Worst Financial Mistake you have ever made? - Social Anxiety Forum
Reply
 
Thread Tools
post #1 of 26 (permalink) Old 11-08-2019, 10:08 AM Thread Starter
SAS Member
 
Join Date: Jun 2014
Location: Maryland
Language: English
Gender: Male
Posts: 720

Worst Financial Mistake you have ever made?


So what is the worst Financial Mistake you have ever made? I have certainly made some big money mistakes in my past that I regret. Like running up credit cards that I could only make the min. payment on. Also bought a car that was way to expensive and could not make the payments and it got repossessed. Not good choices.

Doing pretty good now money wise so hopefully I have learned from these mistakes. So what is the worst Financial Mistake you have ever made? Hopefully people can learn from your mistakes and avoid them for themselves
chrisinmd is offline  
Sponsored Links
Advertisement
 
post #2 of 26 (permalink) Old 11-08-2019, 10:13 AM
Samityville Horror
 
SamanthaStrange's Avatar
 
Join Date: Jan 2015
Location: Purgatory
Gender: Female
Posts: 17,793
My Mood: Worried
Taking out student loans.

Now I'm Nothing
SamanthaStrange is offline  
post #3 of 26 (permalink) Old 11-08-2019, 10:32 AM Thread Starter
SAS Member
 
Join Date: Jun 2014
Location: Maryland
Language: English
Gender: Male
Posts: 720
Quote:
Originally Posted by SamanthaStrange View Post
Taking out student loans.
Did that one as well. Worst part is there is no way to get out of them. Not even in bankruptcy
chrisinmd is offline  
post #4 of 26 (permalink) Old 11-08-2019, 11:21 AM
Merry Effing Christmas
 
truant's Avatar
 
Join Date: Jul 2014
Location: Cislandia
Gender: Transgender
Age: 47
Posts: 8,908
My Mood: Brooding
Not having a job.

I'm extremely careful with my money, so the worst blunders I can really think of are buying a second copy of a book I already owned, or a game that I never got around to playing. I couldn't get a student loan, so that was never an issue, and nobody will give me credit cards, so I never had to worry about running up a stack of them. (I have one CC, but up until very recently, I paid it in full every month.)

I guess I spend too much money on books. I own hundreds I haven't yet read. But I plan on reading them all eventually.

Edit: I did let my ex live with me rent-free for 10 years so she could pay off all her debts and go through college, because I expected our relationship to last and that she'd get a good job and things would sort of balance out over the long run, but she left shortly after getting that job, so that never panned out. Cost myself about $50,000 in rent, lol.

For forty-seven years I've put up with it now. I must stop Christmas from coming ... but how?
truant is offline  
post #5 of 26 (permalink) Old 11-08-2019, 12:23 PM
Greasy prospector
 
blue2's Avatar
 
Join Date: May 2013
Location: The salty spitoon
Gender: Male
Posts: 9,782
My Mood: Lurking
I put €500 deposit on a car in cash that was to expensive in the first place then after a couple days of thinking it over, I changed my mind & couldn't get it back.






And all our yesterdays have lighted fools the way to dusty death
Out, out, brief candle! Life's but a walking shadow,
A poor player that strut's and fret's his hour upon the stage and is heard no more,
It is a tale told by an idiot, full of sound and fury, signifying nothing.
- Macbeth
blue2 is online now  
post #6 of 26 (permalink) Old 11-08-2019, 02:03 PM
Senior Thread Writer
 
Cool Ice Dude55's Avatar
 
Join Date: Jan 2014
Location: Essex, UK
Gender: Female
Posts: 5,457
My Mood: Worried
Going part-time to start up a business.


Cool Ice Dude55 is online now  
post #7 of 26 (permalink) Old 11-08-2019, 02:24 PM
butterball
 
Musicfan's Avatar
 
Join Date: Mar 2017
Gender: Male
Posts: 1,014
My Mood: Mellow
Grandma gave me a 5 figure amount gift when I turned 21 and I quickly spent it all on food, a vehicle I didn't need, alcohol, video games, clothes.

"It's a gift to exist, and with existence comes suffering. There's no escaping that."
Stephen Colbert
Musicfan is online now  
post #8 of 26 (permalink) Old 11-08-2019, 02:44 PM
bipolar
 
harrison's Avatar
 
Join Date: Apr 2012
Posts: 13,595
Going off the medication I was on when I inherited some money from my father - that was the worst. But there have been plenty of other times as well.

I've only been better at trying to manage my money since my wife kicked me out - because I got scared and sick of never having any. So now I'm not too bad. If I could have been like this 35 years ago I might have actually had something now.
harrison is offline  
post #9 of 26 (permalink) Old 11-08-2019, 03:51 PM
Russian Modster
 
A Toxic Butterfly's Avatar
 
Join Date: Apr 2012
Location: U.S.
Gender: Female
Posts: 7,693
My car. I shouldn't have settled on it. I should have found something more affordable. It's a rent payment every month and my credit isn't good since the identity theft ordeal and medical bills. I had a job that paid well when I got it, but since losing that job it's been really difficult keeping up. Some days I just want to get rid of it but then there's the hassle of transportation and the fact it will be years before I could get another car.

♡ ❤ :: Yesterday's a closing door//You don't live there anymore//Say goodbye to where you've been//And tell your heart to beat again ::♡ ❤



Попроси у облаков
Подарить нам белых снов
Ночь плывет и мы за ней
В мир таинственных огней
A Toxic Butterfly is offline  
post #10 of 26 (permalink) Old 11-08-2019, 03:55 PM
Absolute Thinker
 
EmotionlessThug's Avatar
 
Join Date: Oct 2011
Location: New York, Westbury.
Language: English
Gender: Male
Age: 26
Posts: 4,695
Never experience a financial mistake. Since I was never part of human society before.

Multi-Agent Quantum AI Computers managing humanity 24/7 using Quantum Cryptography Satellites to run a thought interval to generate cryptographic keys to refresh key information into thoughts to channel the communication 24/7.

NSA computionally remapping buildings, jobs, relationships, wealth, education, and income using bio intelligence system to manage citizens time & events in their own environment.

NSA Software Engineers designing citizens mind, language and awareness incorrectly.
EmotionlessThug is offline  
post #11 of 26 (permalink) Old 11-08-2019, 04:12 PM
Resist
 
nubly's Avatar
 
Join Date: Nov 2006
Location: Surviving the trumpocalypse
Gender: Male
Posts: 33,821
My Mood: Tired
Quote:
Originally Posted by chrisinmd View Post
Did that one as well. Worst part is there is no way to get out of them. Not even in bankruptcy
Find out if you're eligible for student loan forgiveness.

"One thing he (Trump) does know is how to get angry, white men to vote for him."- Bill Clinton

Without question the worst president we’ve ever had- Harry Reid on trump.

No question, Trump is racist.- America's heroine Alexandria Ocasio-Cortez

All roads with you lead to Putin.- Pelosi to trump on his treason

#WeAccept
#MakeRacistsAfraidAgain
#NotMyPresident


Recognize human trafficking:
http://www.dhs.gov/blue-campaign
nubly is online now  
post #12 of 26 (permalink) Old 11-08-2019, 09:28 PM
SAS Member
 
shyguy07's Avatar
 
Join Date: Mar 2015
Location: United States
Gender: Male
Posts: 1,655
Probably buying stuff I didn't need would be #1 and #2 giving money to people who would claim to pay me back but never did. That was more my fault though, since I should have just said no after the first time.

Underneath the cold November sky, I wait for you... As the pages of my life roll by, I wait for you... I'm so desperate just to see your face, meet me in this broken place...

Be a little brave for a little bit of time.
shyguy07 is offline  
post #13 of 26 (permalink) Old 11-08-2019, 09:41 PM
Not A Low Calorie Food
 
WillYouStopDave's Avatar
 
Join Date: Jul 2013
Location: United States
Gender: Male
Age: 46
Posts: 28,241
My Mood: Relaxed
Not saving every penny I made when working for five years and living with parents. $150 a week isn't much but over five years if I saved every bit of it, would have been better than nothing. Instead a blew it on cigarettes and fast food and DVDs I probably didn't watch more than once and electronics that are all gone now.

I did give my parents money to help out on bills when I was working but I didn't have to. They didn't need it and it didn't buy me one bit of tolerance from my mother anyway. I could have just as easily not given her a penny and our current state of getting along would have been exactly the same. It was stupid giving away money just because I didn't feel right not doing it. If I had saved something I could have at least gotten the **** out of here if I had to.

/WYSD
WillYouStopDave is offline  
post #14 of 26 (permalink) Old 11-08-2019, 10:14 PM Thread Starter
SAS Member
 
Join Date: Jun 2014
Location: Maryland
Language: English
Gender: Male
Posts: 720
Quote:
Originally Posted by nubly View Post
Find out if you're eligible for student loan forgiveness.
Student loan forgiveness can be an option for some depending on what career field you are in. But its tough to qualify for and you have to stay with the employer for 10 years.
chrisinmd is offline  
post #15 of 26 (permalink) Old 11-08-2019, 10:24 PM Thread Starter
SAS Member
 
Join Date: Jun 2014
Location: Maryland
Language: English
Gender: Male
Posts: 720
Quote:
Originally Posted by A Toxic Butterfly View Post
My car. I shouldn't have settled on it. I should have found something more affordable.
Any way you can sell it for about what you owe on it and then you could get a more affordable car? That could be an option.
chrisinmd is offline  
post #16 of 26 (permalink) Old 11-08-2019, 11:06 PM
Ad astra per aspera.
 
SparklingWater's Avatar
 
Join Date: Jan 2013
Posts: 3,341
When I was overwhelmed and quit a job due to social issues, thus couldn't pay my regular payments on loans, was avoidant so wasn't proactive in calling the lenders to negotiate and/or ask for leniency/extra time and consequently will be dealing with those mistakes on my credit for the next few years. Whoo hoo!

Miles to go before I sleep. Vale.

Know your ACE (adverse childhood experiences) score?
Sometimes, SA is a symptom of significant developmental, attachment or interpersonal trauma (emotional neglect counts). If you're still stuck after you've tried SA treatments such as CBT and exposure, research C-PTSD and see if it resonates. Here's an awesome resource. Complex PTSD: From Surviving to Thriving
SparklingWater is offline  
post #17 of 26 (permalink) Old 11-08-2019, 11:14 PM
I Am Second
 
Kevin001's Avatar
 
Join Date: Jan 2015
Location: USA ~ Louisiana
Language: American
Gender: Male
Age: 28
Posts: 56,039
My Mood: Inspired
Student loans for sure, my life would be so much better if I was smarter at a young age. Also using regular banks to store my money....they give you hardly any interest.

~ How can I build Your kingdom if I'm building my own
How can You be my treasure if I'm digging for gold
How can You be my fire if my heart has grown cold
How can You be my future if I've made this my home ~ Love & the Outcome
Kevin001 is offline  
post #18 of 26 (permalink) Old 11-08-2019, 11:54 PM
SAS Member
 
komorikun's Avatar
 
Join Date: Jan 2009
Language: 英語と日本語
Gender: Female
Posts: 27,367
I don't regret the student loans that much. I wouldn't have been able to go to college otherwise. I don't have the energy to work full-time and go to school. The grants and such paid for the tuition and books but I needed the loans to the pay the rent. And I couldn't live with my parents or anything like that. If I had not gone to college I would be unemployed or making minimum wage now. Not that I'm making a lot of money now but it's still better than that.

The biggest financial mistake was dropping out of community college and not finishing my degree at the normal age. Postponing finishing the degree until my 30s has caused me immense financial hardship and life instability. I mean, I've wasted money on dumb things that didn't turn out right but not having a degree or any sort of special skillset has caused me to lose out tons of potential income.

2nd biggest mistake was choosing the wrong the degree.
komorikun is offline  
post #19 of 26 (permalink) Old 11-09-2019, 02:09 AM
SAS Member
 
Join Date: Mar 2017
Location: Vancouver, British Columbia
Gender: Female
Posts: 539
My Mood: Brooding
Quote:
Originally Posted by komorikun View Post
2nd biggest mistake was choosing the wrong the degree.
What degree is it? What makes you feel regretful? I've been considering going back to university as well, but hesitate because I would also have to take out loans or work full-time.

-

I have a ton of financial regrets - some major, some are more minor things that just accumulated over time. Most recent example would be moving in with a volatile partner... I became homeless, and spent the entire next year moving about 4-5 times in overpriced places, booking expensive hotels, moving expenses - despite having paid for half of the furniture at the apartment with my partner already (The money wasn't the worst part though - It was the sheer stress of having nowhere to go and scrambling for whatever was available. The partner kept abusing and insulting me after he kicked me out, and I lost a lot of my belongings. All of this just compounded the mistake of agreeing to cohabit).

I also regret not finishing a degree when I was younger.
leaf in the wind is offline  
post #20 of 26 (permalink) Old 11-09-2019, 03:14 AM
bipolar
 
harrison's Avatar
 
Join Date: Apr 2012
Posts: 13,595
Realistically - the worst thing I did was not buy real estate when I was younger. That was a serious mistake. I should've started early - I had people around me that would have helped me and made it fairly easy, but I was too young and stupid to do it.
harrison is offline  
Reply

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

 
For the best viewing experience please update your browser to Google Chrome