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Started By
Message
What do you know now that you wish you knew then.
Posted on 3/7/11 at 12:31 pm
Posted on 3/7/11 at 12:31 pm
The first credit card post got me thinking... What do you know now that you wish you would have known when you got your first job out of college? (investing, savings, building credit, etc.)
5
Posted on 3/7/11 at 12:38 pm to bdab1213
If you have family medical bills, designate one of the spouses to the be "fall person" for guaranteeing the bills.
IE - whnever you go to the doctor/specialist/hospital/clinic and fill out the intake forms, on any 'responsible party' sections, the info should ALWAYS be the same person.
Wife and I over the years would put down whoever it was that was filling out the paperwork.
Years later, we both are tagged with 'zombie debts' from medical bills that end up as collections on our credit reports.
Problem is, it hurts both our credit ratings.
Looking back, having a 'designated guarantor' would have left one of us with great credit and the other with problem credit. Then vehicle purchases, insurance premiums, etc would be much easier and cheaper.
ETA: changed 'fall guy' to 'fall person' since MT is experience OT creep lately.
ETA2: Anticipating a 'pay your debts' response from the healthy, independently wealthy on the board, please withhold unless you have experienced in depth our medical services billing/collections industry.
IE - whnever you go to the doctor/specialist/hospital/clinic and fill out the intake forms, on any 'responsible party' sections, the info should ALWAYS be the same person.
Wife and I over the years would put down whoever it was that was filling out the paperwork.
Years later, we both are tagged with 'zombie debts' from medical bills that end up as collections on our credit reports.
Problem is, it hurts both our credit ratings.
Looking back, having a 'designated guarantor' would have left one of us with great credit and the other with problem credit. Then vehicle purchases, insurance premiums, etc would be much easier and cheaper.
ETA: changed 'fall guy' to 'fall person' since MT is experience OT creep lately.
ETA2: Anticipating a 'pay your debts' response from the healthy, independently wealthy on the board, please withhold unless you have experienced in depth our medical services billing/collections industry.
This post was edited on 3/7/11 at 12:42 pm
Posted on 3/7/11 at 1:52 pm to bdab1213
I wish I knew in 1991 that Microsoft stock at $2 per share would be worth $60 in 1999.
Of course my income was borderline welfare qualifying, but future me would have appreciated skipping that Mazda Protege that seemed like a good idea at the time.
To better answer your question, I wish I only wish I had the various tools that make it easier to save and manage finances we have today. Being able to move money around electronically while researching investments from behind a computer has made it so much easier to be knowledgeable. Back in the day, I would park myself in a library for hours and review mutual fund reports - old ones at that. Back in the day, I used a stock trader instead of buying and selling myself. These days, setting up new accounts is just a simple finger dance across a keyboard. Back then, it was done over the telephone, in buildings while meeting with people who tried to sell you on their ideas of what you should be doing with your money. In other words - it was a deterrent.
When it comes to knowledge I wish I had, I wish I had the understanding of probabilities I have now. One of the books that dramatically altered my investment strategy is The Dhando Investor. The book's advice can be summed up by the phrase "heads I win, tails I don't lose much". It's a get rich slow philosophy that I didn't understand then.
The knowledge of understanding probabilities came to me from Fooled by Randomness and Black Swan. Back then I was stuck on trends as being somehow indicative of future performance.
Of course my income was borderline welfare qualifying, but future me would have appreciated skipping that Mazda Protege that seemed like a good idea at the time.
To better answer your question, I wish I only wish I had the various tools that make it easier to save and manage finances we have today. Being able to move money around electronically while researching investments from behind a computer has made it so much easier to be knowledgeable. Back in the day, I would park myself in a library for hours and review mutual fund reports - old ones at that. Back in the day, I used a stock trader instead of buying and selling myself. These days, setting up new accounts is just a simple finger dance across a keyboard. Back then, it was done over the telephone, in buildings while meeting with people who tried to sell you on their ideas of what you should be doing with your money. In other words - it was a deterrent.
When it comes to knowledge I wish I had, I wish I had the understanding of probabilities I have now. One of the books that dramatically altered my investment strategy is The Dhando Investor. The book's advice can be summed up by the phrase "heads I win, tails I don't lose much". It's a get rich slow philosophy that I didn't understand then.
The knowledge of understanding probabilities came to me from Fooled by Randomness and Black Swan. Back then I was stuck on trends as being somehow indicative of future performance.
Posted on 3/7/11 at 2:03 pm to Willie Stroker
quote:
When it comes to knowledge I wish I had, I wish I had the understanding of probabilities I have now. One of the books that dramatically altered my investment strategy is The Dhando Investor. The book's advice can be summed up by the phrase "heads I win, tails I don't lose much". It's a get rich slow philosophy that I didn't understand then.
Same here.
Along with this:
quote:
The knowledge of understanding probabilities came to me from Fooled by Randomness and Black Swan. Back then I was stuck on trends as being somehow indicative of future performance.
I just wish I had begun learning about asymmetric investing at a much younger age. Wish I would have learned to cast everything EVERYTHING in my life in terms of risk/reward. Like your Protege decision, probably would have changed a lot of decisions that looking back seem mostly random!
Posted on 3/7/11 at 4:14 pm to bdab1213
Financially, I would have never allowed my first wife to handle the books.
Personally, I would have divorced her after 10 years of marriage instead of 17.
Personally, I would have divorced her after 10 years of marriage instead of 17.
Posted on 3/7/11 at 5:31 pm to Zach
Divorced? Heck, if you had killed your first wife, you'd probably gotten off cheaper. You're a clever bastard and probably could have gotten away with it. If you had gotten caught, you'd probably be on parole by now and would still be eligible to vote in Florida.
Posted on 3/7/11 at 5:38 pm to bdab1213
Too much to list............
Posted on 3/7/11 at 6:24 pm to LSUDad
quote:
Too much to list............
Wives and daughters are expensive....
you and I have the receipts to prove that!
Posted on 3/7/11 at 6:39 pm to lsu_tiger_az
quote:
you and I have the receipts to prove that!
They never show me the receipts....
Posted on 3/7/11 at 8:02 pm to bdab1213
shorted every .com in the late 90's, enron, fannie and freddie.... parlayed some into goog at ipo and the rest in a s&p index fund 2 years ago.
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