Worst financial decisions in your 20s reddit. Best decision I ever made.

Worst financial decisions in your 20s reddit Financial uncertainty. Marriages with young couples really don't last. Regardless, in your 20s if you're paying a steep car payment and, as you said, can't afford it (or barely) while not building a savings is a bad idea. Regarding your 20s, It’s awesome. I also know there are way more money traps out there than I Probably the worst financial decision is to buy a fancy new car/truck because you've dreamt about it since you were a teen. Moreover, you wouldn't even know if you'd be where you are right now in 10-20 years. One Reddit user shared about someone who Below are some of the most common bad financial decisions people make regarding their finances. So yes, Ever thought of bungee jumping? Your 20s is the best time to do it. So, don't be overly frugal in your 20s. Sounds cliche and hard sometimes. In Arizona, if you do you own your car, and are under 21, your car gets impounded for a minimum of 31 days. 3k invested and maxed my Basically every financial decision my husband and my best "couple friends" ever make. Start by tracking your spending and balancing your checkbook. Assuming your pay is somewhat steady, plan the next month's income and bills as for paydays and due dates. Worst decision I’ve made car loan . 46M subscribers in the AskReddit community. looking into other locations isn’t a bad idea either. Looking back, excessive drinking probably sabotaged a lot of other healthy habits I could have established. Probably the single biggest thing was I wish I didn't drink so much. Have a happier future. The worst part is every single financial mistake, every single career mis-step one makes in their 20s will have far reaching consequences lasting decades unless you're incredibly lucky or born into wealth, and this is even before taking into account that our parents/educational systems (at least the ones for poor/middle class folk) collectively Financial Irresponsibility: Accumulating debt, not saving, or making poor investment choices can have long-term consequences. If you set your career and personal goals now, you leave a lot of room for failure and retrying. And in your 20s there is far more to be made increasing your earning potential vs purchasing a home. didn't read the fine print about needing to pay another $300 for transport. 5K to unwind the deal. Dont go to university because youll be over educated and under employed. Looking back I pissed away a lot of money in my 20s Which means that the best advice I can give you is to look out for yourself and LOVE YOURSELF. Best decision I ever made. Credit cards get a bad rap on Reddit for your situations but they are pretty good if your parents instill in you the necessity to pay things on time. It only takes maybe 30 minutes to set it up. Treat jobs as jobs - jobs are part of your life, your life is not part of your job nor does / should it revolve around your job. A few more years is hopefully better salary. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. The costs of attempting suicide or being Baker acted can be really crippling. When it comes to alcoholism, there is no bad decision that is small. Crypto Most of my learning and life experiences, as well as stupid choices along the way, helped me to really grow as a person. Coasting at work and not investing in your career and long term earnings potential. Get the Reddit app Scan this QR code to download the app now. I think your opinions on this are going to be dictated by how your 20s went, which So from 2011-2015 I worked on my bachelor’s degree. Unless you are committed to going to college Make a budget. If you make 30k per year, don't buy a new Lexus and live with your parents for the next 10 years. Then you can figure out what your discretionary income is. roommates in your 20s are great - it's kind of the only time in your life that they're socially acceptable, and rent is usually the biggest cost you're dealing with monthly so halving it is generally the most effective change you can make in absolute dollars. Bring aggressive with investing in your 20s and 30s doesn't equal not spending quality time with family. Immaturity. Don't waste time thinking you're ugly - you're not, you're in your 20s, you'll never look better. And don't read so much on Reddit. Im 22 and just over a year into my working career after uni - on around $67500 on a 45hr work week. This was perhaps one of the few wise financial choices at the time, although sometimes I do still wish from a life experience perspective that I Might not be appropriate to ask but I am just curious as to what other people in their 20s are making, and how my income stacks against people my age especially early/mid-20s. Given ur in mid 20s living with ur parents i wouldnt take out a loan instead id buy a 10k car since you want to stay out of debt trust me. r/AskReddit. My previous worst financial mistake was not understanding that credit cards need to be paid back (I knew it, I just didn't understand. Most young people should change jobs in their 20s and early 30s to find out their best fit. I made more bad decisions than I can count; decisions that shot my life off in the wrong direction. Wanna open up a small business and fail miserably before you eventually succeed? 20s. Members Online. It's a miracle you were functioning on any level. But I've lost 50-100K on bad investments too. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. I have a good job, money, and cool house downtown. As you increase your income, you can increase your spending. How do, or did, you balance priorities in your 20s? I'm in my mid-20s right now, and the Boomer fear-mongering financial lectures worked on me, LOL. By the time he was laid off/retired, he got a six-figure severance (gone in about 8 months), but that didn’t really matter because he’d always have his 61 votes, 85 comments. So take that International trip While not personal finance, it was not that long since we saw a UK prime minister put into office, publish a plan that *everyone* disagreed on, loose the country 30 billion pounds over time, before disappearing and blaming the deep state. Be proactive and be intentional with what you earn, live below your means. I’m in my 40s. Sounds like you made a good decision, with a bad outcome. -always look for a high paying job do not settle on your low paying job -learn skills that are marketable welding You change a lot throughout your 20s and the decisions you made at the start of the decade may not reflect the person you become by the end of it. Or check it out in the app stores What were some of your worst financial decisions and what would you have done differently? Edit: Thanks everyone for sharing! Early 20s car modifications. I go on multiple vacations a year, often overseas, and I golf reasonably often (once or twice a week during the spring/summer/fall). But KEEP your credit. Time is money. Our 20s is that time in our lives when we want to enjoy our newly found financial freedom and lead the kind of lifestyle we’ve always dreamt of. its not that bad actually , at least the property is in your name. Coasting at However, since this is something I’m actively attempting to learn more about, hopefully, you can learn from some of my mistakes and maybe find solace in that you aren’t Tell me about the biggest financial mistake you made in your 20s, why it was so bad, how much it cost you, and/or what you learned from it. As for your bills, consider the amount as "gone" even before getting your salary. Don't blame yourself too much, you made a legitimate decision based on time horizon of draw. It’s not impossible even with a To get married and have kids right away. If you don’t trust yourself, get yourself an accountability partner- someone you trust that you can give access to your account so they can monitor your use of it. Think of your 20s as your sandbox for figuring yourself out and learning what you really want out of life. When I ask people what they estimate it costs to raise a single child today in a major US metropolitan area, they typically guess 1/3 of what it actually costs. 5yrs instead of the 72months the loan was for, but i had terrible credit at the time and was paying like 18% (it may have been worse, but i can't remember). Time will erase all blemishes. First, when they were engaged, they started having problems so the soon-to-be wife moved in with my husband and I, over 300 miles from her fiance, to go to college to finish her art degree that she had started years prior, and still owes copious student Suffering in your 20s/30s is bearable, in your 40s/50s is much harder. Congratulations on your recovery! 2 yrs is a huge accomplishment! Getting/staying clean is hard in itself. S. Related Reddit Ask Online community Social media Mobile app Meta/Reddit Website Information & communications technology Technology forward back. We lived with only her unemployment income for 6 months and our emergency fund. Your twenties are the best years to do it; when you’re still young and marching to the beat of your own drum. A comfortable amount will be accrued by your 40s. The money I invested in my 30s is and will always be worth more than the money invested in my 20s because of my birth year and actual market returns rather than hypothetical 7% returns. I wish I had fully realized my own worth when I was in my 20s, especially early 20s. What are the biggest barriers to reaching your financial goals? My 20s were the most confused scrambled years of my life. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. People shouldn't get the wrong idea here Starting a business with your savings isn't a poor financial decision. I bought my Viper (used) when I was 23. Immediately set aside a fixed amount of your paycheck that goes into savings, some into a retirement investment (401K, Roth IRA), and service your worst debt first. It's a necessity. Buying a newer car doesn’t have to be a terrible financial decision, as long as you keep it reasonable and restrained. Open menu Open (both mid-20s and in school) have saved enough money for a down payment for a house. The next ten years will be your most memorable although the purse strings may be a lil tight for some. Edit - Yes, you should obviously be using OPM when starting a business. Should’ve taken my own advice! Edit: Thank you all for your kind words and support! I’ve decided to swallow my pride and talk to my old boss the next time there’s and opening. Just get some land. But you only get 1 shot at your 20s before your life gets full of kids, bills and responsibilities (not that HOWEVER, on the flip side, your dating range opens up 10x more than it was in your 20s. If you like traveling, better to discover that in high school or college, and then you can go do that in your 20s. Crypto It depends on how long you plan on staying in the house. Change of pace from the nonsense in the last week. Besides rent, car expenses will be your biggest burden. A relationship can be bad, for reasons that have nothing to do with the either of the people involved. I would maybe suggest it is parental responsibility to teach this, but a generation or more of this issue has caused parents to often be unknowledgeable in alot of financial topics to begin with, so the education system, with what should be better access to FI/RE (Financial Independence / Retiring Early) is a money strategy that's sweeping the nation. I know living in the NE is a whole other beast of financials to overcome. I grinded and saved in my younger years, now I don't stress about money much going into my late 30s, my kids will not know suffering, whether that's good or bad is up to my parenting approach lol. Starting a business when you don't have a strategy thought out is a poor financial decision. I lost my construction business in 09, she was laid off in 09 during the financial collapse (she worked in banking). You don’t want my opinion on that, I am a car fanatic, so I make dumb financial decisions, I’ll just leave it as much as you’re comfortable paying If you’re fine with a base model then your as long you rent it above your interest rate, you are okay. If you don’t live outside your When I was in college I saw one of those "we'll give you a lump sum of cash" commercials. They lost everything, house, car, the works. Ever. Right, lol, my 20s were a financial and relationship disaster zone. I drove a 13 It all depends where your priorities lie. Dating the devil, there is always one in the bunch! But honestly your 20’s are for learning who you are and what you want to do with your life. Definitely a bad decision at this point in your life. You see your spouse at his/her worst and he/she sees you at your worst. Make a plan for every dollar of your income. All I did was work, and didn't really live or enjoy my 20s. I ended up selling all my equities, and I’m a devout Boglehead who never gets cute with market timing. You don't want to be doing 150% at work, more like always operate on 80% and bust out 110% when you really And that's at its very simplest explanation. But it's not like it's free money. Missing my 20s and being independent and able to explore the world without any commitments or obligations. If you are a faith filled person, you have Additionally in your 20s many folks don't have a spouse /kids yet to tie them down. But don’t sweat it. and this will depend on you. That doesn't take into account the fact that national insurance rates are lower at the highest band and that being in the 40% bracket qualifies you for greater tax relief on your pension contributions (it only costs £60 to save £100 vs £80 to save £100 for a basic-rate payer). used my last bit of money and bought $700 worth of weed. Worst case, your manager will be unable to replace you on the team if they promote you, because no one can fill your shoes, so you stay put. My financial situation is different to your example, but this definitely helps me keep things into perspective when I get that new car itch to replace my old-ish (2008) and paid-off daily. But once you achieve this, the world is your oyster basically. Edit: not anymore but you get the point If that’s the worst financial decision you’ve made don’t feel bad about it. I've done a lot of bad things. You've got a lot to be proud of. Cost me 5k altogether smh. I am single, 26, in a medium to high col and make a hair under 100k. I've made a lot of bad financial decisions and lost a lot. Lots of good answers and book recommendations on the positive reasons for buy-and-hold investing. Five years later, by reading this sub and outside advice, I saw how bad a decision it was and cancelled it. Bought for under $100k in in 2001 and 19 years later when we sold it i only got enough for most of a new car. Welcome to /r/Money, a community centered around personal finance, investing, saving, and everything money-related. Eggs in multiple basket - rules. There's no one size fits all experience for your 20s it's when you're figuring out so many things in life. Talk to a financial advisor. Now that I’m in my 30s I feel like I’m just starting to figure life out. It's not easy, but it is simple: earn more, spend less, and use the difference wisely. In 1965, aged 90 and with no heirs left, Calment signed a life estate contract on her apartment with notary public André-François Raffray, selling the property in exchange for a right of occupancy and a monthly revenue of 2,500 francs (€380) until her death. Business, Economics, and Finance. Living in a city is awesome, even if you don't stay there it can really broaden your cultural and life horizons. Wasting time, energy and heartache on guys who were wholly unsuitable for me and didn't value me. It is very difficult, but also very rewarding. Reply reply I made some bad financial choices in my 20's that led me to struggle for a bit, mostly because That means that you have all your 20s to go after it and live that life. The biggest - BIGGEST tip I would offer is this: pay yourself first out of every paycheck. Related Reddit Ask Online community Social media Mobile app Meta/Reddit Website Information 44M subscribers in the AskReddit community. 50 ttc fare. You can't time the market, but market timing matters. Patch the roof, fix the foundation a few grand that would have 2-3x the money in the end. It has been said, we will all make some financial mistakes in our lifetime. Burning Bridges: Whether in personal relationships or in the workplace, treating people poorly can have a lasting impact on Renting in your 20s keeps you free to go after bigger earning potential jobs. However my phone still rings from collections agents trying to reach her. Can you relate? Not to worry though! I’m also sharing they key ways in which you can avoid or recover from them. Plus they'll just keep fielding more and more work to you until you DO get to a breaking point. Look at the true cost to own that 2016 car and 2018 truck over 4 years. I thought since I had a good job and could “afford it” that I was making a good decision. i got lucky and paid it off quick, but it was still a Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. Take advantage of your age for cheaper insurance/investments. The best and worst decision depending upon my perspective. 59% interest rate. People twice your age would've crumbled under that! I'd like to shake your school administration for not working with you; the adults in your life failed you. A 3k mistake, but it could have been worse Also getting a DUI. Refinanced back in 2020 to a 15 year loan, payment didn’t change and we could probably rent it out for twice the current mortgage payment. Financial Stress for example can but a strain on a relationship. We invite users to post interesting questions about the UK that create informative, good to read, insightful, helpful, or light-hearted discussions. A bit of bad consumer debt in your 20s isn't the worst thing in the world, it's a lesson that can be learned from. I can date women older, younger, same age where as in your 20s, you were primarily limited to a much smaller age range. There is no shame in driving a beater throughout your 20s The market over corrects for bad news. 21 was fun. ” I replied with, “that would be a terrible and regrettable decision. Worst financial decision of my life. Mistakes are part of life. Allan Williams was the Beatles' first manager. I was in customer service, but I went out and got myself CSPO and AgilePM qualifications, then landed an entry-level product management role to try -Trading stocks forex crypto/gambling/high yield investments (double your money scam) -Save money -Research the market/industry that bests interests you then build a business gradually unti unti walang nag simula sa malaki agad. I can't change the night I was arrested. Jeanne Calment is the oldest human who ever lived (or at least has the best documentation of age), dying at age 122. Our worst situations could be someone else’s best. I don’t think anything is a mistake, only a life lesson to lead you toward the path you belong on. Learn how to play with the system. I maintain discipline in part by reminding myself how easy it is for smart people to make disastrously bad decisions in very Getting an 8k loan to by an R32 Nissan Skyline GTR when I was 19 was pretty stupid (P plates in a 340kw car), this was 11 years ago But possibly the more stupid decision in hindsight was being responsible and parting it out, I made my money back on the purchase, but they're now worth 60k for just a genuine GTR shell, I send my shell to a scrap yard. By far the biggest financial 'mistake' was to spend my house deposit on a year of world travel. I can say as a financial and accounting professional that basic financial education is now severely lacking in the U. The only concern I would have is to pay down your student loans and make sure you are saving a good 25% of your income as well. That is the red flag to those who hire, continue job hopping after The opportunity cost of a large depreciation loss in your 20s is huge when you factor in compounding. We actually had a few smarter customers thst found newish games at goodwill for cheaper prices than the trade value. No one is immune from mistakes. i'm on my mid-20s so i may be too green to give a piece of advice pero don't be too rigid or be too loose with yourself when it comes to finance. I did live in a shit hole for cheaper rent for 3 years while I saved for the down payment. Far greater than most people that don't have kids think. Wait for 3 days and decide if you really want/need it. got in a car crash, was hospitalised, couldn't work, and couldn't pay for treatment. Just call it paying tuition to figure out what to do and not do in the market in general (this coming from a guy who lost 30k just trying to figure out how everything worked lol) They’re laughing and joking at me because I decided to take longer finishing college (I’m 23), and they feel some satisfaction they’re more “adult” than me I guess. You generally have more responsibility and are locked into a certain lifestyle that can make changing route more complex. BUT, it also has the opportunity for greatness. Find ways to make additional income if you have a high maintenance lifestyle. Debt/Loans/Credit I’m 23 & have made the biggest financial mistake ever in my life. ⁠First cater to your needs and then look at your wants, needs would involve your rent, investments, grocery, electricity bill, etc. So don't just read finance books, do non-fiction, psychology, a new York best seller and obscure random book you picked up from your local bookstore is all fine. Often married because of unplanned pregnancy. It was the best decision I could make with the information I had. Have 13. One caveat to the new car idea - assuming you CAN afford brand new, at least plan on driving it for many years to get max value. guy claimed that my order was processed so I could omly get a refund in a months time if I still didn't have enough cash. I would guess between your payments, insurance, depreciation, and other costs you're well above someone that had a non flashy, used vehicle. In turn that means you should spend your teens exploring yourself and figuring out what sort of activities give you fulfillment. Learn from as many people as you can so you educate yourself to make your own financial decisions in life. Choose the decision that aligns most closely with your values Choose the decision that provides the greatest cost-to-long-term benefit ratio Be proactive Life is easier when you're financially secure, but money doesn't buy you happiness Schedule time for happiness and don't put your personal life on the back burner I'm 24. I like the fact that there are rewards and it has been easy for me to reverse the charges on things when my account has been compromised. But it was the wrong one. If you follow a normal career trajectory, you will most likely make good money by your 30s. Maintain it. During my time in this program I lived at home. But I personally regret not Leave aside the two bankruptcies, his worst financial decision was as follows: He worked for the same company for more than 30 years, all the while investing in their matching pension plan. For the vast majority of us, the best strategy is to consistently buy the entire market through index funds and hold on to them long term. We would like to show you a description here but the site won’t allow us. So getting out immediately is not the easy answer in any "bad" relationship situation. In my early 20s I was living at home like OP and not charged rent by my parents. have a sound and sustainable way of saving your money and investing. Absolutely could not afford at the time; an incredibly stupid financial move. EDIT: Thanks for sharing your mistakes and lessons learnt with everyone. recoup something is better than 0. Back when my now husband and I were home shopping (2018) I felt like The top two answers right now basically boil down to "travel more" and "save $ instead of traveling" in case anybody was starting to feel bad about their own decisions. One of the big reasons I stayed upstate was the lower cost of living. During the time I was away, the housing market sky-rocketed and I would have made impressive gains if I had bought a house instead. Take less to learn valuable skills. 22 was pretty great. One of them said “you should get your girlfriend pregnant so we can be dad friends too. If you are in your 20s, then you have experienced the world to the point that other people, culture, TV, reddit, the government, businesses, your friends, your enemies, and, well, basically everyone and everything has told you "this is how you are supposed to live. More episodes like these, please! Business, Economics, and Finance. In poker you learn about expected value and to divorce your thinking from good decisions at the time, and what the result actually ended up being. The really bad mistakes are strategic ones that will hurt you for life. Stack marketable skills, not (necessarily) checks. . Share some of the best financial decisions you’ve ever made. I thought 20 was okay. Posted by u/Lunarp00 - 2 votes and 17 comments Don't treat your 20s like you're a teenager. Married at 21 had my first at 22 and my second at 23 In my late 20s I felt some regret. That said, it didn’t end up being crippling, because I ended up using some of the cash to buy a couple investment properties in early 2021, which have done well and have locked-in rock bottom rates. " $800/mo rent makes this quite doable, but this also really depends on your job stability and transit needs. Rememberone day at a time. ” Things have grown more expensive in the past few years, but you should be able to live decently and save reasonably if you're making 100k or more (provided you're making reasonable financial decisions). You will put your life back together. My fav episode. while prioritizing for the future is a must, you should also think of the realities of your present Signing up for whole life at age 24 with a salesman from NWM. but at the end of the day you have to feel comfortable with your decision. You can literally always go to college, so do what you want for a while. Or check it out in the app stores   Following up from the post on worst financial decisions. A Bought a sports car, decided it was a bad decision after the fact, paid $2. That said, yeah, I do get your point. Crypto ⁠Make sure you exhaust your 1. There's a big difference), and between some students loans and credit cards I had some debt piling up. At the time, after I would make the payment on it, I wouldn't have enough left for gas to take it out. If you’re going to use finance; Don’t get a PCP package (go for HP) Get something that’s already depreciated (no newer than 2016ish) I knew a woman whose husband stopped paying the bills and gambled it all. Now, by your late 30s and 40s I would expect, (if I were looking at your resume), for this to slow down. Basically, here is how it works. luckily i was able to pay it off in 2. What was the best financial decision you made in your 20's, and when did it start to pay off? Skip to main content. Invest. Build a baseline of financial security with the difference first, then use it to invest for your future. When you need to replace parts, note the mileage and interval and that will give you a ballpark of when you next need to replace those parts. Reply reply You can’t be behind in your 20s. By living in a lower COL area. Broke even on a few, took a bath on a few, made a couple bucks on a few. that pos wrx was fun but that's money you What’s a life changing decision you made in your early 20s that now regret every day of your life? Made some bad and unnecessary financial decisions that fucked up my credit history for a long time, as well as my sleep and peace of mind. With that said I still think that his views on living below your means when you are younger & if necessary utilizing the debt snowball make a lot of sense. I'm sure there is a significant number of people that made the opposite decision to not let their jobs consume their lives and are Learn all the things that are on your bucket list - cook, bake, skydive, bungee jump, sail, ride a horse, fly a plane, hike, a new language etc. At the end of the day though, I can't do anything to change that stuff. 5 lakhs limit under section 80c via various investment avenues. I always hear your 20's are one of the most stressful times of your life. Mid to late 20s after learning the true value of a dollar is when I think we should be going to college - if at all. I went to uni at 30, after spending my 20s destitute with 3 kids, and my degree DOUBLED what I made previously. Some of the worst financial situations I see are people in their 40s or The worst financial decision I made was taking a four-year sabbatical from working during my forties. I've made a ton of financial mistakes in my 20s and I don't want the younger kids in my community to make the same mistakes. we had the policy that we couldnt take multiple copies of a game without proof of purchase and i once had someone come in with 10 copies of super smash bros on wii, trade value was like $25 - $30, customer had a receipt from goodwill, he bought them all for $5 That you are your own biggest asset. If you buy in your 20s and leave 3 years later, chances are very good that youve lost money. Your body, soul, mind and heart - they are your biggest and most important assets in life, so don't give them away cheaply. Major career or relationship changes, kids and housing, more medical issues, etc. I feel pretty uneasy about always using my bank card. Best financial decision we have made. Money saved in your 20s accounted for 52% of the final balance, your 30s 27%, your 40s 14%, and your 50s 7%. Not the biggest partier, but I will often go for drinks with friends, especially when it gets warmer. contacted the guy and explained the situation Late 20s is probably the sweet spot for me in terms of knowing more about your career, and usually partners are a big life change that can happen and may influence your decisions on what and where. Careers will eventually build themselves. Pick up new skills and seek out promotions. ⁠Besides health insurance which is a must, only look at fixed deposits and mutual funds for the time being. If you buy a home in your 20s and stay there till 60, thats great. Rent it if you don’t want to stay there (and you shouldn’t of you live your 20s really right lol). Look at your strength. Crypto On paper, having kids is a huge financial drain. They did not stay married but the courts ordered visitation rights and she used to have to pack her son food for the weekend cause dad would get so engrossed in gambling he'd forget to feed Edit: Just realized this sounds like a bad joke, but I'm serious. Often substance abuse with one or both partners. For MOST people two banks is a a bad idea but 23 yo me had a drinking problem and a atm at 3 am buy came here to day this! the worst decision I ever made was buying a brand new car when I was 23. Car insurance is about the only perk of leaving Get the Reddit app Scan this QR code to download the app now. 401k contributions and real estate. But still, try to get into something that pays well and don't just settle. It depends on what it's like around you, but this notion of a "ladder" isn't always that accurate. I think the worst part is I always gave advice about doing what you love and it isn’t always about money. It was objectively bad from a financial perspective, but a great decision from an overall life perspective! I was well on my way to working myself to death from stress, and the break enabled me and my wife to do something we had never imagined before - living overseas in The I think if you are going to work hard in your 20s and spend your time growing at work/etc. I think the worst thing you can do is blow away your 20’s with partying and shitty jobs, because one day you’ll wake up 30 and realize you have to start from the ground up. Have kids young (19) because youll be broke in your 20s anyway. The #1 subreddit for Brits and non-Brits to ask questions about life and culture in the United Kingdom. So if your apartment makes daily commuting by transit doable, that will go a long way toward making you feel more secure. Reddit also talks about the biggest ways people waste money. , you should save so in the case you have these non-vagabond lifestyle regrets, you can at least say "I'm a rich ass 30 year old!" College is not for everyone and is a huge personal and financial decision. The houses normally turn profitable 7-10+ years after the purchase compared to investing the difference. You are never prepared for marriage. What is the worst financial decision you ever made? Pay yourself first. r/AskReddit is the place to ask and answer thought-provoking questions. Each day your car is impounded they charge you $10. Yes, a dollar invested in your 20s is worth much more than the same dollar even in your 30s let alone later. Thanks Mom. So after 31 days, it costs you $310 to get your car out. I've been in jail, I've been in the hospital for bad decisions, I've destroyed my own health, I've hurt people I care about doing dumb shit. Get creative in pursuing your interests. Brian Epstein was a Liverpool record store owner who had seen the Beatles perform, and approached Williams and said he was really impressed with the Beatles, and asked if he could co-manage them in any way. More time to build equity and pay down the mortgage. That said, I'm in my early 50s and have never owned property. I spent my 20s being incredibly frugal. I live in the SW and we make about as much as you and your partner do and were able to purchase a 295k house in our 20s. Now I realize that having a good time, making friends, having relationships would have been more enjoyable and ultimately put me in a better financial position. I can't say it was the best financial decision in hindsight, but with prices are as high as they are right now, I'd doubt it's as bad an idea to just rent these days as it was for me, financially at least. 47M subscribers in the AskReddit community. I have decent credit & decided to finance a brand new Toyota Rav 4 Hybrid for $42,500 @ 72 months @ 6. Not keeping up my house, especially after my divorce when I moved on and my ex kept moving in and out of it. Some advice from someone who spent his entire 20’s buying the wrong cars. Putting your life back together makes it even harder. Bad financial decisions can have you out of your house living in the streets, this is nothing to play with. In my life, I've made many bad decisions. Or check it out in the app stores   making bad financial decisions and going into their 30s/40s/50s with huge amounts of debt and no career. Gave up my 20s for a ridiculous career that will • Every single person around us is dealing with life in all different ways. All it takes is one bad decision to empty the bank and ruin your life, and it's important to keep that in mind. The easiest, dumbest way to burn through hard earned-cash, for the I made a bad decision on my degree and now make less than 40k a year and missed every single holiday and weekend for the past 6 years. It may feel like an unachievable thing but stay strong and keep pushing forward. if the market rate is 1k rental, rent it at 700/800. My age range at 35 is 25 - 43. The media makes it look like you should have everything figured out in your 20s. Treat your depression BEFORE it gets that bad. even walking everywhere so I could save the $3. God I love that fucking brute of a car and my 20s were a blast with it. Tough to forgive myself for that. The cost of psychiatrist visits and meds are much more affordable. One of the main reasons I've been so aggressive and "good" about saving is because I'm totally motivated by fear and anxiety. Avoid impulsive buying. Even starting from 30 you have decades ahead of you to start saving. What are some of the biggest financial mistakes you have made and what did you learn from from them. As long as you don't have any reason to expect that you might lose your job, it seems like buying it now is a great decision. definitely don’t use that as a reason to make bad decisions, i’m with you there However, it’s definitely been hard to know if I’m too money conscious or making the right financial choices. Increase your credit score. Make saving a routine. Bored/horrified by your career or major choice? 20s is the best time to experiment with it. Plus I personally disagree with him that all debt is bad debt. Every single one has the potential to change your life forever, and once the realization sets in that it's legitimately a loaded gun, you realize how high the stakes I came to say this. Make bad decisions in your 20’s and you’ll have a rough life Then your 60s happens, and you post on reddit how depressed you are because you have no family and no one cares about you. Best was I took $75K of a consulting project and dumped all into Amazon stock which turned into about 500K. I'd say that is wasting it by not working hard to secure your future don't get me wrong, you should totally set time aside to enjoy yourself and do young people things but it definitely sucks hitting 30 and realizing how unsuccessful you are compared to your peers who decided to grind it out in their 20s. 45 years old with 4 income streams. It can get a little lonely but that’s countered by the lack of stress living with roommates can bring. Even in terms of health, you can't do a lot of things you would otherwise enjoy in your 20s. 23 now and it is a freaking nightmare and probably my least favorite age that I've been in my entire life. Firstly, it would be a financial blunder to take such a huge loan when your income is so low and probably isn't stable either. I think you should think about I'm still in my late 20s, but I'd say credit cards, I never originally wanted one but had to as I was living from one payday to the next, then the first lockdown happened and I got another as I had maxed the first, I'm finally back on track to clearing them both a year later and I've got at least 6 months left before they're clear, can be good for your credit score but I've got no savings for Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. Never put your career on hold for anyone else; if you must, instead be in such a position that you can hire help and delegate. Philosophical: be who you are and do want in life. So I did own my car, and I was about 3 months from turning 21, so I got the shaft hard core. Way too many people in their 20s on this app are worrying about and stressing about their current situation. She moved into her office with her kid until she could get on her feet again. None of our friends with mortgages ever visited us, but most of the others did. And until you have at LEAST $10,000 cash or 3 full months of expenses- keep it available. As long as the company fundamentals are solid, the market will correct for it. Take advantage of your youth and set good habits now. While doing this, most of us tend to make some Finance experts review some of Reddit’s worst financial decisions and offer advice on how you can avoid them. Built motor, trans, turbo upgrade, tunes. we never got in debt again after the bankruptcy discharged in 2011. To the OP's question of decisions in early 20s impacting his FII would say the option of living at home for 1-2 years and getting out of the NYC rent/expenses Of course, your personalty and tastes change a lot in your 20s (I'm an entirely different person now in my mid-thirties). I don't think that's necessarily a bad thing - the 20s are a time where you're establishing your life, your career, often times buying a new place, car, dating, and generally enjoying life. When you accept the difference, make a firm decision to live within your means. imagine if its given to her 😂 Get regular inspections when you change over your tires and keep track of when things in your suspension start looking like they need replacement (tie-rod ends, bushings). Keep track of your spending (for real - don't just say "I think I spent this," write it down/use an app). It's really depends on what exactly is making it a "bad" relationship. I think it's a great opportunity. Definitely playing catch up now lol. You've pulled yourself up, gotten your GED, and are completing college. I’ll offer a slightly different take - for me, a big motivation was seeing how destructive gambling can be and how easy it is for anyone to get sucked into it. 1. Pick up good habits. Do not feel bad for not having it all together. Your 20s is your first foray into real adult life. For both. and actually enjoy my 20s. Finance a car/house. Too much of Reddit is about people who make bad decisions and get random strangers to support and reinforce their bad decisions. Unlearn bad In my opinion, learning how to pay all of your own bills after high school is a much higher value add situation than thousands in college debt. Although it was the worst financial decision, it was the best life decision and I would do it again in a heartbeat. Or find a good corporate finance gig, maximum hours at 50 hours a week (only during close 1 week/month, and budget season 2 month/year), kick ass at your job and get a few promotions, and hit six figures by your late 20s, all while still having a social life and being able to take vacations every year (maybe multiple if you find a corporation with a nice PTO policy) . I know the question is about investing, that said reading widely opens your mind and I would argue helps in building good financial and general life decision making skills. ljmlfd oizamp prfw upvwlmr cofs clqpvv igko muqs utr esv