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Money mistakes can range from minor blips on the financial highway to crushing hits that set you back a few miles.
While they may be difficult lessons to learn, mistakes often provide growth opportunities and give us the time to reflect and refocus our efforts.
In this article, we’ll look at 12 colossal money mistakes that taught us hard-earned life lessons along the way, whether it’s recognizing when enough is enough, remembering to pay attention to detail, or realizing how much small decisions can have a big impact.
Read on as we break down each of these experiences and offer helpful tips for facing similar situations in your own journey towards financial freedom!
1. Not Being Involved in Finances
While it can be easy to let your spouse handle the finances for you, there are many negatives.
First, you might be in much worse financial shape than you realize.
Second, if you get divorced or they pass away, you will be completely clueless to where all your money is.
2. The $5,000 Bike Rack
I was into mountain biking back in the day and would have to drive to the trail.
I bought a small car that my bike wouldn’t fit into.
While I could have purchased a bike rack, I was too worried that the bike would scratch the paint.
So I ended up buying a second car for five grand.
It was a beater and needed a lot of maintenance, so in the end, I spent much more.
3. Multi-Level Mayhem
When the promise of easy money comes knocking at your door, it’s hard to resist! An individual shares they lost a lot of bucks being trapped in a multi-level marketing scheme.
It turns out the only thing that was multi-level were the levels of debt and regret piling up! Do you have anything to add to this list?
4. Bunny Business
Who knew a tiny ball of fur could wreak havoc on your wallet? This user certainly didn’t.
What started as an innocent pet bunny gift for their children soon became costly vet visits and vaccinations. But hey, can they be blamed? Those fluffy tails and floppy ears are too cute to resist!
5. Scholarship Snub
An individual mentions their regret of paying the total price for an MBA program when they had a 100% scholarship at another university.
Talk about a costly detour on the road to financial enlightenment!
6. Money Going Up in Smoke
Well, it looks like someone learned their lesson the hard way; the Jeep Grand Cherokee isn’t an easy-maintenance rider.
This poor soul found themself buying one for $15,000 back in the early 2000s, only for the engine to completely ruin three years later.
7. Coaching Catastrophe
In hopes of becoming the next Tony Robbins, one found himself paying a whopping $5,000 to a ‘business coach’ who ended up teaching him only manipulation tactics.
But you live, and you learn, right?
8. Little Plastic Devils
One user shares their horrible tale of getting credit cards without knowing how to handle one.
As a result, they now find themselves paying $400 a month in interest. Yikes!
9. Winter Woes
Imagine yourself on a cold, busy morning when you jump into your car, turn the key, and hit the window washer fluid button like it’s no big deal. Suddenly, it sounds like your windshield got struck with a hammer.
It turns out you just broke your frozen windshield. Unfortunately, that’s what happened to one user. You can never be too careful.
10. Baby Bills
While having a child can be a wonderful and life-changing experience, many users share that it was the most financially burdening event in their life. And the bills hit harder, especially when you’re not ready for one!
Having a child can be costly between the hospital bills, an endless supply of diapers, and baby gear until your little one passes college.
11. Financial Hangovers
We have all made mistakes, but some are more expensive than others!
One member says he learned the hard way that drinking and driving is a surefire way to drain your bank account. It’s safe to say that one DUI and totaled car later, he learned his lesson.
12. Floss or Pay the Cost
Multiple users share their regret of not following up with their dental appointments.
Neglecting their oral health was incredibly costly and left them with a mouthful of expensive procedures that could have easily been avoided.
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But with so much financial advice out there, building wealth seems impossible. Not any more. Here are the simple steps you need to take.
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But while it feels difficult, don’t let this stop you. Here is how you can save $100,000 in nine steps.
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There are many ways you can get free money, from playing games, to watching videos, and more.
Here are the best ways you can get free money without having to work for it.
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Here are over 25 great ways to make up to $1,000 in a short amount of time.
How To Invest In Yourself
We all know we grow wealth by investing in the stock market or putting our money into savings accounts.
But many of us are unaware that the best returns are by investing in ourselves. When we improve ourselves, we have the ability to earn a lot more money, which makes it easier to become filthy rich.
This thread inspired the post.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.