What was your worst financial mistake?

[MikeNH]

100K? Right

 

 

Ryan

Probably only in awful places or places with through the roof cost of living.

[rbiggers277]

Co-signed on a brand new Mustang for a fiancée about 7 years ago. I knew it was a mistake the second the pen hit the paper. Two months later we broke up. She then wrecked it and skipped town on Ford when the insurance didn't pay it off. And she had stopped making payments a few months before the wreck. So guess who got the call then and had to write a FAT check to keep his credit out of the dumpster............yep, this guy.

[hodo78]

Credit cards for me at 20 years old in college. I have never not paied a cc bill when its due, but when I was young and ignorant, I ran up lots of cc debt and now I am still paying it off.

 

 

Although I hope to have the cc bills paid off within 2 years. My truck and wifes car will hopefully be paid off in 3 years. Then all we have are very low interest fixed rate student loans and our relatively small mortgage payment.

[LaserBlueZ71]

Co-signed on a brand new Mustang for a fiancée about 7 years ago. I knew it was a mistake the second the pen hit the paper. Two months later we broke up. She then wrecked it and skipped town on Ford when the insurance didn't pay it off. And she had stopped making payments a few months before the wreck. So guess who got the call then and had to write a FAT check to keep his credit out of the dumpster............yep, this guy.

...all I can say is OUCH.

 

That is one of the must brutal tales I have heard, tough luck man. She must have had it planned from the beginning.

 

No offense, but I feel better about my situation after reading some of these haha. That's life though right? My dad always used to say, there is always someone else with worse problems than yours.

[Carder09]

I haven't made any major mistakes money wise, though to keep my credit high, I still have my truck payment which will.be paid off in 14 months, and I'll usually run a CC up 2k and pay it all off in a year to avoid interest. All that said, money in the bank in checking and savings at all times!

[&CDFiXER%]

Left one employer for another. Called the #%&$^&*$^ bank (big name bank too) who handled the 401k for them and asked for it to be rolled over to my new employer. Dude on the other end of the phone came up with some hair-brained idea that writing the check out to me would save me some kind of charge. I thought that sounded wrong but was dang sure I did not know all the ins and outs of this stuff so let him talk me into it.

 

REALLY enjoyed paying the $8000+ tax bill the next spring.

 

Split it into two payments. The second payment fell down between the car seats (seriously!). Found out the IRS is NOT amused when you miss a payment like that. REALLY not amused.

 

Moral of the story: 1. Kind of obvious but do not trust banks. Ever. For anything. 2. When she is the financial whiz in the house, let her handle it!

 

Oh yes, feel free to lol....I should have researched what the heck the dude was telling me before signing the papers, especially when I KNEW it sounded wrong.

[MikeNH]

Probably only in awful places or places with through the roof cost of living.Actually most Fortune 500 energy companies outside on the union rust belt pay decent 6 figure wages to start out.

 

I'm sure they do.

[&CDFiXER%]

Did you catch the part about they made the check out to me? It was not a direct rollover as I was asking them for. I let myself be talked into something else. My fault.

 

That caused it to be treated as an early withdrawal. Had to pay taxes on it then.

 

Knew it should not have been that way, I have no idea what the bank dude was trying to do. I specifically asked for a rollover. Even had the account info for the new account. Should have stuck to my guns. Should have researched everything better and known EXACTLY what he was telling me was wrong.

[doverarjim]

Had a job with airfare to work the Alaskan Pipe Line, in 1978 went out drinking the night before I was to leave, hung over missed flight. Called them and told them that I had overslept, lady laughed at me and said to bad so sad no job for you EVER!!! I tried a couple more times with different companies working the project and it was like I had been black balled!! Don't drink before your first day at work.

[&CDFiXER%]

Making the check out to you had nothing to do with this becoming taxable income. Cashing it and not depositing it into a qualifying retirement account within 60 days does. What did the bank prevent you from depositing the check into an IRA?

At the time I did not know that. Kind of why I posted this under "worst financial mistake". By the time I learned that, etc it was too late.

[rbiggers277]

...all I can say is OUCH.

 

That is one of the must brutal tales I have heard, tough luck man. She must have had it planned from the beginning.

 

No offense, but I feel better about my situation after reading some of these haha. That's life though right? My dad always used to say, there is always someone else with worse problems than yours.

Yep, life does give you a good arse kicking. But you live and learn. It's been all good since! If your gut is giving you a hint, please listen. It always gets better.

[jamestaylor47]

Well I was handed 30000 2 years ago. So like an idiot instead if putting it down for a house or college I blew it! On stupid pointless useless things. iPad iPhone kickass sound system truck four wheeler snapon tool box but nothing that I needed. I've got a bum shoulder I need surgery on and should have fixed but. You live and learn I guess huh?

 

 

Tap Tap

[GMCDriver1]

That's a rough one. I learned long ago not to do any type of cosigning for a girlfriend. If she is important enough she is worth marrying and THEN doing the co-sign crap. Even then you get into trouble.

Co-signed on a brand new Mustang for a fiancée about 7 years ago. I knew it was a mistake the second the pen hit the paper. Two months later we broke up. She then wrecked it and skipped town on Ford when the insurance didn't pay it off. And she had stopped making payments a few months before the wreck. So guess who got the call then and had to write a FAT check to keep his credit out of the dumpster............yep, this guy.

[LaserBlueZ71]

I've been with my girlfriend for over 3 years now. Last year she wanted to buy her own truck to pull her horse trailer around. I was all for it so she wouldn't have to use mine. I never once offered to co-sign for it. When we started seriously looking for a truck, I told her I was not going to co-sign so she better have it figured out. She actually agreed with me and said I don't want you to co-sign for it, I would never co-sign for you. We keep our finances separate and do not have joint bank accounts. As long as we each have 50% of our shared expenses every month, we don't ask what the other does with their left over money.IMO it is the best way to go. When I was 16 and working on a loading dock, I remember an old farmer giving me one piece of advice. He told me he had to start his entire life over again because his first wife went nuts and soaked him for everything he had. I worked with that man for 6 years, and the only advice he ever gave me, was to never have a joint bank account. To this day, I never have, and I will not ever have one. Thank goodness I found a woman who feels the same way. Each of us works hard for our money, if you want something for yourself, you use your own cash.

 

I just proposed to her on Friday night actually, so now we are getting hitched! I scrimped, saved, sold some things, I did whatever I had to. When the time came to buy the ring, I paid for it cash. It feels great to know the ring on her finger isn't owned by some bank or by VISA. When we get married it will be a very small setup, we are quiet people, introverts. The wedding will be cash too. I should add to this. I think one of the worst financial mistakes you CAN make, is to go into debt for a wedding. My fiance's sister and her hubby did that, and they scream and fight about it weekly. They still owe $15,000 on a wedding that has passed.

[TheTrueMoron]

College/student loans. I decided to go for an actually in-demand job but I knew that I wouldn't make it due to impending inherited health issues. Now I can't work the job that I spent 4 years to learn to do and I can still barely pay the bills and the minimum monthly payment on my loans. I shall forever be a slave to the debt!