Yesterday was H.G. Wells’ birthday. I’ve always enjoyed his science fiction stories, especially The Time Machine. It’s tempting to want a do-over, just like when we were kids. I don’t know about you, but there are several decisions that I’ve made in my life that I’d like to have back.
My 401(k) - I would have fully funded it at a younger age. This way, I would have lost even more when the market tanked last year. Just kidding. But knowing the time value of money, and the magic of compound interest, this one is a no-brainer.
Market Timing - Now, if I had known the day the market was going to tank, I’d have pulled my money out. A guy I work with did just that, and he’s not complaining about his retirement losses. He’s over 60, so he had to be more cautious than someone my age. But given the difficulty in predicting the market, my investment in index funds seemed prudent at the time.
My house - We bought our house about a year after we were married. It was tough making the payments, even with two salaries. We also decimated our 401(k)s for the down payment, which set our retirement savings way back. Given a do-over, I’d hop in the Wayback Machine with Mr. Peabody and tell my younger self to wait a few years before buying a house.
My career - I’ve held many jobs at several companies, but I think that I would have taken even more chances when I was younger and had no kids. Having responsibility tempers your risk-taking, and I should have swung for the fences when I was in my twenties. I’ll still take calculated risks, but I can’t be as brash as a recent college grad. There’s more to lose now than back then.
My health - I would have taken better care of myself, and not let myself slide into these ruts where I overeat and stop exercising. This starts a never ending cycle of gaining and losing weight. Very inefficient, compared to maintaining an even keel. Put down that donut, fatso, and hit the treadmill!
My purchases - I would have skipped a couple of vacations, fewer electronic gadgets, and brown-bagged it to work more often than I did. Even if I banked only a fraction of what I spent on these things, it would make a big difference in my savings.
If you had access to a time machine, what would you go back in time to change? What advice would you give to your younger self?
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