Last night, I had the pleasure of joining 20+ students as we went through our last session of Financial Peace University - a 13-week course that walks families through the process of taking control of their personal finances.
One of our class members came up to me before the class began and said, "Man, I wish that I was 25 again and could take this class!". I knew exactly what he was saying to me and he went on to add, "I am almost 52 years old and I have enough money in my 401k plan to last us about 2 years. I made a ton of money through my 20's and 30's and I had all of the best stuff that money could buy. Heck, I took 6 of my buddies down to Cabo San Lucas for a week of golf and I paid for it all. We had a great time but I don't have anything to show for it now. I've got a friend of mine that has 50 cents of every dollar that he has ever earned and he is already thinking about retiring early. I used to laugh at him because he was working so hard to save his money but, you know what, I'm not laughing at him anymore. I wish that I could go back and do this all over again and start when I was 25 years old! I would do things so much differently!"
I had to empathize with this class member! Every time that I sit back and realize how much money that I have wasted on "stuff" instead of establishing a plan and sticking to it, I get so mad at myself.
My advice to him? - It is never too late to start making great decisions AND teach your kids to make different choices! Your kids learn by watching you and how you handle your finances. Make sure that they know and understand how to put a plan into place for their finances. Lead by example and it is never too late to start!
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