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  • Writer's pictureZachP

#47. Forty-Seven Lessons With Money I Wish I Learned Earlier

Updated: Mar 21, 2023

One. Money should never be the final goal

Two. A reliable 9 to 5 paycheck is a valuable resource

Three. There are no short-cuts to wealth-building

Four. All debt is not created equal

Five. Investing in the stock market does not have to be complicated

Six. Budgeting is not the enemy

Seven. Budgeting does not mean you can never have fun

Eight. A $5 coffee drink will not ruin you financially

Nine. Experiences are more valuable than material things

Ten. A supportive partner is the most important asset you can have in your life

Eleven. Do not complicate your life on purpose because complication will find you

Twelve. If someone tells you something is guaranteed, run

Thirteen. Invest in your education

Fourteen. And invest in your personal growth

Fifteen. There are lessons to be learned from mistakes

Sixteen. Realize when fear is the only reason you are not starting

Seventeen. Compound interest is your friend and needs to be taken advantage of early

Eighteen. Do not wait until April 14 to do your taxes

Nineteen. No one is responsible for your economic well-being except you

Twenty. Be willing to accept money from others if given with good intentions

Twenty-one. Do not be afraid to ask for help or advice

Twenty-two. Your colleagues are just as nervous and unknowing as you

Twenty-three. What you have been trying to accomplish has been done before, so find a mentor

Twenty-four. Don't decide not to try something (especially in business) because someone else has done it before you

Twenty-five. Wealth is tied to your health

Twenty-six. Investing in your future does not mean you cannot enjoy life today

Twenty-seven. Most enjoyable things in life are free

Twenty-eight. Money is a tool

Twenty-nine. Wealth is not built overnight

Thirty. You do not have to settle with your job (but remember lesson two)

Thirty-one. Retirement does not mean "not working"

Thirty-two. Plan to retire towards something, not away from work

Thirty-three. Work is not the enemy, being forced to work for a paycheck is the problem

Thirty-four. A normal brick and mortar savings account is not an effective place to save cash

Thirty-five. Not investing for your future is the riskiest thing you can do

Thirty-six. Think long-term

Thirty-seven. Worry about the 6 and 7 figure purchases more than the occasional $100 date night

Thirty-eight. Credit cards are not bad if you have good spending habits

Thirty-nine. You can and should invest in both an employer-sponsored retirement plan AND your own individual retirement account

Forty. You need to make inherently high-risk investments inside your portfolio, just make sure those are "quality" high-risk investments (such as investing in the entire S&P 500 instead of one individual stock)

Forty-one. Low-cost index funds are excellent wealth building tools for long-term investors

Forty-two. Cash is not trash

Forty-three. If you are lucky enough to be born in the U.S., you have a chance to become a millionaire

Forty-four. You can choose the people around you

Forty-five. YOLO and FOMO are not good reasons to make investing decisions

Forty-six. Money is not always evil - money can give you the freedom to do a lot of good in the world

Forty-seven. Spend less than you make

Why In The World Did I Decide To Write This Article?!?

This was one of those articles where I had zero plans going into it. I typed the beginning of the title the same way I start every article, and right after I typed "#47", I said to myself, "47 lessons about money."

I have no idea why my mind went this direction. I am happy it did though because it allowed me to write out all the valuable lessons I have learned and wish to pass on to our son. I am not sure I am right about everything, but I feel most of these lessons are worth teaching to him.

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