What if? We all ask that at some point, maybe even about your net worth. It’s a reflective question, focused on things that have happened in the past. What could have resulted if the events or actions in our rear view mirror had proceeded in a different fashion?
In the absence of a Back to the Future time machine, we can’t change what has happened or that we did things the wrong way. So it does little good to dwell on it. That really only leads to regret.
However, the past does serve a big purpose. The past is the best teacher for our future. The victories we achieved and the mistakes we endured should help us make thoughtful and wise decisions going forward.
We make mistakes all the time but more so in our youth. This happens for many reasons but mostly because we lack experience. In our youth, we also have a difficult time envisioning the future and have a limited sense of our own vulnerability. Arrogance, self-promotion and a live-for-the-moment mentality are all more characteristic of the young than they are of the old.
As I reflect on the decade of my 20s I see many mistakes in all facets of life. These are the four that set me back financially and contributed negatively to the growth of my net worth.