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Making money is far more challenging than spending it.
While spending is a necessary part of life, some people are experts at rapidly throwing a ton of their wealth away.
If you’re looking to avoid this in your own life, let’s look at the 12 fastest ways to lose money according to the internet.
Gambling is arguably the easiest way to lose a ton of money if you have a problem.
With gambling coming to phones and the internet, more and more people are worried about how it might affect others and themselves.
It’s easy to spend thousands and tens of thousands with the hope of striking it rich.
#2. Grand Weddings
Weddings are a special occasion.
Too many opt for weddings that they can’t afford and go into debt.
Live within your means instead of starting your new marriage with financial stress.
Drug addictions can steal your wealth, your health, and your potential.
Too many people have spent a ton on drugs without ever getting anything in return from the experience besides lifelong addiction.
#4. High-Risk Ventures Without Proper Research
Investing is something that everyone should be doing.
However, many will overextend themselves financially, thinking a high-risk venture will help them hit it big.
Without proper research and finances to fall back on, a high-risk venture is a great way to lose money rapidly.
#5. Getting Sick or Injured Without Insurance
Insurance is expensive and doesn’t always offer a lot despite high premiums.
That said, getting sick or injured without insurance is another way to lose money quickly.
Healthcare is expensive, and healthcare without insurance can lead to debt in moments.
#6. Adult Entertainment
Adult entertainment can add up quickly if you’re not keeping tabs on it.
While there’s nothing wrong with spending money on adult entertainment, it can almost become an addiction to some.
Next thing you know, you’re spending hundreds of dollars on multiple performers to see videos.
#7. Buying a Boat
Boats are a worthwhile investment if you live near water and love being on it.
What few realize is that they’re also quite expensive.
You have to pay to keep it in good shape consistently, have a place to dock it, and more.
It all adds up quickly.
#8. Opening a Business
In the era of the small business and the side hustle, many people think starting your own business is simple.
Then, they spend money to get the necessary licenses, create their own website, pay for marketing, get an office, learn how to proceed via courses, and beyond.
Once they’ve reached the end of it all, they’ve spent a ton in a very short period for something they might not be that invested in.
#9. Buying an NFT
In the past few years, NFTs were selling like hotcakes because everyone believed they’d be worth something later.
Like with other crypto investments, people didn’t properly research NFTs and considered whether pulling out their debit card was worth it.
Now, they’ve lost almost everything in the crash.
Lending is a great way to build wealth when you have the cash.
But micro-lending sites make it easy for those who probably shouldn’t be lending to join in.
People then will give to high-risk individuals hoping to make interest, only to lose what they’ve invested across multiple similar opportunities.
#11. Flipping Old Homes
House flipping sounds like an excellent way to make fast money.
You take a worn-down house, repair it, and then sell it to the highest bidder.
The problem with reducing the process is that people will get a mortgage and begin renovations without realizing how much money they’ll have to spend to get it back into good shape.
Of course, by then, hundreds of thousands of dollars are lost unless you can secure more money to proceed.
#12. Trying to Sue Companies
Suing when necessary is something you should pursue if you’ve been seriously injured or otherwise harmed.
However, some people don’t realize the resources that larger companies have.
If you have to pay for your lawyer upfront, you can spend enormous amounts of cash to get to court and then spend years not seeing any results.
You always have to ask if a lawsuit is worth it, as the entities can drag things out for as long as possible until you have no money left to chase them down.
How To Start Over Financially At 50
It can be difficult to start over financially at any age. But when you are 50, there is added pressure.
Not only do you have a limited number of working years left, but you also see how well others in your peer group are doing.
If you are starting over at 50, don’t give up hope. Here is how to drastically improve your finances.
Learn How To Save $100K
Saving money can be hard, especially if you are looking to have $100K in the bank.
But while it feels difficult, don’t let this stop you. Here is how you can save $100,000 in nine steps.
How To Get Free Money
The idea of free money sounds like it can’t be true. But it actually is.
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.
How To Have Stealth Wealth
When we think of the wealthy, we think of big homes and flashy cars. But many millionaires have stealth wealth.
This means you would never know they are rich by looking at them. The benefit? People leave them alone.
Never Have A Car Payment Again
Do you hate having a car payment?
If you are like most people, the answer is yes. The good news is, with a little planning, you can buy your next car and not have a monthly payment!
This thread inspired this article.
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.