I wasn’t investing, nor was I insured. But I felt at ease because I was tithing and giving to my church. I thought I was doing the right things, until one day, something changed.
The Turning Point
I remember the moment clearly. I decided to take a good look at our finances, and during a time of prayer, I felt God ask me a question that caught me off guard: “Do you think it’s a good thing that you have so much money in your bank account?”
That question hit me hard. I had always equated having a healthy bank balance with being financially responsible, but now I was being challenged to reconsider. It struck me that having too much money sitting in the bank wasn’t necessarily a good thing. Sure I needed to have an emergency fund, but surely I didn’t need that much. That money was idle—it wasn’t working for me or being put to good use; it wasn’t serving any good purpose. In other words, I wasn’t being a good steward of the financial resources God had entrusted to me.
This realization was a pivotal moment for me. It set me on the path to becoming a financial consultant, a journey I’ll share with you another day. But for now, I’d like to share three things I wish I had done earlier in my financial journey.
Three Things I Wish I Had Done Earlier
- Start Finding a Trusted Advisor Sooner
When I first started working, I avoided financial advisors. I was afraid they would try to hard-sell me products I didn’t need. But looking back, I realize that meeting with advisors is crucial. It’s the only way to know whether you connect with them and can trust them. And if you ever feel uncomfortable, you can always thank them for their time and leave. Finding the right advisor can make a world of difference in your financial planning.
- Get My Insurance Earlier
I delayed getting insurance, thinking it was something I could put off. But if I had gotten it earlier, my premiums would have been lower, and I would have had peace of mind knowing that the monthly allowance I give to my parents would be taken care of in case anything happened to me. Insurance is one of those things that you don’t think about until it’s too late. Don’t make the same mistake I did—secure your future sooner rather than later, and secure your premiums cheaper than pricier.
- Start Investing Earlier
If I had started investing earlier, even just $200 a month into something as common as the S&P 500, I would be $50,000 richer today. Investing is about putting your money to work for you, and the earlier you start, the more you benefit from the power of compound interest. Don’t let your money sit idle in a bank account; make it grow.
Final Thoughts
If you’re just starting out in your career, I encourage you to take these lessons to heart. Begin by seeking out a trusted financial advisor, securing the right insurance, and investing wisely. These steps are essential to managing your finances well and building a strong foundation for the future. The sooner you start, the more you’ll benefit from the decisions you make today.
