Get Sorted: Money lessons you wish you'd known then

What do you wish you had known earlier? Tell us in the comments. Photos / iStock

What money lessons do you wish you had picked up earlier?

Hindsight, it's been said, is 20/20. And that we live life looking forwards but only understand it looking backwards.

If you ask people towards the end of their lives what was most important, they mention many things, but no one ever seems to wish that they had worked harder. It's telling.

How about with money? What finance lessons are the most important? What would have made a big difference if you could have put it into practice earlier?

For Money Week, we rolled out a Kombi van that doubles as a photo booth. The idea was to have people record a video and say which money lessons they wish they had learned earlier. They came up with some brilliant hindsight:

"What I wish people had told me years ago is that, actually, success with money is about little and long ... the main thing is to start early. You put some away, and then it grows and grows and grows and compounds. I did not know this in my teens and twenties and I suspect that I wasted extraordinary amounts of money."

"The thing I wish I had known is: just because you can borrow money doesn't mean that's a good thing. We started off with debt and got into the habit of borrowing money, and just the interest that we pay is ridiculous. I wish someone had shaken me up."

"I wish my mum had gotten me involved with the shopping and explained to me how much things cost."

"I wish that I had taken more risks when I was younger. The value of being in the market longer, whether it's for savings or borrowing to buy assets which might improve my overall financial position later on in life. I'm doing it all now, but if I had started 20 years earlier, I would be looking at a much earlier retirement."

"What I wish I would have known about money when I was younger is to start saving."

"I wish my parents had told me not to spend so much money on video games. I would have a lot more money now... If you can, save half of your pay cheque every time."

"When I was young I wish that I'd known how money grows when you save it. I would always save it up for a big goal, like a bike. I'd save all my money, and then I'd spend it, and so I'd go back to zero. I've done that so many times in my life, and I wish I learned how money grows in time."

I completely agree, having earned a lot, spent a lot, and ended up wondering what's left to show for it all. The key thing I wish I'd learned is that our finances need to be continually growing over time. We all need to get ahead. We all could be better off.

So how about you? What do you wish you had known earlier? Here's your chance to pay it forward by commenting below.

Get Sorted is written by Sorted's resident blogger, Tom Hartmann. Check out the guides and calculators at Sorted — brought to you by the Commission for Financial Capability — at sorted.org.nz.