If you’ve been a follower of this blog then you know that Tom (along with his cousin) decided to spend $15,000 on real estate “training“. You probably also have heard Tom’s side of the story, but let me share with you the other half of that story.
Our Life at That Point
We had just bought a house. We were getting married in a year. We had a dog and 2 cats, a loan out for a new (used) car and student loan payments up the wahzoo.
When Tom came home and told me how much he had spent at the real estate training that day, I honestly couldn’t tell you what went through my head at that moment. Surprise? Disbelief? Anger? Betrayal? Despair? All of the above I’m sure.
You see, Tom was always more of the money savvy one in our relationship. He had lived on his own for a period of years before college, and didn’t have a lot of financial help during that time. I on the other hand, was an only child whose parents couldn’t help but to help me. During our years together before graduation, we were learning the joys of dealing with money in a relationship. Tom helped me open a student credit card and taught me about how important it was to establish credit. I taught him about accepting help from those able to give it. As soon as we got engaged, we opened a joint bank account. We shared everything.
Who is Really The Money Savvy One?
So you can imagine my feelings when he came home and told me how much he spent at this training. Money we didn’t have! He used almost all of our available credit to pay for this training, leaving us in a bind if we came upon financial trouble. I was working at a minimum wage job and he had just started at his 9-5 a year ago. We had no savings to speak of after just buying a house. We were supposed to be saving up for our wedding, which even with the best DIY planning and budget-friendly décor was going to be expensive, given the large size of both of our families.
You have to remember, this was also coming after his “failed attempt to buy a duplex”. We were so young and naïve to all things business, I wasn’t sure this real estate stuff was going to go our way. Now we had money invested in this training, and I still wasn’t confident we were going to come out on the successful side of things.
There is a Lesson in Everything
What I learned from all this: Sometimes it takes doing something you may regret to make you really appreciate and understand the full value of it. Would we take back that $7,500 training if we could? Maybe, but probably not. Part of the reason I think Tom is so successful at whatever he chooses to do is because he uses his mistakes as a learning experience, and failure at something just motivates him that much more to ultimately master it.
With that said… he also no longer spends money without consulting his better half. :O)