Yesterday (and today), we decided to throw caution to the wind and try to purchase concert tickets to Coldplay in KL after much contemplation. I say try, as the website is down!! 😀 We always said if there’s a concert we would like to go to, it would be Coldplay. Concert tickets ain’t cheap, totally very un-frugalist behaviour from us! *post time-of-writing edit – we didn’t get the tickets! It was sold out by the time it was our turn to buy!
What does Coldplay concert tickets have to do with financial regrets? Hmm, I guess some expenditures can burn a hole in your pocket but are worth it 😉 This decision was totally in-line with our regret minimization mindset. Back to the topic though, let’s talk about financial regrets. When it comes to finances, some regrets can haunt us long after the damage is done. Here’s the five common financial regrets, from which we can learn from and steer clear of their clutches in the future (and hope the kids learn from reading about it, and not experiencing it first-hand?).
This is a very basic post, but sometimes even the best of us could leave a stone or two unturned. So, grab a cup of coffee, sit back, and let’s delve into the realm of the all-too-familiar financial regrets.
- Regret #1: “Why Didn’t I Start Saving Earlier?”:
Ah, the eternal lament of missed opportunities. Many of us look back and wish we had started saving money earlier in life. Whether it’s for retirement, emergencies, or those dream vacations, time can be your best friend or your worst enemy. So, heed this regret and start saving now! Remember, a small contribution today, with the magic of compounding interest, can grow into a significant sum tomorrow. Long-time readers would know that Mr.C has always been the saver, and I’ve always been the spender….until we got married really, then I adopted some good financial habits. That’s quite a good few years of not saving wasted right there! - Regret #2: “I Wish I Hadn’t Accumulated So Much Debt”:
Oh, the allure of instant gratification and the illusion of credit cards! It’s easy to fall into the debt trap, splurging on unnecessary purchases and living beyond our means. But once the regret settles in, it’s hard to escape the burden of high interest rates and mounting debts. Take control of your finances, budget wisely, and resist the temptation to swipe that plastic for fleeting pleasures. I’ve heard from my close friends first-hand of their experiences, and how a small amount of debt slowly built up and their monthly earnings wasn’t enough to cover the growing debt. How calls from the bank gave them so much of stress and shame. While I never saved, I also never went into debt. I can see how that was something I could have gotten sucked into though, so a real bullet dodged there. - Regret #3: “Why Did I Ignore Investing?”:
Investing, the word that elicits both excitement and trepidation. Many of us regret not taking the plunge into the world of investments sooner. Time and compound interest are the magic ingredients that can turn small investments into substantial wealth. So, educate yourself, seek professional advice, and don’t let fear hold you back from potentially lucrative opportunities. There are lots of advise out there and at the very least, I always believe that investing in the Straits Times ETF is safe. If you are new to investing, then this could be useful – Where to Invest?. I wish we were educated on this much earlier in life, in school even, for that would be a life skill that’s more useful than dissecting an innocent frog! - Regret #4: “I Wish I Had a Rainy Day Fund”:
Life can be unpredictable, and emergencies often strike when we least expect them. Regretfully, many of us have faced situations where a financial safety net would have come in handy. Car repairs, medical bills, or sudden job loss can leave us scrambling for funds. Take this lesson to heart and start building an emergency fund today. A good rule of thumb is 3 months or 6 months of your living expenses. Start building towards it, bit by bit. Your future self will thank you for it. And hopefully you never have to use it, and it can go into a swanky cruise one day! 😉 - Regret #5: “I Should Have Planned for Retirement”:
Retirement might seem like a distant speck on the horizon, but time has a sneaky way of catching up with us. Regret often strikes when we realize we haven’t adequately prepared for our golden years. Procrastination is the enemy here. Start saving for retirement as early as possible, explore retirement account options, and envision the future you desire (I think this is the most important part of this exercise, as it gives you something tangible to build towards). With proper planning, you can enjoy your well-deserved retirement without financial worries.
Regrets are part of life, but when it comes to finances, they can carry lasting consequences. I would like to advocate bidding farewell to the “coulda, shoulda, woulda” and embrace a future where financial regrets are replaced with smart decisions and a sense of empowerment. Your financial well-being is in your hands, so seize the opportunity to shape a future that you’ll look back on with satisfaction and pride.
