Share Your Worst Money Mistakes Stories Here and Help Others Avoid the Pain of Learning the Hard Way!
I've done it, you've done it, we've all done it ... spent money and then realized that it probably wasn't the smartest thing to do. Maybe you are even a little embarrassed about throwing away your hard-earned cash or spending your money foolishly; but, you don't need to be!
According to the Federal Reserve Bank, about 40% of American families spend more than they earn, and 60% of people who are struggling with debt admit that it is because of their own bad decisions. So, you are not alone.
We have all made money mistakes. Yes, sometimes circumstances are out of your control, and life can often get in the way of even the best laid plans. You can find yourself in financial difficulties that are really no fault of your own. But, I'm talking about those poor decisions that have led to more regret than enjoyment.
Tell us how you shouldn't have spent your hard-earned cash and comment on submissions already made!
Now, don't be embarrassed, your personal information is kept confidential; only your first name and country will be posted with your submission, if you tell us.
Posting your mistake can help others avoid making the same one, by submitting you can help others see the money mistakes to avoid in their own financial decisions ... so, speak up ... err, write up your entry now!
Want to see what others have posted? Check out what others have said here.
Give us the details about your worst money mistake, what you spent, where, why and how it turned into a mistake. Share it now!
Click below to see contributions from other visitors to this page...
Generosity Killed the Cat
I am an enabler...there. I said it. I left home with nothing more than a job and 1000 dollars. I got an apartment by myself and I thought the world was …
We don't have the best insurance, and I was paying on our medical bills. But, like all medical facilities, you can't just receive one bill, you receive …
Debt Loves Misery!
Having no emergency fund has almost ruined me! I remember reading books on budgeting and finance and their advice to be sure to have an emergency fund …
Banks: Overdraft Fees and Managing Accounts
I run my own business and it went through a bad patch for about 10 months and my bank, instead of trying to help, made things much worse. It started …
SIGN UP RIGHT NOW! Resisting Sales Pressure
When my husband and I were first married, we were invited to a "buying club" in our city. We were young, and oh, so dumb. The premise was for a "mere $1,000.00" …
Beware Latest Fads
OK, as much as I hate to admit it ;-) here’s my "worst money mistakes" story… In the late 1990’s, when Ty Beanie Babies were hot, I had gotten a few, …
I've spoken with dozens of people who have worst money mistakes stories just like yours. Brian purchased thousands of dollars of furniture on deferred payment. It seemed like a good idea at the time - no interest and no payments for 12 months. But, what began as an exciting venture turned into a nightmare when, a year later, he didn't have the money to pay the bill, and retroactive interest charges put a strain on his budget. Brian learned the hard way that buying something you can't afford today in hopes of paying for it tomorrow doesn't always work out as planned.
Or maybe you can relate to Paul and Tracey, whose need to "keep up with the Jones'" led them to buy big ticket items on credit simply to impress their wealthier friends. Worst money mistakes once acknowledged, can then be avoided!
Are you still paying for that expensive cruise that those high-pressure salesmen talked you into booking? Is that luxury car still worth the stress of trying to make the payments every month? Has impulse spending left you with big bills but little satisfaction? One lady even told me that she purchased a $458 television simply because it was "such a good deal". Did she need another tv? No, but that was one bargain she could not let go. After six months of making the minimum payments on a high interest credit card, she realized that her "good deal" wasn't so good after all!
I found formulas to make a lot of money but made many mistakes in how I spent it.
I should have filtered it all into paying off debt.
Instead I prepaid a lot of debt but than when I made mistakes and couldn't obtain money from my low rate institutions, I wound up getting defrauded and getting scam going thru craigslist seeking love and help.
Now as I rebuild myself again but only at 25% level of what I was at. So from 250k to now only about 100k.
I'm still prepaying debt but too slowly when you owe so much.
Bottom line, any extra money I have I throw it into paying off either the little debt or any debt that can be paid off quickly.Posted by: Benjamin, Texas
Do you have similar worst money mistakes stories to tell? Your worst money mistakes can help others avoid doing the same thing. Why not share what you have learned so that others can realize the consequences and make smarter financial decisions? Your personal information is kept confidential. Only your first name and country will be posted with your submission.
So, speak up, and share your mistakes - and the wisdom you gained - now!