4 Ways to Deal With Financial Regret

4 Ways to Deal With Financial Regret

Written by Chris Hogan of the Dave Ramsey Team For me, a Ford Expedition is the ultimate picture of regret. When I was young, I just had to have one. I was young and I was successful, so why not? So I did what everybody else does (the first clue that I was making a BIG mistake), and I took on a $600 car payment. Ouch. Let me tell you what those five years of $600 payments cost me. If I’d invested that money in my 20s instead of paying the bank, I’d have more than $1 million extra sitting in my retirement account in my 60s. That “must have” vehicle cost me a million dollars. One SUV. One million dollars. I still twitch a little when I see an Expedition. Maybe your picture of regret looks a little different. It may be that closet of high-end clothes you rarely wear or the 75-inch Ultra HD 4K TV in the family room. Everybody has regrets, especially when it comes to finances. But not everybody deals with regret in the right way. You could let that mistake weigh you down and keep you from moving forward, or you could deal with it and move on. Here are a few suggestions to help. 1. 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...
Nothing Will Prepare You for Retirement Like This Heart-Breaking Story

Nothing Will Prepare You for Retirement Like This Heart-Breaking Story

Chris Hogan is America’s voice on retirement. He helps spread Dave Ramsey’s message of financial hope to audiences everywhere. An engaging and humorous speaker, Chris is an expert on subjects like mortgages, health care and investing. He knows how money works, and he has a passion for helping families prepare for retirement. Chris has become a sought-after speaker who loves to challenge, empower and inspire audiences. His new book, Retire Inspired: It’s Not an Age; It’s a Financial Number hits shelves in January. Here is an excerpt from Chapter 1 of his upcoming book. His name was Michael. He was one of my clients, and he told me a story I will never forget. Michael received a phone call from his favorite aunt who needed him to cut her grass. He was more than willing to help; this was the aunt who had always been special to him. She was one of those people who dedicated her life to helping others. He got up early on Saturday and loaded up his mower into his truck. His aunt was going to attend a function at church, and after they chatted for a while, her ride came and she was on her way. Michael went to work on the yard. A couple of hours into the job, Michael decided to stop for lunch. However, he had been in a rush that morning, and he had forgotten to pack his lunch. So, sweaty and hungry, he thought he’d just go find something to eat in his aunt’s kitchen. No big deal, right? Michael opened the fridge, but all he saw was some...