I read a story recently about a man who bought a Ford Expedition and lived to regret it.
Here’s what happened…..
When he was young, he just had to have a Ford Expedition. He was young and successful, so why not? Everybody else was doing it (the first clue that he was making a BIG mistake), and he took on a $600 car payment.
Ouch!
Here’s what five years of $600 payments cost him…
If he’d invested that money instead of paying the bank, he’d have had more than $1 million extra sitting in his retirement when he turned 60. That “must have” vehicle cost him a million dollars!! One SUV. One million dollars.
I once leased a Lexus GX470 with payment of $800 per month! Yikes!! Total foolery.
Everybody has regrets, especially when it comes to finances. But not everybody deal with regret in the right way.
You could let that mistake weigh you down and keep you from moving forward, or you acknowledge it, learn from it and move on.
Here are a few suggestions to help:
Own Your Mistake
Don’t blame somebody else. Don’t point the finger at your life situation or your spouse or a great marketing ploy. You made a mistake with your money. Period. And guess what? That’s okay…. as long as you learn from that mistake. Refusing to take responsibility leaves you open to repeat your mistake. And that’s NOT okay!
Forgive Yourself and Move On
I get it….. forgiving others is a whole lot easier than forgiving yourself. But staying angry at yourself doesn’t get you any closer to your dreams. It just keeps you discouraged, and when you’re down, you’re more likely to make mistakes….. including money mistakes. It can be a dangerous downward spiral. So don’t go there! Your past doesn’t determine your future unless you let it. Move on!!
Let it Motivate You
Regret is a useless emotion unless you respond to it with action and a willingness to change. When regret rears its ugly head, use that feeling to kick your retirement planning into high gear. Re-up your efforts to get out of debt. Increase how much you put away each month. Alter your vacation plans so you can catch up on your retirement savings.
Tell Your Story and Help Others
I learn a lot of life lessons through storytelling. I’ve made a lot of mistakes and I’m not afraid or ashamed to share. I’ve been zig-zagging through life until I started blogging in 2015. I’ve learned so much since then and have grown and changed tremendously along the way. Now I’m building on my victories and learning from my failures and sharing what I’ve learned…. and still learning.
Think about regret like the rearview mirror in your car. Check it every once in a while to remind you to make better financial decisions. But think about why the rearview mirror is so small compared to the windshield—because you drive by looking forward, not backward! That big windshield offers hope for what lies ahead. And hope is what you need to keep driving toward that retirement dream!
Having a car payment means your car is actually not yours! It’s owned by the bank or financial institution that loaned you the money to pay for it.
Whether you’re struggling to make car payments each month or you’ve got student loans up to your eyeballs, all debt will weigh you down and keep you from achieving your money goals.
It’s time we start making smart choices!
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Until next time…..
Agree or disagree? I love your comments! So please let me know your thoughts in the comment section below.
I look forward to hearing from you!!!
Althea
Helping God’s people realize and achieve their true financial potential, become debt-free, build wealth and give generously!!
PS. Financially, most of us know what to do; we just have trouble doing it. That’s where a coach can help. CONTACT ME for a FREE 15-minute consult.
