The Biggest $1,000,000 Regret You’ll Ever Have
Some financial losses don’t get the attention they deserve
What do financial advisers have against avocado toast and coffee? Why are they the first spending habit knocked down?
You won’t regret buying food unless it comes back out like a volcano from your other end.
You may use a regular savings account to build your retirement fund. Yet, someone invested in a 401(k) account. Then at 65, both of you have regrets. The 401(k) investor never read the fine print. So, their money has earned the same amount yours did in the bank.
You could budget for physical bills and expenses. Yet, your subscription payments cause your card to get declined at a cash register. Thus, you and your friend who over shops online are still broke.
There are many reasons to have regrets about money.
Everyone online paints a picture of what worked for them or what they think is best for their clients. It’s up to you to do what gives you some amount of financial freedom.
Here is one $1,000,000 regret most people have. Financial intelligence doesn’t even insulate people from this loss.
Context.
The late actress, Ms. Betty White, and Mr. Ludden purchased land for their Carmel home for $170,000 in 1978. They finished the building in 1981, but Mr. Ludden died. Ms. White kept visiting and maintaining the house after he died.
Ms. White’s Carmel vacation house had an asking price of $7.95 million. The four-bedroom vacation estate has about 3,600 square-feet of living space. It sold for 10.775 million in March 2022.
That’s well over the asking price. Her second property got listed at $10.575 million.
My mentor’s story.
Housing is expensive for every generation.
My mentor said her mortgage was her most stressful expense.
She thought the house was a burden when she became a consultant. Back in those days, Zoom was not around. She locked up the house and stayed in hotels.
She had worries about the property. Would someone break into her house? She thought of all the cleaning work needed to get rid of dust. But now that she is close to retiring. She is happy about buying and keeping the house.
You are lucky. I am also fortunate, but it does not feel this way.
We don’t have to wait until we retire to wonder where we will live. Inflation and work-from-home protocols have forced us to wonder about shelter.
What is the biggest financial regret you’ll ever have?
Where you live!
Housing is one of the biggest regrets people ever have when they are alive.
- Where will you live if you lose your job?
- Where will you go if money gets tight?
- If you rent, do your parents have a house you could inherit?
- Would a friend or family member put you up in your desperate times?
Can you confidently answer those questions?
Everyone reminds you of your car, phone, subscriptions, and student loan debt. When was the last time you were sure of your current address?
What other regrets do people your age have?
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