What's the hardest financial lesson you've learned so far in life?

Question

Thank you in advance for your time!

Please keep it clean, no name-calling and no mention of any particular business...make up a name if you like....

Something you can share...
....that will help prevent someone else falling into the same trap/booboo/mistake.
...that you wish you had never done.
...that you should have been warned about.
...that you lost money and won't ever get back from _____.

(Hope this may help deal with a loss... just knowing that you might help someone today or sometime in the future should be a nice little reward)

Sorry, no disrespect to "Jayasri devi dasi" or any others who want to talk about when we die. I totally understand what you intend (& I agree in my way), thank you... it is truly appreciated but for the majority who think on weekly basis it is misplaced...a good point but not in this "lesson".
My question is for this plane of existence... with material things that help most of us live our regular life. Personally, I don't love money but it is necessary for food, shelter and clothes in our society...hopefully with some $$ left over to help less fortunate ones.

Answer 1

I was hurt on the job which put me out of commission.
My oldest boys father volunteered to help out. I needed someone who could make sure my disabled son got his meds and I took what meds I needed and could not drive so needed someone to do this for me, and get me to the doctors, neurologists, and others specialists I needed to get to.
While I was "out" of it this "nice" person had me sign all sorts of documents, one being his child support check to go into HIS account, my house paperwork over into his name as well as ALL the other bills stayed in my name.
Long story short anyone can imagine what happened. I lost my home (it is in his name). He served me and my children papers from a sheriff to vacate our home within I think it was 4 days, the last day being on my disabled sons birthday. I was behind in ALL bills (he helped with bill paying, or did not help). The child support people did get him for all the money that went into his account after proving to them I was not making up the story.

I would tell anyone out there to be VERY careful of who you trust! Get other family members involved. If hurt get more then one person to take care of financial matters. This way if someone is to rip you off or do you wrong there is a team of people, not just one.

I am lucky for a really good friend of mine told me and my children to move into his home and we are now together and happy. We decided it would be to stressful on the family (and costly) to take my oldest boys father to court. Money is not worth fighting over even though they take the money as he did to me. I am told by the child support people my home, now his is in some kind of legal case concerning the money he put into his account. I personally would not like the government after me!!
So all is good...just be careful out there!!

Answer 2

Always have a saving account that is NOT linked to your banking or credit accounts. Have it in a totally seperate bank/CU, etc if possible. That way its not so easy to "dip into" for silly things. This helps me out that its not so easily accesible and not as tempting to just this once use it for something I don't need.
Keep up with the savings account and never tell anyone how much you have in there. Have one person only know (mom, dad, the person you trust explicity) that you have that account open.

Don't have any credit cards (not even for emergencies, that's what your savings is for). Don't be tempted by them. If necessary get an American Express card as it's required to be paid for by the end of the month.

Don't lend out money, even to your siblings. I only allow myself to lend out a maximum of $20 to anyone. Period. Then I tell them when I expect it to be paid back if not, interest accumulates. I had an ex bum over $14K off me and it was by borrowing money and I thought I trusted him and he loved me. Now he's no where to be found and I'm still paying off the debt 2 years later.

Good luck!

Answer 3

First: Don't nickel and Dime yourself to death. If I could have all of the money back that I spent on things I really didn't need or even want for myself or for others. The big marketing machine is much smarter than I, I have learned to walk away!
Two: Stay out of the credit card game. If you cannot afford to pay it off in full every month then don't get one. Even for "Emergencies" it never works out. I have been buried alive under credit card debt and I usually handle money quite well.
Three: Don't eat out on any kind of regular basis. Make it for special occaisions only. Pack a lunch and plan ahead for dinners. Get a crock pot they work wonders. Waiting until you are tired after a hard days work to decide what to make for dinner and you will eat out every time.
Good luck to all.

Answer 4

CREDIT CARDS!!!!!!!!!! I charged over 7000 dollars for 6 cards and I can tell you its not worth it. They finally turned it into collections and I had to go for debt consolidation.

My mom used to say never get a credit card but I didn't listen now I wish I did. My intrest rate on average is around 22-25% and for anyone THATS HARD!!!!! I couldn't even keep up the monthly payments for it. DON'T EVER GET ONE OF THESE, ITS JUST A TRAP!!!!!!!

Answer 5

Don't take out loans for a vehicle. Save up instead. Save up for a down payment on a home. Don't spend your money before you have it -- credit cards. You don't have to have everything now - wait and set goals to look forward to.

Answer 6

That we own nothing. Everything actually belongs to God also known as Krishna,Allah, Jehovah, Vishnu, etc. We may have many material things or money but when its time to die we take nothing with us but our spiritual advancement. The best thing is to live simple and not over endeavor for mundane things. It only creates complications and misery. Read Bhagavad Gita As it is By Bhaktivedanta Prabhupada gives us the true purpose to human life. Money can't buy you happiness or love.

Answer 7

With investments, don't get greedy. If you are offered a high rate of return, the investment has to be risky. So don't go for it. It is hard to lose it all when you don't really have to.

Answer 8

As is the way with most things in life one learns and remembers the lessons the hard way ....
Learn't.....NObody will look after your money/investment to the same degree as you will...so be VERY careful whom you give your money to for any reason ...banks,credit unions, stockbrokers, and the like ......

Answer 9

Money doesn't grow on trees

Answer 10

FINE~


This is the word women use to end an argument when they feel that they are right and you need to shut up. Never use "fine" to describe how a woman looks - this will cause you to have one of those arguments and a lot of money , "Fine" cost me $11,000 when I said ; Honey! you look just Fine . She said ; Fine , and Drove our New Car into a telephone pole ..