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I had no idea about the importance of the US Federal Reserve Bank and the effect of its’ policies on the world. I had no clue about how the Fed triggered recessions through interest rate hikes and especially the impact of Paul Volcker and Alan Greenspan. After I read everything I could about the Bretton Woods conference and the destabilizing effect of the 1971 Nixon Gold window, Volcker raised interest rates to the moon, which caused the value of the dollar to soar which killed US exports. I remember when many large manufacturers in the US closed and those jobs were exported for good.
When I was in high school, I considered becoming a chemist, thinking that all kinds of great things would come from chemical engineering. It never occurred to me, in even my wildest dreams, that the career of the future was to be in financial engineering. When the Fed finally gives us a digital version of the dollar, huge gains will be made by those that enable digital dollar security.
OMG, don’t sell that starter home. Keep it as a rental. Worst financial mistake we ever made, and it was an unforced error. We live in a college town with very low rental vacancies. Keeping our little place rented to good tenants would never have been a problem, and we could have easily covered the mortgage with the rent.
We’d already bought our “move-up” home, so we didn’t need to sell the little guy just to get into a bigger house. Why did we sell? We felt lazy about being landlords—we both had demanding careers and two young children and it just felt like a complication we didn’t need—and we were ignorant about personal finance.
That house has more than tripled in value and we could have put both kids through college just from that little house. Sighhhhh
“Don’t sweat the small stuff, it is all small stuff”…not sure who coined that phrase, but it has stuck with me for years and has helped me navigate through life’s many challenges, so I feel blessed.
The importance of savings and compound interest.
What a Roth IRA was.
That it’s all going to be okay.
That it would be more profitable—and with a lot less hassle—to invest in the stock market instead of rent houses.
How effective compounding is in building wealth.