If I Had My Life Over, What Would I Do Differently?

You will find financial planner, Cole Zweistra, early on most Saturday mornings, out on a group cycle around the Cape Peninsula.  In this month’s article Cole writes about some great financial lessons he learnt from a recent discussion he had whilst out with his cycle group.

My cycling group consists of an older crew from various walks of life. In our group we have some seasoned professionals, a few entrepreneurs, a university professor, a couple of retirees, and one or two people who have lost life partners. As we were riding on a beautiful windless day through Scarborough, we were chatting about money regrets and some financial lessons. We got onto the topic of ‘what would you do differently, knowing what you know now, if you were starting out on life’s journey?’

Being one of the younger riders in the group, I found their responses very interesting and thought that I would share them here

• Not being around while children were growing up: Many in our group expressed regret about not spending enough time with their children during their formative years. The demands of building a career often took precedence, leading to missed milestones and precious moments that can never be recaptured. For example, one rider missed their child’s first steps, and another missed several school plays and sports events. It’s a bittersweet reminder of the importance of work-life balance and being present for our loved ones.

• Not taking time out to reset and travel: A few wished they had taken more breaks to travel and create lasting memories with their families. The hustle and bustle of daily life can make it easy to postpone vacations and quality time, but these experiences are invaluable. One rider shared how they always postponed their dream trip to Europe, and now, with health issues, it is no longer feasible. On the other hand, another rider took a sabbatical to explore different cultures and recharge – she found this to be one of her most cherished memories.

• Starting to invest early: A common theme was the realisation of the power of compound interest too late in life. Starting to invest early, even with small amounts, can have a significant impact on future financial security. Someone in the group only started investing in their 40s, pushing it out due to servicing a big bond and now wished they had started in their 20s. Another shared how their small, early investments grew substantially over decades.

• Using a professional financial planner: Some regretted not seeking professional financial advice sooner because of worries about commission-based insurance salesmen. A qualified financial planner can provide tailored advice and help you navigate complex financial decisions, potentially saving you from costly mistakes. A rider shared how their financial planner helped them navigate family complexities when it came to estate planning, another how they were guided to optimise their retirement savings in a tax efficient way.

• Having a financial plan: Not having a financial plan in place from the beginning was another regret. Working towards common financial goals with your spouse and having a clear plan can provide direction and peace of mind. Some agreed that having a financial plan helped them stay on track with their savings goals, while another mentioned how it helped them manage their debt and plan for their children’s education.

Conclusion:

Reflecting and looking back often makes things seem obvious, but it is clear that prioritising family, taking time to travel, starting to invest early, seeking professional advice, and having a solid financial plan are crucial steps towards a fulfilling and secure life.

Learning from others’ experiences can help us make better decisions and avoid common pitfalls. By taking these lessons to heart, we can create a more balanced and prosperous future for ourselves and our loved ones.