+63 votes
by (12.4k points)
What was your worst financial mistake?  
What was your worst financial mistake?

52 Answers

+32 votes
by (7.5k points)
 
Best answer
Getting talked into buying an extended warranty on my used car at time of purchase. I'm thinking it was at least 1-2k and I haven't used it for anything.  
by (3.2k points)
@conduction Been there as well, I actually did end up needing it since the engine seized so it paid off for me.  
+31 votes
by (1.8k points)
Without a doubt a full term life insurance policy. The next a classic muscle car that sits broken more than running  
by (8.3k points)
Do you mean whole life?  
by (1.8k points)
Yep I cashed it out at around the point it broke even to do so. But I basically gave free money to an insurance company for 5 years
+28 votes
by (980 points)
Getting a PhD.  
+32 votes
by (670 points)
Being passive with how my savings for my daughter's college fund was being spent by my ex.  
by (670 points)
@centripetal704 lessons learned for sure for future relationships. I've since rebuilt enough for her to attend community college which is a great start and more than my parents were able to do for me!  
0 votes
by (3.2k points)
You guys ready for idiotic teenager me? I went to ITT Tech for a week and realized it was a scam. Dropped it before I wasted more money but ended up having to pay $1, 000 for just 3 days of school!  
by (7.5k points)
@eager2038 at least you were a teen. we were all dumber at that time lol.  
+17 votes
by (690 points)
College loans!  
+30 votes
by (6.7k points)
My husband worked for Liberty University through 2017. Spouses can go to school full time for free. I had my bachelors before we were married, but I really wish I had gotten a masters in anything when I had the chance to get it for free. Now I'm paying for one because I've finally figured out what I want to do with my life lol.  
+25 votes
by (620 points)
Paying others before myself
+31 votes
by (810 points)
Law school. By far.  
by (3.2k points)
@derryberry Care to give more info? Just curious how law school isn't worth it since it seems fool proof from what I know (which is very little)
by (810 points)
@eager2038 the market is wildly over-saturated with lawyers. And despite the bs that they tell you, you cannot do anything with a law degree. If you can get a 170+ on the LSATs and go for free, then go. Or if it is your life's dream, also go. Other than that, don't do it.  
+27 votes
by (1.5k points)
Dating my ex-girlfriend! And a Masters' degree I don't use but pay $456 a month for.  
+31 votes
by (7.5k points)
Didn't open a 401k until at least 35 because I never had a job that provided matching and like most of America. was living pay check today check. In definitely would have opened one if they had matching.  
+29 votes
by (2.2k points)
Opening up credit cards in college instead of working
+24 votes
by (4.5k points)
Frivolous credit card spending! Thankgod my credit line was only 4K and I’ve paid it off since then haha
+31 votes
by (4.5k points)
Also not saving ANY money for the first 5 years of my employment. Literally none
+24 votes
by (3.4k points)
Moving to Altoona, PA for a low-paying job (while obtaining my pharmacy license), meeting my ex-wife, and then she divorced me.  
+11 votes
by (3.2k points)
@pyrogen3 Yours?  
by (900 points)
@eager2038 either paying for the dental class $2800 that turned out to be a waste or messing up my taxes and having to pay $1600 end of year
by (3.2k points)
@slapup Yeah that's hurting me too lol
+23 votes
by (5.5k points)
Not starting to save and get on a budget earlier in life
+24 votes
by (4.9k points)
Cashing out a 401k. It was small but had it just sat there during this bull market I'd be in a much better position now.  
+31 votes
by (1.7k points)
Not being intentional about saving for retirement. Thinking I have time to do it “later. ” I’ve been working for 22 years and now realize how quickly “later” has come.  
+30 votes
by (2.7k points)
Waiting until 28 to get serious about finances.  
+26 votes
by (3.6k points)
Rent to own lol. But I really needed that 55" tv
+25 votes
by (3.6k points)
Culinary school. Everything I learned can be learned off YouTube these days.  
+24 votes
by (720 points)
Leaving a job a little before becoming fully vested.  
+32 votes
by (6.1k points)
Thinking I knew about Options Trading after a class and 3 months of success.  
+27 votes
by (4.4k points)
Putting a deposit down for a rent to own while job dropped pay leaving me on the hook for the payment until it sold bc I couldn’t qualify so 20k later I’m out of it. SUCKED
+31 votes
by (6k points)
Having a dog. Financially expensive but emotionally worth it  
by (3.3k points)
That's never a mistake, everything rational people do is about taking care of the family, and dogs are family.  
+32 votes
by (3k points)
Full tuition scholarship and still took out $23k in student loans. I’ve learned sooo much since then  
by (3.3k points)
Student loans are an investment, well, if you learn something that can make money that is.  
by (3k points)
I did but my education was technically paid for. I used the loan money for unnecessary stuff. Young and financially dumb.  
+28 votes
by (2.8k points)
Paying over 6 figures for an education then having student loans and leaving the industry I studied for after just 3 years. Most can get into the industry without even going to school. SMH. On the bright side, I became financially educated so I could figure out how to pay off that debt and start to grow wealth. Pssshhh, mistakes are what kick us in the ass to do something.  
+24 votes
by (1.3k points)
Starting with a Financial Advisor when I was 22. Luckily I was able to get educated and get out after 10 years (last year). I am torn because I don't think I would have saved really anything without some help, especially in the stock market, so I guess for me it's like a double edged sword. But Hey, cheers to getting on with it and taking full responsibility of all finances and making sure all the money you earn goes to you and very little goes to fees!  
0 votes
by (1k points)
Buying a brand new 2020 Ram adding the $12k upside down onto it
by (310 points)
@vesiculate9 im at a point of trying not to do this exact thing. Its hard saying no
by (1k points)
@keister23232 I know! That’s exactly how I ended up with one. It’s even the Big Horn with all the bells and whistles. I don’t regret buying the truck just wish I was smarter about it. Maybe waited until I had a bunch to put down. The $850 payment is a killer!  
+13 votes
by (1.2k points)
Paying for Master’s Degree. got pregnant a month later. I have been a stay at home for past 20 years. Pay for individual classes never pay for a whole program.  
+51 votes
by (4k points)
Purchased $500 worth of Delta stock for 36 cents a share when they were in bankruptcy. Turns out companies can reemerge from bankruptcy as a new company with a new stock symbol. Worthless and when I was in college $500 bucks was a lot.  
+25 votes
by (4.1k points)
Buying a side hustle commercial fishing operation at its peak. It was a solid 100k mistake. Learned a lot about boat maintenance at least.  
+23 votes
by (2.9k points)
Thinking my husband wouldn't leave me and picked a career that pays supplemental income rather being able to live off of it
+15 votes
by (6.9k points)
Took out 100k from my Roth conversions 1 month before the maturation date of 5 years and had to pay cap gains on it! ouch
+35 votes
by (1.6k points)
A crappy economy ford that I didn’t have cash for
+39 votes
by (960 points)
Self-soothing my anxiety for years buying crap on amazon and racking up credit card debt
+13 votes
by (3.4k points)
My ex boyfriend
+10 votes
by (450 points)
Impulse buying. I still am working on that
by (710 points)
@though26 sameeeeee
by (450 points)
@comatose539 at least I'm not alone
+35 votes
by (3.1k points)
Leasing a truck and financing a boat.  
+49 votes
by (3.4k points)
Letting my parents take my life's savings (55k) to buy a business. I made my father sign a hand-made contract (not a legal document. I was 18 and didn't know how to do it properly) because I didnt trust him with my money, and he said that it'll be paid back within a year. It's been more than five years and it's still not close to being paid back. I could have invested it and doubled my money instead.  
+36 votes
by (3.9k points)
Going to a private college. I don’t totally regret it but paying back 60K took years.  
+12 votes
by (4.1k points)
Not understanding my 401k investing choices sooner, the power of dividends and economic cycles. But I retired at 56 just wish I knew then what I know now.  
+20 votes
by (710 points)
So many years of NOT saving  
+39 votes
by (4.2k points)
Buying a brand new, turnkey house from a shady ass developer
+28 votes
by (3.4k points)
Saving instead of investing for years and years. Not choosing a better career. The list goes on
+14 votes
by (460 points)
Taking out private student loans.  
+48 votes
by (1k points)
Buying a new car
+32 votes
by (2.2k points)
Getting a credit card before I was an actual functioning adult who could handle one.  
+27 votes
by (1k points)
Which one?  
by (7.5k points)
@longoria Yeah, . I've tried to. clock them out.  
+17 votes
by (760 points)
Buying any cryptocurrency besides Bitcoin
+26 votes
by (7.5k points)
Did I mention not starting a 401k in my 20s or even 30s. I never had a job with good benefits or matching until 40s. plus when younger you think you are invincible. I should. have at least put in SOMETHING to let it start growing.  
The Personal Finance Group is where you can always find questions, answers, advice, reviews & recommendations from other community members about investments, budgets, retirement, credit, and personal finances.
...