I didn’t realize, though, how reading the comments would add to the complexity of this reflection. The comments have helped me look at my situation from different perspectives, and I really appreciate that.

Good luck with your current endeavor!

Net worth building should be the key to success not momentary gains or experiences.

I am contastly grateful that I learnt the following from my parents:

- Make do with something old until it breaks, I drove a 1982 car until 1.5years ago,then bought a 2004 model with cash. I don’t upgrade my cell phone until the current phone stops functioning
- Never pay interest on credit cards
- If you can’t pay cash, you can’t afford it.

However positive these values have been in my life, it did come at a small cost of being very conservative and risk adverse, particularly with shares. So I have had to learn to overcome this inherited bias.

I’m glad that you were able to figure things out before it got too late for you. Awesome story.

congrats on your reflection!

I’m currently reading The Millionaire Next Door (after the post here the other day) and I can see how coming from a rural background you might have been eager to “live high,” as the book puts it. Frugal prosperous parents often wish for a “better life” for their kids but that “better” life often means a high debt/high consumption lifestyle that promotes under-accumulation of wealth in spite of propelling you to a “higher” class. It’s a widespread social phenomenon, and a part of my own life history to boot, so I can relate.

Good thing you stopped this pattern it in time! Read that book if you haven’t, it’s provided me with a lot of understanding about my own money psychology– and best wishes on your road to real prosperity.

And, I have to agree on the travel over stuff. I’ve been getting rid of a lot of stuff lately and am about to go on a 2.5 week trip (and I’m in grad school!). Couldn’t have done that if I put a lot of money into stuff.

Excellent article. Glad you came out the right side of flipping- so many didn’t

1. I saved to study abroad starting when I was 15. I knew I was headed to college and wanted to travel, and I had a summer job. I put away $6k during my summer work through high school and the first two years of college. I spent every penny of that in Europe having great experiences. I actually came back and borrowed $300 from my mom to pay off my final CC bill, but I paid that back with my first paycheck from my summer job. I bought a few souvenirs but was careful to mostly spend money on the travel I wanted. I saw 72 unique museums in my 4 months!

2. I chose a school that I could do without student loans. This did come with assistance from my parents, and I thank them regularly for their help. Not having student loans has allowed me to pursue any job I wanted, and I’ve had a lot of fun that way.

3. I have paid off my credit card in full, every month, even during graduate school.

Communication is definitely key. My boyfriend (soon to be husband!) does have student loan debt, but we have been working on a plan and he is paying them off faster than needed. Sometimes, debt is needed, especially for school. The key, in my mind, is being intentional and thoughtful about taking on any debt and evaluating seriously any major purchases you can’t pay for when buying.

Your story is inspiring. Good for you for recognizing your financial weaknesses and changing your ways.

I think a lot of us had similar attitudes about money in our 20s (I know I did). At 33, I’m still trying to dig myself out of the free-for-all spending attitude I adopted in the first decade of my adult life. My weakness wasn’t credit cards, but home equity. My husband and I refinanced our house three times over a period of ten years to cash out large chunks of home equity.

When I look back at the additional $60,000.00 we wouldn’t owe on our mortgage if we wouldn’t have refinanced to cash out equity so many times, I want to kick myself. My attitude toward home equity — and debt in general — is much different now.

Thanks for sharing your story and keep up the great work!

I especially appreciated your comment that life is not without risks. I try to remember that I didn’t always make perfect financial choices and that I’ve been very fortunate to not have minor mistakes become major disasters.

Although the idea of a self-made (wo)man is very popular in this country, much of our success just comes from dumb luck–like being born in the richest country of the world.

Your post indicates that you are thankful for your experiences in life. Maybe you want to add “gratitude” as one of your financial tenets.

I recently worked through the 20 financial milestones too and think a lot of your lessons learned apply to me as well.

Oh and by the way, I’m very jealous that you’ve just opened a bakery – I do hope it goes well