Ten Wild Ways to Spend $10,000
.Ten Wild Ways to Spend $10,000
By Nate Herpich
Call them crazy or reckless, but here are some suggestions -- if you dare.
NEW YORK (TheStreet) -- Let's say you have an extra $10,000 lying around and aren't sure what to do with it. Your debts are pretty much paid off, your 401(k) is being fully funded and your mutual funds are doing just fine, thank you.
Sure, you could put the money into the roller-coaster ride called the stock market and set yourself up for an extra dose of market volatility. Or you could do the sensible thing and make extra payments against your mortgage. But if just this once you'd rather do something off the wall with the money?
Here are 10 suggestions:
1. Give to Charity
Ten Wild Ways to Spend $10,000
By Nate Herpich
Call them crazy or reckless, but here are some suggestions -- if you dare.
NEW YORK (TheStreet) -- Let's say you have an extra $10,000 lying around and aren't sure what to do with it. Your debts are pretty much paid off, your 401(k) is being fully funded and your mutual funds are doing just fine, thank you.
Sure, you could put the money into the roller-coaster ride called the stock market and set yourself up for an extra dose of market volatility. Or you could do the sensible thing and make extra payments against your mortgage. But if just this once you'd rather do something off the wall with the money?
Here are 10 suggestions:
1. Give to Charity
You can even find a charity that matches up with your interests, by visiting a website like Charity Navigator Then you know that the money is going to use for something that you care about, and you can even check ratings based on criteria like organizational efficiency and revenue versus expenses.
Plus, thinking in April terms, charitable donations are tax deductible (although it's too late for this year). Just remember that you must itemize your deductions, and that there may be a limit on what you can deduct. You may also require specific forms from the IRS and you do need a receipt from the organization stating the charity's name, how much you donated, the date and a statement that no goods or services were received in return for your gift.
2. Take a Plastic Surgery Safari
Medical tourism is fast becoming a way for clients to take advantage of quality health care at cheaper prices, while combining often aesthetic procedures with relaxing vacations in exotic locations. Plus, the time away provides one with an opportunity to begin to heal. South Africa's Surgeon and Safari provides services ranging from cosmetic orthopedic to dental to sports medicine.
Safari options include bush, wine and train safaris, among others. Surgical Attractions also offers cosmetic procedures.
To continue reading, please go to the original article here:
https://www.thestreet.com/opinion/ten-wild-ways-to-spend-10000-10408682
What Your Relationship with Money Reveals About You
.What Your Relationship with Money Reveals About You
...and Why Romantic Partners Often Fight Over Finances
By Seth J. Gillihan Ph.D. Think, Act, Be
Money is a complicated topic. Most of us tend to feel uncomfortable talking about it, and might even prefer to reveal aspects of our sex lives than to divulge our income.
Even if we spend countless hours thinking of ways to make more money, we may not give much thought to how we relate to money. But when you pay attention to your relationship with money, you can gain some important insights into yourself.
Your Mindset
Do you feel like there’s never enough money, and always too many expenses? Does it pain you to spend money? You may have a scarcity mindset, as described by Steven Covey in his bestselling book The Seven Habits of Highly Effective People. With this mindset, you see money and other resources as zero-sum games—with more for others meaning less for you and vice versa.
What Your Relationship with Money Reveals About You
...and Why Romantic Partners Often Fight Over Finances
By Seth J. Gillihan Ph.D. Think, Act, Be
Money is a complicated topic. Most of us tend to feel uncomfortable talking about it, and might even prefer to reveal aspects of our sex lives than to divulge our income.
Even if we spend countless hours thinking of ways to make more money, we may not give much thought to how we relate to money. But when you pay attention to your relationship with money, you can gain some important insights into yourself.
Your Mindset
Do you feel like there’s never enough money, and always too many expenses? Does it pain you to spend money? You may have a scarcity mindset, as described by Steven Covey in his bestselling book The Seven Habits of Highly Effective People. With this mindset, you see money and other resources as zero-sum games—with more for others meaning less for you and vice versa.
With a scarcity mindset, you might feel bad whether the money is coming in or going out. Paying money to others feels bad because you see it as less money for you, and receiving money can lead to guilt about “taking money from others.”
I noticed my scarcity mindset a few years ago when my income temporarily went up. I was looking forward to putting the extra money toward savings and doing something fun with our family—and then we had a whopping Emergency Room bill and a flood in our basement. I felt bitter disappointment that all of the money went toward covering these bills.
“We’re so afraid if we give something, we lose something,” said "Zen Millionaire" Ken Honda, author of Happy Money, whom I recently interviewed on the Think Act Be podcast. But in reality, spending and receiving money are part of a cycle.
“If you spend $100, it goes into somebody’s hand, who will spend the $100 somewhere else, and in the end that $100 comes back to you,” he said. “That’s how the economy goes.”
“If you find yourself out of the cycle,” he continued, “that means you’re not living. Life is found in this cycle.” Embracing that cycle of giving and receiving is the abundance mentality.
In my own example, I caught my thinking and was able to shift my perspective. Rather than feeling cheated out of money that I thought I would have, I realized I had been given exactly as much money as I needed to pay for unexpected bills. It was all part of a well-functioning system.
2. Your Past
To continue reading, please go to the original article here:
13 Personality Traits That Lead to Money Success
.13 Personality Traits That Lead to Money Success
Personality. We all have one, some more than others. Personality is defined as “the combination of characteristics or qualities that form an individual’s distinctive character.”
There is only one of you. It is the unique combination of traits that make the individual who they are, and the facets that make up our personalities play a significant role in our lives.
In fact, your personality traits will likely significantly impact the outcomes of your life, either helping or hindering your ability to succeed in various areas.
One big area impacted by personality characteristics is money and personal finance, where you may find that some of your personality traits are more desirable than others.
13 Personality Traits That Lead to Money Success
Personality. We all have one, some more than others. Personality is defined as “the combination of characteristics or qualities that form an individual’s distinctive character.”
There is only one of you. It is the unique combination of traits that make the individual who they are, and the facets that make up our personalities play a significant role in our lives.
In fact, your personality traits will likely significantly impact the outcomes of your life, either helping or hindering your ability to succeed in various areas.
One big area impacted by personality characteristics is money and personal finance, where you may find that some of your personality traits are more desirable than others.
Tawnya here, and I’m one of those lucky enough to possess several personality traits conducive to good money management. What this means is that the makeup of my personality is such that it’s easier for me to make good decisions when it comes to money.
This doesn’t mean that it will be impossible for you to be good with money if you don’t possess all of the traits I’m about to discuss, just that it may be more difficult for you if don’t have at least some of these traits. Even if you don’t see yourself reflected in these traits, there’s a light at the end of the article (so keep reading!). Personality plays a big role in your money management, and you’re about to find out why.
Here are 13 personality traits that lead to money success.
Saver
This one is probably pretty obvious, but one personality trait that is especially conducive to good money management is whether you’re a saver or a spender. Like all the traits we’ll be discussing, being a saver or a spender is a combination of natural-born tendencies and environmental factors.
I’m a saver, and although I grew up in a household comprised of spenders (environment), my natural tendency has always been to save. I was also heavily influenced by my grandparents, who are savers. Just as the name suggests, savers prefer to save money. Savers also fall on a continuum, from those who avoid spending money at all costs to those who generally save but who also won’t shy away from spending on things they feel are valuable.
To continue reading, please go to the original article here:
https://www.moneysavedmoneyearned.com/13-personality-traits-that-lead-to-money-success/
Before Spending Your Emergency Fund, Ask Yourself These Questions
.Before Spending Your Emergency Fund, Ask Yourself These Questions
By Nicole Dow Senior Writer
We get so used to thinking of our emergency fund as cash we shouldn’t touch. It can feel wrong to actually spend that money.
But the financial situation that’s cropped up as a result of the coronavirus pandemic makes now a perfectly legit time to tap into your reserves. Honestly.
Your individual circumstance, however, may leave you questioning whether it’s really okay to be spending your emergency fund. Maybe you have a spouse who is still working or enough money in the bank to stretch a few weeks longer.
Before Spending Your Emergency Fund, Ask Yourself These Questions
By Nicole Dow Senior Writer
We get so used to thinking of our emergency fund as cash we shouldn’t touch. It can feel wrong to actually spend that money.
But the financial situation that’s cropped up as a result of the coronavirus pandemic makes now a perfectly legit time to tap into your reserves. Honestly.
Your individual circumstance, however, may leave you questioning whether it’s really okay to be spending your emergency fund. Maybe you have a spouse who is still working or enough money in the bank to stretch a few weeks longer.
Here are four questions to ask before spending your emergency cash.
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1. Is This Expense a Need?
This is a pretty obvious question but one that’s vital to consider. When you use your emergency fund to replace lost income, you can’t spend like you used to.
Ask yourself: Is this expense necessary for my survival? If not, it’s not worth draining your rainy day fund for.
That may mean pausing your cable service or taking a break from tithing so you can eat, stay healthy and keep a roof over your head.
2. Are There Resources to Help With This Expense?
To continue reading, please go to the original article here:
8 Things You Should Never Do With Your Money, According to Experts
.8 Things You Should Never Do With Your Money, According to Experts
By The Penny Hoarder Staff
One way or another, we all make mistakes. It’s the human condition.
But right now, in the midst of a pandemic, one thing you don’t want to make mistakes with is with your money. Sure, we’ve all let bad financial habits creep up on us. But in these uncertain times, it’s more important than ever to make sure you’re not your own bank account’s worst enemy.
Here are seven mistakes people are making with their money during the pandemic, and what you can do instead.
1. Don’t Waste Hundreds on Homeowners Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy. This isn’t something you actively think about — you just know you’re required to have it.
8 Things You Should Never Do With Your Money, According to Experts
By The Penny Hoarder Staff
One way or another, we all make mistakes. It’s the human condition.
But right now, in the midst of a pandemic, one thing you don’t want to make mistakes with is with your money. Sure, we’ve all let bad financial habits creep up on us. But in these uncertain times, it’s more important than ever to make sure you’re not your own bank account’s worst enemy.
Here are seven mistakes people are making with their money during the pandemic, and what you can do instead.
1. Don’t Waste Hundreds on Homeowners Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy. This isn’t something you actively think about — you just know you’re required to have it.
The problem is, you’re paying too much. Luckily, an insurance company called Policygenius makes it easy to find out how much you’re overpaying.
Policygenius has policies starting at just $25/month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Policygenius will make sure you have what you need.
Just answer a few questions about your home to get started.
2. Don’t Skip Out on $1M in Life Insurance
Have you thought about how your family would manage without your income after you’re gone? How will they pay the bills? Send the kids through school?
Now’s a good time to start planning for the future by looking into a term life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.
Rates start at just $8 a month. The peace of mind of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
To continue reading, please go to the original article here:
10 Quick Steps That’ll Have You Managing Your Money Like A Millionaire
.10 Quick Steps That’ll Have You Managing Your Money Like A Millionaire
By The Penny Hoarder Staff
Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)
But even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht. These are simple money moves any normal, non-millionaire person can make today. Each tip can get you closer to achieving your big goals.
Take a look:
1. Grow Your Money 11x Faster — Without Risking Any of it
You’ve probably heard the best way to grow your money is to stick it in the stock market and leave it there for, well, ever.
10 Quick Steps That’ll Have You Managing Your Money Like A Millionaire
By The Penny Hoarder Staff
Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)
But even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht. These are simple money moves any normal, non-millionaire person can make today. Each tip can get you closer to achieving your big goals.
Take a look:
1. Grow Your Money 11x Faster — Without Risking Any of it
You’ve probably heard the best way to grow your money is to stick it in the stock market and leave it there for, well, ever.
But maybe you’re just looking for a place to safely stash it away — but still earn money. Under your mattress or in a safe, but millionaires know better.
Here's their secret: a debit card called Aspiration lets you earn up to 5% cash back every time you swipe the card and up to 11 times the average interest on the money in your account. Plus, you’ll never pay a monthly account-maintenance fee.
To see how much you could earn, enter your email address here, link your bank account and add at least $10 to your account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
2. Leave Your Family up to $1M
Oh, to be a millionaire. Look, not all of us have the money to set up trust funds for our loved ones. But you could still leave them up to a $1 million in life insurance — and you don’t even need to have the money in the bank. ou’re probably thinking: I don’t have the time or money for that. But this take minutes — and you could leave your family up to $1 million with a company called Bestow.
We hear people are paying as little as $8 a month. (But every year you wait, this gets more expensive.)
It takes just minutes to get a free quote and see how much life insurance you can leave your loved ones — even if you don’t have seven figures in your bank account.
To continue reading, please go to the original article here:
“I’m Drowning. There’s No Way I Can Get Better at Money. What Do I Do?”
.“I’m Drowning. There’s No Way I Can Get Better at Money. What Do I Do?”
The Three Year Experiment Financial and location freedom for families. In 3 years or less.
A lot of what I write is directed towards people who have been managing their money for a long time. But in case you stumbled on this blog and you feel like you’re one bill away from bankruptcy, I thought I’d write a post for you.
Let’s say that money scares you. You don’t look at you credit card bills, you don’t know what your credit score is, you haven’t even thought about retirement. That’s a long time away. But you know that something has to change. You know you’ve got a lot of debt, and spending feels scary, and it never feels like you have anything approaching control around your money.
There is ONE thing you need to do. One thing only. I’m not going to tell you what that is, yet. First, I want you to figure something out.
“I’m Drowning. There’s No Way I Can Get Better at Money. What Do I Do?”
The Three Year Experiment Financial and location freedom for families. In 3 years or less.
A lot of what I write is directed towards people who have been managing their money for a long time. But in case you stumbled on this blog and you feel like you’re one bill away from bankruptcy, I thought I’d write a post for you.
Let’s say that money scares you. You don’t look at you credit card bills, you don’t know what your credit score is, you haven’t even thought about retirement. That’s a long time away. But you know that something has to change. You know you’ve got a lot of debt, and spending feels scary, and it never feels like you have anything approaching control around your money.
There is ONE thing you need to do. One thing only. I’m not going to tell you what that is, yet. First, I want you to figure something out.
Step 1
When is the first time in your day when you sit in front of a computer or phone?
Do you get up early in the morning like me and go upstairs to your desk and start checking your email?
Do you get up, throw some clothes on, grab a protein bar, then start scrolling through your phone on the train (or you did, before Covid)?
Do you feed the kids, get them off to school, drive yourself to work, then sit down at your desk and open your work laptop (again, before Covid)?
Figure out when that is. Then, make a decision to take five minutes tomorrow, when you first get in front of your devise, to open Notes, or Google Sheets, or your email browser, and write some numbers down.
Don’t panic!!! Let me finish.
Step 2
Ok, I want you to go find some paper. Right now. Ideally, if you have it, one of those little spiral-bound notebooks like detectives use. But don’t get hung up on that. You should NOT buy anything for this exercise. Do. not. buy. paper. If you don’t have a little notebook, get a Sticky Note pad, or some recycled paper which you’ve torn into squares, or even said Notes app on your phone. if you’re digital.
Cool? So step two is finding something to write on.
To continue reading, please go to the original article here:
Same As It Ever Was: Things That Never Change In a World That Never Stops Changing
.Same As It Ever Was: Things That Never Change In a World That Never Stops Changing
Jun 15, 2020 by Morgan Housel
“People spend too much time on the last 24 hours and not enough time on the last 6,000 years.” – Will Durant
This is a few short stories about things that never change in a world that never stops changing.
Things that never change are the most important things to pay attention to. Change gets most of the attention, because it’s exciting and surprising. But things that stay the same – how people behave, how they think, how they’re persuaded – is the real meat of history.
Voltaire’s quote that “History never repeats itself, but man always does,” sums it up. Predicting the future is hard. Few can do it. Understanding what’s going through people’s heads is easier, and almost as useful. The world in 2020 looks nothing like the world of 1920, which was a different universe compared to 1920 BC.
But how people’s heads work hasn’t changed. How they think about fear, greed, opportunity, scarcity, and tribal affiliations hasn’t changed. It won’t change in our lifetimes.
Same As It Ever Was: Things That Never Change In a World That Never Stops Changing
Jun 15, 2020 by Morgan Housel
“People spend too much time on the last 24 hours and not enough time on the last 6,000 years.” – Will Durant
This is a few short stories about things that never change in a world that never stops changing.
Things that never change are the most important things to pay attention to. Change gets most of the attention, because it’s exciting and surprising. But things that stay the same – how people behave, how they think, how they’re persuaded – is the real meat of history.
Voltaire’s quote that “History never repeats itself, but man always does,” sums it up. Predicting the future is hard. Few can do it. Understanding what’s going through people’s heads is easier, and almost as useful. The world in 2020 looks nothing like the world of 1920, which was a different universe compared to 1920 BC.
But how people’s heads work hasn’t changed. How they think about fear, greed, opportunity, scarcity, and tribal affiliations hasn’t changed. It won’t change in our lifetimes.
If, rather than trying to predict the future, you put all your weight into the handful of behaviors that show up constantly in history and played a role in all the big moments, you get about as close as you can come to seeing the future. You still have no idea what’s going to happen in the future.
But you become less surprised at whatever does happen, less confused about why it’s happening, and more confident about how people will react to it. There are dozens of these behaviors worth paying attention to. I want to talk about four.
The first is a story about nuclear bombs.
#1: Big risks happen when a bunch of small risks combine and compound. But small risks are easy to ignore, so people always underestimate the odds of big risks. The Soviets built a nuclear bomb 1,500 times stronger than the one dropped on Hiroshima.
Called Tsar Bomba (king of bombs), it was 10 times more powerful than every conventional bomb dropped during World War II combined. When tested in Russia its fireball was seen 600 miles away. Its mushroom cloud went 42 miles into the sky.
Historian John Lewis Gaddis wrote:
To continue reading, please go to the original article here:
7 Mistakes Many of Us Are Making With Our Money During the Pandemic
.7 Mistakes Many of Us Are Making With Our Money During the Pandemic
By The Penny Hoarder Staff Updated June 15, 2020
A sign in front of a store says
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.
One way or another, we all make mistakes. It’s the human condition.
But right now, in the midst of a pandemic, one thing you don’t want to make mistakes with is with your money.
Sure, we’ve all let bad financial habits creep up on us. But in these uncertain times, it’s more important than ever to make sure you’re not your own bank account’s worst enemy.
Here are seven mistakes people are making with their money during the pandemic, and what you can do instead.
7 Mistakes Many of Us Are Making With Our Money During the Pandemic
By The Penny Hoarder Staff Updated June 15, 2020
A sign in front of a store says
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.
One way or another, we all make mistakes. It’s the human condition.
But right now, in the midst of a pandemic, one thing you don’t want to make mistakes with is with your money.
Sure, we’ve all let bad financial habits creep up on us. But in these uncertain times, it’s more important than ever to make sure you’re not your own bank account’s worst enemy.
Here are seven mistakes people are making with their money during the pandemic, and what you can do instead.
Mistake 1: Passing up $500 in Free Stocks
Yes, the stock market certainly is scary right now. Stock prices shoot up and down like a roller coaster ride, and it’s all just so unpredictable. But, what if you could get stock for free?
A company called Robinhood is doing just that by giving free shares of companies like Microsoft and Facebook.
Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because you can start investing with just $1. Plus, they don’t charge commission fees, and you can buy and sell stocks for free — no limits.
To get your free stock, download the app and fund your account with at least a few bucks (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.
Mistake 2: Putting Money in a Regular Savings Account
You’ve probably heard the best way to grow your money is to stick it in a savings account and leave it there for, well, ever. It’s bad advice.
But maybe you’re just looking for a place to safely stash it away — but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, .09% is nothing these days.)
But a debit card called Aspiration lets you earn up to 5% cash back and up to 11 times the average interest on the money in your account.
Not too shabby!
To continue reading, please go to the original article here:
The No. 1 Mistake Parents Make When Teaching Kids About Money
.Warren Buffett: This is The No. 1 Mistake Parents Make When Teaching Kids About Money
Jul 30 2019 Tom Popomaronis, Contributor@TPOPOMARONIS
If there’s one person who understands the importance of teaching kids about financial responsibility, it’s Warren Buffett.
Before he became CEO of Berkshire Hathaway, the legendary investor started a handful of small businesses — starting at age six, when he purchased a six-pack of Coke for 25 cents and sold each can for a nickel. He also sold magazines and gum from door to door.
“My dad was my greatest inspiration,” Buffett said in an interview with CNBC back in 2013. “What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught me.”
When asked what he thinks is the biggest mistake parents make when teaching their kids about money, the billionaire said, “Sometimes parents wait until their kids are in their teens before they start talking about managing money — when they could be starting when their kids are in preschool.”
Warren Buffett: This is The No. 1 Mistake Parents Make When Teaching Kids About Money
Jul 30 2019 Tom Popomaronis, Contributor@TPOPOMARONIS
If there’s one person who understands the importance of teaching kids about financial responsibility, it’s Warren Buffett.
Before he became CEO of Berkshire Hathaway, the legendary investor started a handful of small businesses — starting at age six, when he purchased a six-pack of Coke for 25 cents and sold each can for a nickel. He also sold magazines and gum from door to door.
“My dad was my greatest inspiration,” Buffett said in an interview with CNBC back in 2013. “What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught me.”
When asked what he thinks is the biggest mistake parents make when teaching their kids about money, the billionaire said, “Sometimes parents wait until their kids are in their teens before they start talking about managing money — when they could be starting when their kids are in preschool.”
Time is a factor
Yes, you read that right: Preschool. To Buffett’s point, researchers have noted that 80% of our brain growth happens by age 3.
One study from Cambridge University found that kids are already able to grasp basic money concepts between the ages of 3 and 4. And by age 7, basic concepts relating to future financial behaviors will typically have developed.
“Most parents already know how important it is to teach their kids about money and how to manage it properly,” Buffett acknowledged. But there’s a difference between knowing and taking action.
According to a 2018 survey from T. Rowe Price, which gathered responses from 1,014 parents (of children between the ages of 8 to 14) and more than 1,000 young adults (ages 18 to 24), only 4% of parents said they started discussing financial topics with their kids before the age of 5.
To continue reading, please go to the original article here:
4 Things I Regret Wasting Money and Time on In My 20s
.4 Things I Regret Wasting Money and Time on In My 20s
61-Year-Old Self-Made Millionaire: 4 Things I Regret Wasting Money and Time on In My 20s
May 30 2019 Grant Cardone, Contributor@GRANTCARDONE
It’s been more than 40 years since I graduated high school — and a lot has changed since then. I’m older, wiser, wealthier and much more successful.
I’ve built a multimillion-dollar business and am the CEO of seven privately held companies. But there’s always room for improvement — even at age 61. In order to do that, it’s important to acknowledge past failures and learn from them.
Looking back at my 20s, there was so much I didn’t know about money. With what little I earned, I wasted on useless things that didn’t benefit me at all. Here are the top four things I regret spending my time and money on:
4 Things I Regret Wasting Money and Time on In My 20s
61-Year-Old Self-Made Millionaire: 4 Things I Regret Wasting Money and Time on In My 20s
May 30 2019 Grant Cardone, Contributor@GRANTCARDONE
It’s been more than 40 years since I graduated high school — and a lot has changed since then. I’m older, wiser, wealthier and much more successful.
I’ve built a multimillion-dollar business and am the CEO of seven privately held companies. But there’s always room for improvement — even at age 61. In order to do that, it’s important to acknowledge past failures and learn from them.
Looking back at my 20s, there was so much I didn’t know about money. With what little I earned, I wasted on useless things that didn’t benefit me at all. Here are the top four things I regret spending my time and money on:
1. Drugs and alcohol
If I could go back in time, I’d tell my younger self: “Your education doesn’t stop after college.”
After graduating high school, I became obsessed with all the wrong things. I spent money on drugs and alcohol — and even developed an addiction problem. I should have been spending that money on things that would help me develop new skills, gain knowledge and make powerful connections.
In the real world, your high school diploma is useless, and your college degree won’t get you very far if you don’t have the right skills to keep up with the marketplace. Investing in yourself will only make you more valuable and increase your earning potential.
I didn’t realize any of this until much later. At 25, I spent my last $3,000 on an audio program that taught me about sales and how to close deals. I can honestly say that the investment and commitment to go “all in” are the reasons for my success today.
2. Traveling
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