Patty
den
Ktee
Cliff Pape
stanWhat I’d Tell My 18-Year Old Self
I was in the shower yesterday, I try to shower everyday. All my good ideas either come in the shower, or at like 2am at night while I’m laying in bed.
Maybe that’s the only time my brain slows down enough to really be creative…I don’t know. But all my businesses successes have come from either shower or 2am ideas…but I digress.
I was thinking, oh crap, I’m almost 25 now. I started making stupid financial moves at 18. What if I could go back and give my 18-year old self advice? What would I tell the 18-year old me?
Here’s what I’d tell the 18-year old me (circa 2001):
Don’t lose that ability to feel
You have an amazing capacity to feel emotion. Don’t lose it. Sometimes it will hurt you, but overall it’s one of your greatest strengths. Learn how to channel it into healthy relationships.
Get 1 credit card. Yep, just one
One credit card is all you need to start establishing a credit history. Heck, one credit card is all you’ll ever need. Get one from your bank, and commit to keeping the balance low. Oh, and don’t buy that fancy digital camera, you won’t use it much. Do buy that T68i cell phone, that thing kicks butt for years.
Talk to Mom and Dad
I know you love your parents, but have you told them that lately? Oh, and take some extra pictures this Christmas, it will be the last time before Mom and Dad split.
Don’t read that day trading online book
Yes you, don’t read that book about day trading online and how much fun it is to scalp stocks. Be content with your crappy job. You interact with fun people, it beats watching Level II quotes at 5:30 in the morning in the long run…trust me.
Enjoy the summer
Don’t work so much in the summer! Yes, I know you want to be self-sufficient and make money but holding down two jobs and 15 credits is a bit overkill. Go for more runs, quit the more stressful job and go golfing more with your brothers. You have the rest of your post-college life to have summers be just another season.
Ask that girl out
I know you’re still hurting from your last relationship, but it’s been awhile now and you shouldn’t keep holding on to something that isn’t there. You meet plenty of nice girls…see if they want to go sometime. Go for a ride in Dad’s convertible. He’ll let you take it out, but only if you’ve got a girl to go with you (trust me on this one).
Don’t join that MLM Scam
If it sounds too good to be true, it is. Run it by Dad first, he sold Amway back in the day, he’ll understand how you’re intrigued by this. You’ll learn some great copy writing skills, but you could do that for free.
Write down your thoughts
I know you keep a written journal now and again, but starting writing more just for fun. Keep your journal online somewhere (livejournal!), it will help you process what you’re dealing with right now.
Never give up
No matter how hard things get. And they will get hard, and even if you follow my advice to the letter, life finds a way (thanks Jurrassic Park). But never give up. When you feel like giving up, go talk to Dad.
I'm 300K in debt. Gulp. I'm 24 and day traded away a fortune. Now I'm trying to crawl back to zero. Why not subscribe to my RSS feed and join me on this journey. You can also subscribe via e-mail. I appreciate tips and feedback! ~ DebtKid
on May 7th, 2008 at 10:09 pm
I’m 29 and have been through a lot of similar things. I’m sure this sounds cliche, but I don’t think I’d tell my 18 year old self anything. I really don’t regret any stupid mistake I have made. My life now wouldnt be possible without the sum of all my experiences, good and bad.
on May 7th, 2008 at 10:18 pm
@ Greg C. - Yeah, that is cliche : ). I agree that past experiences only make you stronger….but until I actually get out from under my mess, I’m still wishing I had never gotten into it!
on May 7th, 2008 at 10:25 pm
Wow, it sounds like you have really great parents and a really wise Dad. You’re really lucky and it’s awesome you realize this. Your list has totally got me thinking about what I would tell my 18 year old self. At first this is overwhelmingly depressing (OMG what I would have LOVED to have done differently) , but then I realized that it’s not likely my 18 year old self would have listened to ANYBODY. She had to make her own mistakes. I was stubborn like that. =)
I also noticed that your list is half do’s and half don’ts. It’s not to late to get started on those do’s. Make a plan and start taking baby steps today!
I really like the list style posts that you’ve been making lately! They’re really fun to read. They also make it seem like you’re advancing past the crisis mode and taking stock before advancing. Lots of really inspiring progress! I think I might get working on my list and see what I can get started on. It’s never too late.
on May 7th, 2008 at 10:29 pm
Ooh, and this just occurred to me. I’ve been trying to write more in my journal than just “this is what I did today, where I ate, what happened, etc” and I’ve been responding to these journaling prompts. You might be interested in them if you’re looking for things to write about. They have one for every day and they’re pretty diverse and thought-provoking.
http://www.geocities.com/papabear1701/prompt_library.html
on May 8th, 2008 at 5:45 am
good post debt kid! I thought of this too everytime I hear that country song “if I could write a letter to me”.
on May 8th, 2008 at 6:53 am
Ooo.. good topic. I think I’ll have to write a blog post in response
on May 8th, 2008 at 10:26 am
One of the things that I would definitely tell myself is don’t worry about taking a chance - learning by doing is better than not doing anything at all. Another thing I would tell myself is listen to those around you who are older - they’ve probably run into a great many problems that you have or about to… don’t ignore them when they give advice but don’t be afraid to question it.
on May 8th, 2008 at 5:10 pm
Maybe that’s how you feel… if I could go talk to my 18 year old self (even though that’s only 3 years ago), I’d pummel him/me. Like you, it was the beginning of my downfall.
on May 8th, 2008 at 9:05 pm
Interesting… I would say almost the exact same things to my 18 y/o self.
Too bad all the colleges don’t have a hard knocks life lessons 101 for all the freshmen out there as a mandatory class. You hit the nail on the head.
Oh yeah, mine would included “if it’s too good to be true… IT IS!” and “Don’t waste your time trying to sell vacuums, get a real job:.
LOL.
Nice post.
on May 10th, 2008 at 11:27 am
Hey, I think this was a great post! Yes, it is frustrating to look back sometimes, wishing you could change it, but if you didn’t go through that, you wouldn’t be who you are today and who you will become tomorrow. It is great to realize the great people around you and to know you have a network to go to and test things out on, be it advice on a girl or a new business venture (like amway) haha Keep up the writing, keep thinking and keep working hard- you’ll get through this eventually.
I am in a similar position and keep having to remind myself everything takes time to develop and that you won’t solve all your problems today because new ones will be there tomorrow! All you can do is manage the problems and think of them as challenges.
on May 11th, 2008 at 12:52 pm
[…] Debt Kid shares with us what he’d tell his 18 year-old self. […]
on May 12th, 2008 at 6:49 am
[…] […]
on May 12th, 2008 at 6:33 pm
I have been reading some of your older posts as well, and I do find some of the financial advise you give to be invalid or lack of sufficient knowledge. I don’t personally claim to be someone that knows these things, however, I do want to point out few things.
“Get 1 credit card. Yep, just one
One credit card is all you need to start establishing a credit history. Heck, one credit card is all you’ll ever need. Get one from your bank, and commit to keeping the balance low.”
Wrong. You can’t establish sufficient credit history off one credit card. You’ll find yourself having trouble getting mortgage or even just a car loan. Minimum is 3-4 lines of credit, and higher the credit limit, the better it would help you. If you cannot practice self control, then 1 or 10 would lead you down that same path.
Credit is necessary, it is essential. Easiest way to establish one is to get credit cards, keep your credit high. I made some stupid financial mistakes since I was 18, but guess what, my credit score is at stellar ~730. I know how to play the credit score game…but unfortunately that’s all I know…
on May 14th, 2008 at 2:19 pm
debt kid, when u daytrade on margins that can be a very dangerous thing.
i know u said u made some money but im guessing u lost much more after that. im just a beginner on trading and although i wish i had more money to trade buy/sell stocks, i dont because it is risky,.. but No Risk no Gain…
actually u mentioned looking at level2 quotes at 5:30 am, that u probably didnt think that was fun… i like doing that… i enjoy waking up and looking to see the market action early morning. im a morning person and i wake up to great ideas many days.. the only thing motivating me nowadays to wake up is the stock market. i seriously look forward to waking up to see whats happening or will happen in the market today… and im just a beginner trader…. i hope its not just a phase because i have almost nothing in my life that i look forward to. i lead a dull life. i have almost everything i wanted as far as material things and have a bright financial future to look forward to.. my dad has setup a big trust account for me to retire on. but still i lack good friends, lack good social support…
therefore i am worried i will be heading in what u did before.. that is taking more risk to get bigger financial rewards… just as a way to put some excitement in my life….
i know i sound crazy but thats just how my life has been so far. good and bad… overall i know i should be lucky… but im slowly starting to realize its not all about working 60 hours a week, its more than that. its also about keeping and having fun with friends. this is something i wish i had told my 18 yr old self.
on May 14th, 2008 at 2:23 pm
anyway the point of my long post is that, lifes not all about working crazy and making $$$… im trying to learn from your experiences to lead a better life.
on May 14th, 2008 at 2:31 pm
@ stan - You’re right about life not being about making $$$ and working all the time. I actually did like watching Level 2 quotes at 5:30am. I love stocks, always will, I just can’t ever allow myself to “trade” them again. Invest yes, day trade no. I think I’ve wised up enough now to know the difference.
Anyway, If you find excitement in trading I think that can be a good thing, just be careful with losses and maybe find an older mentor who can keep you accountable with your trades. I do well in life when people I know and trust are keeping tabs on me, not so well when I try to do things on my own : )
on May 14th, 2008 at 4:43 pm
Great post! I would start with Warren Buffets writtings and read them all that is what I did and it worked! Take the time to learn economics and finance. So many dumb mistakes people make could be avoided if they new simple finance and economic pinciples.
I could get into the other titles but, I leave that for the pros I only know how to make and keep money and, writing down your thoughts and never never never never giving up is one of the keys!