What was your biggest financial mistake?

Question

I'm doing a little research project and would like some anonymous opinions/statements

Answer 1

The stock market.

Its just like Vegas, its gambling for dummies.

Not really big money, just like the guy with the Vegas story.

Went in with $20,000, got it up to $38,000 and I could do no wrong.

I bought a stock on Nasdaq OTC BB (penny stocks, 95% scams) on Friday pm at $15. Monday morning at 9am the SEC suspended trading on it.
It was re listed 3 mos later at $2 and sank fast to 25 cents, then disappeared.

Spent $20K, was lucky to get out with $5K.

Go for real estate, everybody has to live somewhere.

Answer 2

Getting involved in seasonal high end luxury products.
All it took was this last six years and I am totally and completely destroyed!
I would love to put all of the blame on Bushie, but let's face it, he has had a whole world of help!
I only blame him and the other incompetent elected schmucks for allowing the Mexican invasion at a time when this country needed to help it's own citizens. That and the screwed up banking laws that make it impossible to get a "Good Faith Loan" if you are "White".

Answer 3

Taking out a loan for a vague and unplanned idea to move to New York, then giving the money to my boyfriend at the time so that he could set up a business. He did set up a business, but I never saw the money or any of the profits. Five years later I am still paying off the loan. Talk about young & dumb!

Answer 4

I once had $500, then I went to Atlantic City and waited until I saw a roulette table that had 6 reds in a row, then I put my $500 on black and I won $500. Then I took my winnings and put in on my favorite number ( 19 ) and it came up 19, and I wont $17,000. All my friends said " lets go to the bar and get messed up" but I said, no I have a feeling it is going to come up black 10....so I put all $17,000 on black 10, so that if it came up I would win $600,000 and buy a nice house. It rolled around....then....it was 19 again. My favorite number twice in a row. Whats the chances huh? So I lost my $17,000.

Answer 5

My two biggest financial mistakes are getting a woman preganant and then marrying her. Now she is entitled to half my assets and I would be on the hook for child support. My second biggest mistake was trusting people as it led to my getting swindled. People get swindled all the time. People get ripped off for lots of money, I have seen swindles as big as $180,000.00., but I am sure people get swindeld for even more.

Answer 6

Making monthly trips to Walmart / Target. The pattern was always the same:

Nothing to to do on a saturday Morning
Stop by just to browse
Inevitably find something interesting
Decide I had to have it
Purchase it because I 'deserved' it and what the heck it's only 100 dollars
And repeat.

Answer 7

1. not starting my 401k right out of high school, i will regret that forever

2. spending money in my 20's on stuff like atv's and motorcycles instead of investing and putting it toward my house

3. mr.burns reminded me, the biggie, getting a 19 year old pregnant when i wasnt even 16 yet, she milked it from then on for child support and every thing else, i couldnt go to college until a decade after i graduated highschool, she still doesnt work,and got the house in the divorce of course, then dropped it and it went on MY credit,

Answer 8

Not saving 10% (or a little less even) of everything I have ever made.
P.S. If I had maxed out my retirement savings income deductions every year with that money I'd have 50 times more assests.

Answer 9

Not realizing that a stupid debit card I had was charging a $5 dollar usage fee... may not be a lot to some but thats a lot for me... especially per use. It was crap and I didnt realize it for a little while

Answer 10

I regret spending money I didn't have using my visa card
I also regret not saving money when I had the chance, spending it on stupid material stuff, like clothes I could have lived without.