Below is a letter from my 65-year-old self to my younger self if I didn’t make good decisions with my money in my younger years. As sad as it may be to think about these things, I’m hoping it provides some motivation to make some changes today.

Dear young Nick,

I must admit I haven’t been very good with my money. Sure, I’ve had a lot of fun spending every last cent of my paycheck, but the fun would never be long lasting.

The reality would soon hit home that I was running low of cash again before my next pay. Constantly checking my accounts to make sure I had enough money has been a constant source of stress.

Then payday would come again and I would be excited to splurge to rid myself of stress, if only for a short time. Looking for that next hit of fleeting joy. A new TV. Takeout meals 3 days a week. First class flights. They made me feel good.

It’s a trap though. The good vibes wouldn’t last long and I’d be longing for that feeling again.

Now that I am 65, I have no money to show for 40 years of work. I am thankful for NZ Superannuation but it isn’t enough. I am a grown man living on rice and beans.

As we speak, my rates on my house have just gone up by 10% and I can’t afford the increase. Looks like I will be forced to sell our home and look to rent with some strangers to save costs.

I am now having to cancel my life insurance just in order to put food on the table. Knowing that my wife will not be financially cared for in my absence is devastating.

I did not envision living like this, but I can’t say I shouldn’t be surprised.

I am stressing out about not being able to put food on the table for my wife and I.

We can’t afford to fly out to see the kids.

I was told to enjoy the present as you never know when you will die. Although this is true, statistically you will live well past the age of 65, so please don’t forget about tomorrow. You are more likely to live tomorrow than die today.

Don’t make the same mistakes I have made.

You still have time. You can make some decisions today that will ensure you don’t have the same money worries and stresses that I now have.

My health is starting to deteriorate rapidly as a result of all the financial stress we have been under.

Even my relationship with my wife is not great. I think she wants a separation.

This is not living.

Try to find a balance where you live for today but take care of tomorrow. Money will give you options.

You will be able to fly to see the kids.

You will not have to worry about putting food on the table.

You won’t be forced to sell your home and live with strangers.

You will have one less major strain on your relationship.

Your mental health will not suffer.

Life without money worries seems like bliss from where I am sitting. I know this now, but it is too late for me. I could still live for another twenty years in this terrible state, but I almost hope I don’t.

I don’t want to be a burden on my children. I don’t want to be resented.

This time of life should be for enjoyment. For living. Not for biding my time.

Give your money the respect it deserves, but don’t worship it.

Having options is the best thing that money can buy and you will never regret having options, even if it means a slight sacrifice today.

From

Old (and tired) Nick

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