Give up on finding the home-run investment: Finding the next Apple is highly unlikely no matter how hard you work at it. Not impossible, just highly improbable. So instead just start saving! Certificates of deposit are fine. Broadly diversified mutual funds work as well. The point is to start.
Make a plan: It‘s eye opening to put a number on all your financial goals. Have you looked at how much it will cost to put a child through college, for example? Any good plan will start with a clear understanding of where you are today and end with where you want to go. Now you need to calculate the cost of getting there.
Remember that your plan is worthless unless you make the ongoing course corrections required when you’re either off course or the destination changes. Plans are full of guesses, but when done correctly, the ongoing process of planning can provide the context for you to make decisions in the future. It’s a lot easier to say no to the new car, if you are saying yes to a more important goal.
Maybe you have other ideas, but the point is to stop beating yourself up over what you didn’t do in your 20s and start focusing on making today count. Until next time, Finwiz.
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