Road To Early Retirement: A 53-Year-Old Reflects On Money Mistakes Made In His 20s

Retiring early is a goal many aspire to, but the journey is often riddled with financial missteps and lessons learned.
While Alex Trias, 53, did manage to retire ahead of the traditional age, he tells CNBC that had it not been for a few decisions he made in his 20s, he could have achieved financial freedom even quicker. Here are Trias' regrets:

1. Delaying Investments: He confesses that his investment journey began much later, in his late 20s. Starting earlier, he believes, would have harnessed the power of compound interest, propelling his savings and making his early retirement journey more seamless. "As far as spending money in my 20s, the fact is I have no regrets because, for the most part, I didn't do it very often."
2. Excessive Spending on Luxuries: Frequent splurges on high-end gadgets and opulent vacations marked his younger days. In hindsight, he realizes that curbing such expenses and channeling those funds into investments would have been a wiser financial strategy.
3. Overlooking Financial Literacy: While he was committed to his job and earnings, he overlooked the importance of financial education. Acquiring knowledge on budgeting, investing, and financial planning earlier would have equipped him to make more informed financial choices.

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Despite these reflections, Trias says it's never too late to embark on a financial journey. He urges the younger generation to absorb these lessons, emphasizing the importance of financial literacy and prudent investing from an early age. Avoiding these pitfalls can pave a smoother path to early retirement.

"Do some exploring while you're young to figure out what you actually want your retirement to look like, then think through what it takes to get there. It may be easier than you thought," Trias adds. 

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This story is part of a series of features on the subject of success, Benzinga Inspire.

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