I had written my goals by 19 years old and had a good plan to achieve them all. I bought my first home before I was 20 and would go on to quadruple my income by my mid-twenties. I used my earned income when I was young to build capital to trade and invest with. I got started compounding my capital at 19 years old. In real-time, I felt successful, but in hindsight, 30 years later, I felt like I wasted much of my 20s with huge errors.
Here are the five ways I wasted my 20s:
- I lost too much capital when the internet bubble popped
- I married the wrong person
- I didn’t start a business
- I didn’t go online early in the internet era
- My goals were too small
1. I lost too much capital when the internet bubble popped
I’ve been trading and investing for about 30 years now, and if I’m honest, one of the things I wish I’d known in my 20s was how crucial risk management is.
Back in the day, I was young and eager to make significant returns, but I didn’t get the risks involved in trading and investing. I went in too heavy, didn’t protect my available profits, and didn’t have a solid exit plan to lock in those gains. And boy, it hurt when I had a 50% drawdown from my peak in March 2000—that was one harsh lesson.
Looking back, I can see how vital risk management is regarding trading and investing. It’s not just about making money—it’s also about holding onto what you’ve made and keeping yourself safe from massive losses or giving back all those previous gains. If only I’d known that back then, I could’ve saved myself so much heartache, stress, and money.
Even though I didn’t get risk management in my early 20s, I did pretty well in the 90s, even after that significant drawdown. That decade gave me enough capital to keep trading seriously. I learned from that experience, which helped me avoid considerable losses in 2008 and 2020. I still use those lessons today in my trading strategies, like having the correct position sizes and using stop losses.
So if you’re starting with trading and investing, take the time to learn about risk management seriously. It’s one of the most important things you can do to protect your capital and financial future.
2. I married the wrong person
After starting with almost nothing and going through all the twists and turns of life, I’ve got to say that one of my biggest regrets is marrying the wrong person in my 20s. Marrying the wrong person can cost you financially, emotionally, and spiritually and hold you back from where you could’ve been.
It’s hard to describe the pain and heartache you feel when you realize the person you married isn’t right for you. And when you have kids together, it just makes everything even more complicated.
I wish I had been more careful about choosing a partner and gotten to know them before saying, “I do.” I wish I had listened to my gut and those big red flags when I doubted the relationship.
But even though I regretted that decision 30 years ago, I know I can’t change the past. All I can do is focus on the present and future. I should’ve prioritized my happiness, well-being, and kids instead of staying in a bad marriage. I hope you can learn from my mistakes and be more careful and thoughtful in your relationships. Trust me; avoiding a bad marriage is easier than getting out of it.
But the most important thing to remember is that it’s never too late to start over and create a happy and fulfilling life, no matter where you are on your journey. I bounced back from two divorces and am now happily married to a fantastic woman who makes me so happy. The road to happiness can be bumpy, but it’s always worth the ride. My life could’ve been much smoother if I had avoided those two divorces. Once you marry the wrong person, that original mistake leads to all future decisions with that person compounding the error. My first marriage wasted my time and energy in my 20s, as it was just one big mistake.
3. I didn’t start a business
In hindsight, I believe I wasted my early 20s with a job. If I had it over again, I would have had some business. Being self-employed, starting a business, or being an investor allows you to benefit from your time and effort fully. As an employee, you get a small cut of the profits you help produce for your employer. When you’re self-employed, you fully capture the profits you produce.
A job is a monetization platform for labor, knowledge, skills, and experience. Their profit margin is the variance between your productivity and your pay. A job is good for developing your skills and teaching you how a business model works when you’re young. However, I wasted my 20s staying in a job for too long. I should have just monetized myself and done something at least self-employed. I’m not sure which other road I would have taken, but I know I should have taken one of them.
4. I didn’t go online early in the internet era
You know, now that I’m in my 50s, I sometimes feel this pang of regret when I think back to the dot-com craze in the 90s. It’s crazy how many opportunities I didn’t take to start a tech business back then, right?
The internet was exploding, and everyone was buzzing about it. But my focus was on riding the wave of tech stocks and profiting from the speculation about the internet’s future. Don’t get me wrong, I did pretty well as an investor and trader, but those early tech entrepreneurs made some serious money, which was a once-in-a-lifetime chance.
Now, when I see how far some of those early startups have come, I can’t help but wonder, “What if?” But I try not to dwell on it too much. Instead, I use that little feeling of regret to push myself forward and keep an eye out for new opportunities.
I believe it’s never too late to chase your dreams. So even though I might have missed the boat on the dotcom frenzy, I’m still stoked about the possibilities with all these emerging technologies and the incredible new business models they could create.
5. My goals were too small
Looking back on my 20s, I can’t help but feel that my goals were just too small. I was so focused on the basics, and my perspective was too skewed in what was possible at the time. But while there’s nothing wrong with those goals, I didn’t allow myself to dream bigger or take risks. I played it safe in many ways and can’t shake the feeling that I missed many opportunities to grow, learn, and find my passion. If only I’d dared to dream bigger and push myself outside my comfort zone, who knows where I’d be now? I wasted my 20s by not having goals so big that they energized me to do whatever it took to achieve them. I did find my drive in my 30s to achieve the biggest goals I had, but I wasted a decade thinking too small.
Key Takeaways
Looking back on the wasted time and energy in my 20s, I’ve realized that life is like a roller coaster, filled with ups and downs, twists and turns. Having regrets about wasted time is normal, but the key is not to dwell on the lost opportunities too much. Instead, we should use our lessons as stepping stones for a brighter future.
Taking risks can be scary, but don’t shy away from them. Just make sure you do your research and manage them carefully. When it comes to relationships, choose your partners wisely, but remember that even if you end up with the wrong one, it’s never too late to start fresh after a marriage ends.
Remember that age is just a number—there’s always time to chase your dreams and make a difference in the world. So keep moving forward, maintain a positive attitude, and never give up. My crucial lesson from my 20s is to feel like no day is wasted and that you spend your time and energy moving toward your most important and exciting goals each day.
