Throughout our life, there are always times when we have to make some decision . This is part of our nature as humans. But we have to be aware that each thing we choose has consequences (having several options, choosing one implies leaving the others on the table). This is what economists call ‘opportunity cost. ‘
In a certain sense, it could also be said that every decision that one makes opens a path for us, and closes others. And many times when we choose a path we do not have backtracking: there is no way to go back.
All this comes to the case, because many times as humans we make decisions without knowing our other options – without being aware of them. And in addition, on the other hand, many have, unfortunately, implications or financial consequences.
A simple example of all this can be a person who spends his working life without saving a single peso for his retirement. He is rarely aware of what it implies. And although popularly it is said ‘it’s never too late to start’, the reality is that many times it is. And there is no way to return time.
Personally I have many examples of life that give account of it, and although it sounds repetitive, I will emphasize it: many times I have taken the road less traveled and this has made a huge difference.
Let’s go back for a moment to the same example that I mentioned before: the person who spent his working life without saving for his retirement. Unfortunately, this is the most traveled path not only in Mexico but in the world, due to the lack of financial culture (and many other deficiencies that a large part of the population has).
But also the busiest road is:
- Spending more than we earn , or not knowing or spending our money.
- Do not protect what we have – in countries like Mexico less than 10% of households have insurance against damages, despite being relatively cheap (much cheaper than insuring the car).
- Not protecting our family ( not even leaving a will or our records in order).
- Do not invest wisely – there are stories of people who saved their entire lives, but unfortunately, it is not enough for them to have the retirement they dreamed of failing to adequately invest those resources.
- Not knowing what you want or expect from life , and do nothing to change our situation .
In short, there are many more examples of this, but the important thing is to understand that we are the ones who make the decisions, and we can make a difference in our lives. For this reason it is very important to promote financial culture in our country , and for that reason I have dedicated myself to do my bit to achieve it.
To finish this note, next I transcribe the beautiful poem The Road Not Taken, by Robert Frost, complete and in its original language. I also risk including a Spanish translation right away, as a service to my readers who do not speak English, which may be subject to much criticism but it is my best effort.