The worst money mistake I ever made was wracking up credit card debt when I was in college! It took me years to get out from under that burden of debt! #neveragain #liveandlearn
I never finished school because I was strapped for cash. Huge mistake. I wound up okay, but it took many years. I think about how far I could have gone.
Several years ago I placed myself in a financially vulnerable position and was taken to the cleaners by the person I trusted most. Lesson learned. I may seek counsel from others but will never hand over the reins again.
I would say my worse money mistake was buying many useless trinkets and doodads from my Japanese anime obsession days, and charging it all on my only credit card. I racked up almost $5,000 in debt and it took me almost 8 years to pay it off.
The worst financial mistake I ever made was financing my living expenses via private student loans which racked up significant interest that was later capitalized. At the height of the loan the interest amounted to 50% of the original loan amount. It wasn't until I started working and paying bills that I realized the true cost of my decision to deal with it later. I know better now and when I am blessed with children, they will learn early.
Worst money mistake => Taking out a home equity loan to pay off credit cards.
We just charged the cards back up again, and our mortgage is now higher than it would have been. (We combined first and second loans a few years later when we refinanced.) If we hadn't taken out the second we would never have been underwater with our home equity during the recession. And perhaps if we hadn't taken it out, we would have had our "come to Jesus" moment a lot sooner about our debt load and financial practices.
What I learned =>
1) Don't necessarily trust the advice we are given by so-called "financial experts" (most of whom were advising what a great idea home equity loans were because they were tax deductible).
2) Just because something is easy to do (i.e., obtaining the equity loan was easy!), doesn't mean it's a good idea.
3) Trust your gut! I didn't like the idea when we were doing but couldn't figure out why I was uncomfortable with it, and couldn't see another way out (at that time!) PLUS all the experts were recommending it.
Paying my rent with my credit card during months when I wasn't getting enough hours at work to cover it. This was, oh, four or five years ago, and it put me in a pretty bad place that I've been steadily digging myself out of.
Renting for so long when I could have bought my own home - when I finally did, I realized the financial and personal satisfaction of having a place to call my own.
After lean college years I landed my dream job. Instead of saving a chunk from each paycheck, I blew though pretty much all of it, thinking $1000 was a massive amount of savings and would cover any emergency. Ha! (As you all chuckle knowingly). Anyhow, life and marriage and kids happened and it's been really tough at times. I used to beat myself up over the dumbness of youth but realized what my mom said it true, "If you can't be an example, be a warning". So our kids know better and hopefully won't go the same way
My worst money mistake was taking out a loan for laser hair removal when, first, I didn't need it. This is the worst because my car went kapoot a month later and I bought a new car. Now I have two loans out there plus all my student loans on top of that. Oi vey.
Great list! One thing that I learned when my oldest applied to college is that the application for admission may also serve as an application for university-based scholarships, independent of the financial aid office. So, if you are interested in a school, make sure your application shines not only for admission but also for possible merit-based scholarships.
I will just save it and take it out to use when I think of something I really need such as toothpaste or grocery. Having money doesn't mean you have to spend it right away.
I like Cuban bread. Simple to make, it's great in the winter with stews and soups. In warmer weather we like baking powder biscuits, great with a garden vegetable laden fritatta.
Using my entire savings as a downpayment on a car. Eating ramens and rice was no fun the first 6 months before my savings started becoming stable again
I realized this concept was very important when my older sister and I were both in college together and our college funds took a major hit due to the economy. I was able to graduate and still have some of my funds left over because I didn't graduate until 3 years after her and therefore had time to see the market pick back up. To this day she is still upset that I have left over money when she didn't because she doesn't understand this concept no matter how I explain it to her.
going to an overpriced private college
racking up credit card debt
buying a house (or, at least, the specific house I bought in the area I bought it in)
When I was in my 20's I co-signed on a truck for my boyfriend. Though it was only a $5,000 truck, I ended up paying for it and he kept the truck. He never repaid me. I never co-signed on anything else. I was a fool. If someone needs a co-signer you can bet they are irresponsible with money, hence why they need a co-signor. Now I'm recovered and obviously do not have that boyfriend. I'm glad I learned that lesson in my 20's. Now I'm smarter for it!
The worst money mistake I ever made was wracking up credit card debt when I was in college! It took me years to get out from under that burden of debt! #neveragain #liveandlearn
Not having a budget and overdrafting all the time because I didn't know how much I should be spending or how much I had in the bank.
using a credit card to get m car fix and not investing in (I think) google when the prices were cheap
Lowe's (10% every day) and Old Navy (10% on Mondays)
I never finished school because I was strapped for cash. Huge mistake. I wound up okay, but it took many years. I think about how far I could have gone.
Several years ago I placed myself in a financially vulnerable position and was taken to the cleaners by the person I trusted most. Lesson learned. I may seek counsel from others but will never hand over the reins again.
I would say my worse money mistake was buying many useless trinkets and doodads from my Japanese anime obsession days, and charging it all on my only credit card. I racked up almost $5,000 in debt and it took me almost 8 years to pay it off.
Bought a condo at the height of the market.
The worst financial mistake I ever made was financing my living expenses via private student loans which racked up significant interest that was later capitalized. At the height of the loan the interest amounted to 50% of the original loan amount. It wasn't until I started working and paying bills that I realized the true cost of my decision to deal with it later. I know better now and when I am blessed with children, they will learn early.
Worst money mistake => Taking out a home equity loan to pay off credit cards.
We just charged the cards back up again, and our mortgage is now higher than it would have been. (We combined first and second loans a few years later when we refinanced.) If we hadn't taken out the second we would never have been underwater with our home equity during the recession. And perhaps if we hadn't taken it out, we would have had our "come to Jesus" moment a lot sooner about our debt load and financial practices.
What I learned =>
1) Don't necessarily trust the advice we are given by so-called "financial experts" (most of whom were advising what a great idea home equity loans were because they were tax deductible).
2) Just because something is easy to do (i.e., obtaining the equity loan was easy!), doesn't mean it's a good idea.
3) Trust your gut! I didn't like the idea when we were doing but couldn't figure out why I was uncomfortable with it, and couldn't see another way out (at that time!) PLUS all the experts were recommending it.
Paying my rent with my credit card during months when I wasn't getting enough hours at work to cover it. This was, oh, four or five years ago, and it put me in a pretty bad place that I've been steadily digging myself out of.
The worst money mistake I made was lending money to an boyfriend, who eventually became my EX!!!
In this economy, my English degree.
Renting for so long when I could have bought my own home - when I finally did, I realized the financial and personal satisfaction of having a place to call my own.
After lean college years I landed my dream job. Instead of saving a chunk from each paycheck, I blew though pretty much all of it, thinking $1000 was a massive amount of savings and would cover any emergency. Ha! (As you all chuckle knowingly). Anyhow, life and marriage and kids happened and it's been really tough at times. I used to beat myself up over the dumbness of youth but realized what my mom said it true, "If you can't be an example, be a warning". So our kids know better and hopefully won't go the same way
My worst money mistake was taking out a loan for laser hair removal when, first, I didn't need it. This is the worst because my car went kapoot a month later and I bought a new car. Now I have two loans out there plus all my student loans on top of that. Oi vey.
Great list! One thing that I learned when my oldest applied to college is that the application for admission may also serve as an application for university-based scholarships, independent of the financial aid office. So, if you are interested in a school, make sure your application shines not only for admission but also for possible merit-based scholarships.
I will just save it and take it out to use when I think of something I really need such as toothpaste or grocery. Having money doesn't mean you have to spend it right away.
I like Cuban bread. Simple to make, it's great in the winter with stews and soups. In warmer weather we like baking powder biscuits, great with a garden vegetable laden fritatta.
the worst mistake was not buying a house when the real estate market was down
Using my entire savings as a downpayment on a car. Eating ramens and rice was no fun the first 6 months before my savings started becoming stable again
I realized this concept was very important when my older sister and I were both in college together and our college funds took a major hit due to the economy. I was able to graduate and still have some of my funds left over because I didn't graduate until 3 years after her and therefore had time to see the market pick back up. To this day she is still upset that I have left over money when she didn't because she doesn't understand this concept no matter how I explain it to her.
I prefer home made to anything bought in a grocery store. These look absolutely amazing!!
It's a three-way tie between:
going to an overpriced private college
racking up credit card debt
buying a house (or, at least, the specific house I bought in the area I bought it in)
When I was in my 20's I co-signed on a truck for my boyfriend. Though it was only a $5,000 truck, I ended up paying for it and he kept the truck. He never repaid me. I never co-signed on anything else. I was a fool. If someone needs a co-signer you can bet they are irresponsible with money, hence why they need a co-signor. Now I'm recovered and obviously do not have that boyfriend. I'm glad I learned that lesson in my 20's. Now I'm smarter for it!