminded people around you that would give you additional energy and share the same goals.

Never focus on the negative things, don't waste time to complain about 'what's f*cked up'
 

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