Ten years ago I was in the middle of my sophomore year at THE Ohio State University. I was still living at home with my parents and working my way through college. But I was preparing to move out on my own for my junior and senior years and transfer to the main campus in Columbus, Ohio. Ultimately I was able to graduate from school without any loans (!) but that does not mean I have not made my fair share of mistakes or have not learned a lot about money in the last ten years. Below are some of the things that I wish I had known about money ten years ago:
- How you handle money impacts other areas of your life
- The importance of thinking long term with money instead of week to week
- The benefits of giving
- $0 down mortgages are not a good idea
- What you do with your finances in your 20’s doesn’t stay in your 20’s
- The power of not caring what others think of my financial decisions
- Managing money is not about math, it’s about behavior
- Building wealth is not about luck and the wealthy do not have a secret formula that no one else knows about.
- Money is amoral; it is what you do with it that matters
- There’s no such thing as “good” debt
So those are the things I wish I knew about money ten years ago. But what about yourself? What are some things you wish you knew about money 5, 10, 15 years ago?