M is for Money

A few weeks ago I wrote a piece of advice to all the 20-somethings out there – you don’t have to be perfect, just try not to screw up your finances too much. One commenter wondered, what about those who didn’t heed that advice. Is it too late for them?

There’s one main message behind my story – you can recover from earlier mistakes. I made a mess of my finances in my twenties, now in my early thirties I’ve managed to climb out of “most” of those holes. I started this blog mainly to give hope to those drowning in debt that it is possible to change, recover and move on. For those who haven’t started saving, that now is the time to do it.

I don’t have the huge net worth that some pf bloggers have attained. Many of them started by doing everything right in their 20’s, staying out of debt and saving for the future. I did the opposite - lived paycheck to paycheck and charged it all to credit. I didn’t want to save for purchases in advance, I felt I worked hard and deserved whatever I wanted right now. I had no idea how far I was living beyond my means.

Of course that life was unsustainable, eventually I realized I had to dig out of debt and get serious about my financial life. I changed from a spender to a saver, embraced a simpler life and paid off the debt. I’m finally at the point where I can start saving loads of money towards my goals – it’s a liberating feeling. In just a few short years I've gone from a negative net worth to nearly $70,000 in savings and investments. It is possible to make up for past mistakes.

It’s never too late to start over. In your 20’s, 30’s, 40’s or beyond, there is no time like the present to change. It will only get harder in the future, the debt bigger and the years before retirement dwindling. When it comes to finance, time is both your friend and your enemy. The best time to get your finances straight is your 20’s, the second best time is right now. If debt is your demon, check out Deliverance from Debt for a step by step look at debt reduction. If you need to start saving for the future – read Investing with Little Money for places you can get your feet wet without a lot of cash. Whatever you do, don’t delay. The time to start remaking your financial future is now.


Thanks for reading. If you enjoyed this post consider subscribing for updates.