Have you made any money mistakes?

moneymom · June 2016

Xstatic3333 · June 2016

@moneymom I need to ask, and please don't be offended if I'm wrong, but are you researching something? Some of your questions kind of give that vibe. Don't get me wrong, they've been fun discussion questions, I'm just curious.

To answer this question, yes, many. I haven't been MM from the get go like many on this board. My biggest was undoubtedly racking up thousands in credit card debt on completely stupid things while in college.

als1982 · June 2016

I also left college with about $13,000 in credit card debt. I was smart enough though to get it paid off very quickly. I also had a stupid expensive apartment before I bought my house.

hoffse · June 2016

Xstatic3333 said:

@moneymom I need to ask, and please don't be offended if I'm wrong, but are you researching something? Some of your questions kind of give that vibe. Don't get me wrong, they've been fun discussion questions, I'm just curious.

To answer this question, yes, many. I haven't been MM from the get go like many on this board. My biggest was undoubtedly racking up thousands in credit card debt on completely stupid things while in college.

I've wondered this too.

I've made a lot of mistakes too. But I also think there aren't many things that are truly global/universal mistakes when it comes to money. Something that's a mistake for me might be a great thing for somebody else. I think the biggest money mistake I made for ME was having a huge wedding. Others on this board consider their weddings to be some of the best money they have ever spent.

There are a few rules I guess, but not many.

moneymom · June 2016

No I am not researching anything, other than an upcoming trip to Canada. I am just a SAHM that likes to talk and learn about money. I don't have a lot of chances to do that in my daily life of taking care of kids.

I was hoping this board was a place were I would feel welcomed to do that.

Xstatic3333 · June 2016

moneymom said:

No I am not researching anything, other than an upcoming trip to Canada. I am just a SAHM that likes to talk and learn about money. I don't have a lot of chances to do that in my daily life of taking care of kids.

I was hoping this board was a place were I would feel welcomed to do that.

Please accept my apology then. You are very welcome here, it just seemed that way a little bit.

Mustard76 · June 2016

Oh man. Too many to count. But I've learned from every single one of them. So while I may have less money in my savings account because of them, I'm really grateful for those mistakes. I've been working since my first PT bakery job at 15, except for the six weeks I was unemployed during our first move. In first learning to navigate my own finances, I stumbled a lot, including spending money on really dumb stuff throughout the years. But now I'm in a pretty good place, personally and financially. We can afford all of our needs and most of our wants. We're actively saving for retirement and for a rainy day. I will say, however, I'm struggling with a tinge of irresponsibility in the last few weeks. Since we've known two people to die prematurely in the last three weeks, the rational side of my brain is struggling against the irrational side in respect to saving at the expense of experiencing things now. We have a pretty balanced approach overall, but when something like this happens, I just second guess myself for a few weeks.

moneymom · June 2016

I would say the biggest

Buying a home in 2006 Enough said.

LillibetteV · June 2016

I blew through a moderate insurance pay-out in high school following the sudden death of my sister. That would have been a nice nest egg but I decided to spend it all on retail therapy instead (I didn't want the money - I wanted my sister and so I felt dirty having the cash). My parents were too in shock themselves to really pay attention and notice how fast I spent it all. So financially it was dumb, but emotionally I could have chosen to rebel or bury my feelings in way worse things than purses and shoes so I don't let myself regret it.

julieanne912 · June 2016

I've made a lot, but my #1 is not saving and paying off my student loans when I made 6 figures. I've never regained that sort of income and really wish I had more to show for myself now in my mid 30s.

vlagrl35 · June 2016

not too many - when I was younger I think I spent too much on clothing and could have saved more money to put towards college. As an adult I would say when I was pregnant I got depressed and anxiety - my pregnancy was super hard on me physically and emotionally. I let the house go to shit and put a lot of food on my charge card but it has since been paid off.

short+sassy · June 2016

Not saving more and planning for my future better, when I was younger.

I've made a lot of small and medium sized, dumb money mistakes in my lifetime, but the (above) is the big one.

I also still kick myself that I didn't get an elevation certificate for my home right after I closed. I paid $1300/year in flood insurance for 18 months. Then I had the survey done, got my elevation certificate, and my rate dropped to $300/year. 1500 bucks completely wasted, all because I kept forgetting/procrastinating getting my survey done.

Have you made any money mistakes?

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