Hind Sight is 20-20

Last week as I was perusing Money Blogs Smart Spending on MSN Money, I came across an inspiring post from doughroller entitled 10 things I know at 40 that I wished I knew at 20. That got me thinking. Since I just turned 50 last Tuesday, what do I know now that I wished I had know earlier?

1. When I was a junior in college, I told my roommate that I when I graduated I hoped I could find a job that paid at least $10k a year. She told me that wasn't a lot of money. She was right. So I wish I had understood and appreciated that.

2. I got my first department store credit card right after I graduated from college. In those days the major banks weren't chomping at the bit to give college freshmen credit cards. That was a good thing, but according to my dad I needed a credit card to establish credit. So I got one. I actually wished I had...

3. ...got a co-signer for a car loan and paid it off in six months to establish my credit. I had a friend who did that. I was in awe. Unfortunately, I didn't think I could do it too.

4. I wish I had know the value of delaying gratification. Up until now, if I wanted something or thought I needed something, I would buy it even if I didn't have the cash to pay for it. There was never a plan or a budget. I am truly paying for this now as I am learning to delay gratification and budget.

5. Along those same lines, I wish I had been a bigger thinker. If I wasn't going to delay gratification, I wish I would have at least bought bigger, investment type things. For example, a boat or real estate. That way when I finally came to the realization that I was in way over my head, I could have sold something and applied the money towards my debt.

6. I wish I had been financially independent before getting married.

7. I love my husband dearly, but I wish I had realized that his financial understanding was as remedial as mine. We've come a long way. Although we have different approaches to financial freedom, it is a mutual goal. He's very cerebral about it. I'm more tangible. He understands that the credit card is a tool. I'm deathly afraid to use it. For me it's like opening the flood gates.

8. I wish I had taught my children personal finance when they were pre-school aged just as I taught them their manners. It's really been in the last year or so that I finally understood that personal finance and money management is a fundamental. One thing I know is that the best time to teach children is when they're young. This way they develop good habits.

The last items are my mantras. I wish I had always...

9. Spent less than I earned and

10. Earned, saved, invested, and gave to charity.

Perhaps this isn't a monumental birthday for you, that is, one that ends in a 5 or a 0. But what do you wish you had known sooner or what habits have you changed to put yourself in a better financial position?