How much of a bone-head mistake do you think I made blowing all of my money like this?

Question

The year was 2000 just days before 2001. I was 21, soon to turn 22. I spent years being a miser always doing nothing but saving, saving, and saving my money never spending it on anything pretty much. I then worked long, hard hours at a McDonald's to earn the other half of this saved-up money. I had a total of $11,000, so $5,500 was from being a miser for years and the other $5,500 was from butting my as$ working at McDonald's through all the misery of working at a job like that. I had no debts. I had no credit history. I was a college student just starting out on that long 2-year road to getting my degree. I had $11,000 saved up, and in just one move, just like that, I blew it all on a car that cost a little more than what I had. I didn't have a real job, by the way. I couldn't afford this. I should've spent no more than $3,000 on an older car.


I couldn't afford to blow all of my money away.
I worked much too hard to save up what I had saved up.

Answer 1

It was probably the best money you ever spent. It was a lot of money (especially considering it was your life savings), but it was a small amount when looked at over the rest of your life, and you learned a lesson that could only be learned in this way. What you learned will probably save you hundreds of thousands of dollars over the course of your life. From now on, you will always think twice (or three times) before making a major purchase, and this will save you from making much more costly mistakes later.

Don't worry about it. Just realize you'll make smarter decisions in the future.

Answer 2

Was it the best financial mover ever? No. But you can't even compete at the same level of most of the people asking for help here on yahoo answers! Sure, you made a mistake, but you have:

1.) Identified the problem.
2.) Realized what you should have done.
3.) Learned something.
4.) Only blown $11,000.

And I know, I know, it was money you busted your butt earning at a thankless job. But there are plenty of people on here with all their credit cards maxed out facing bankruptcy who can't even admit they have a spendingn problem.

So I'm not too worried about you! I think you'll do alright!

Answer 3

Yeah, that was a bad move. You invested in a product guaranteed to go down in value. Not to wise. A car is the worst investment people make. You always lose money. Next time put it into a CD.

Answer 4

As I answered the other version of this question. The same car today would sell for less than $7,000. Decide for yourself if it was worth it.