Ask The Readers: Money Mistake Monday – What’s Your Biggest Mistake?

coins.jpgI wanted to open this week’s Money Mistake Monday to you, the reader – What’s your biggest money mistake of all time? What do you wish you could go back and change? What, if anything, would you have done differently if you had known then what you know now? We all have made Money Mistakes over the years and I would like to hear about them – and as an incentive, I will be giving away a personal finance book to one lucky random mistake! So if you have a mistake you want to share, please feel free to either email me or leave a comment, and I will assemble all the mistakes into a future Money Mistake Monday post so we all can learn from each other! Here are some of the mistakes I have written about in the past:

Doesn’t Care How You Pay For It Girlfriend Syndrome.

The Oh Crap I Waited To Long To Save For Retirement Syndrome.

The I Fell For Another Car Lease Syndrome.

My Credit Card Numbers Online Syndrome.

Let me know your money mistake in the comments or in an email and you could win a personal finance book!

photo by PPDIGITAL

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Comments (8)

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  1. Clare says:

    Let’s see: biggest mistake? My former attitude about money. Looking back, I practically believed that shopping was a perogative, the only real way to spend one’s leisure hours. That and the supposition that a glut of possessions was directly proportionate to success. No, no, no–quite the opposite.

    Now I’m much more discriminating. I believe that saving = success. And my quality of life has enjoyed a slow but steady increase. I’m grateful for the 180-degree shift.

  2. Four Pillars says:

    My big money mistake was a rockin’ stereo and alarm system in my first “nice” car. I think I spent $2300 which could have gone towards debt…or a newer car.

    I did enjoy the stereo quite a bit however….


  3. Kacper says:

    I should learn some basics of investing on stock market before jumping into it and picking different stocks almost at random.

  4. Laura says:

    A money mistake that always comes to mind is how much money we spent out our puppy when we first got her. My husband (fiancé at the time) and I got a puppy about 2 years ago. We were so excited that we immediately signed her up for a Puppy Kindergarten class. We don’t regret this, it was a great way for her to interact with other dogs at such a young age”¦ and it was so cute watching a bunch of puppies play and fall all over each other. After this class ended, we then signed up for Obedience I. Again, this isn’t a class that we really regret taking, we learned a lot of basic training tools that we can use with future dogs as well as our current pup. We do, however, regret taking Obedience II”¦ then we were “convinced” to take Agility I and II. These three classes were definitely not necessary and we kept telling ourselves we were “doing it for the dog,” but I’m not sure any of us (myself, my husband, or our dog) really enjoyed these last few classes. At well over $100 a pop, this was a huge waste of money. Especially considering how disobedient our dog really is now!

  5. K2 says:

    I don’t know if this is by biggest mistake, but the most irritating one by far was bailing out/being swindled by a “friend.” I’m pretty money conscious and developed good habits like paying myself first when I got my first job. The problem was, my friends didn’t have these habits and thought that because I did, I was making more money than they were (I wasn’t.)

    In one particular case, we would go out to dinner and he would “forget” his wallet. I would pay and he would “get the next one.” He never did. It took several times before I realized this really was intentional (don’t we all like to think the best for a while?) I stopped going out to eat with this “friend” but I really wish I had, just ONCE, asked for separate checks and left him sitting there wondering what to do next :}

  6. Zachary says:

    Not enrolling in my college-job’s 401(k) program when I was 18.

  7. David says:

    Thanks for the great comments guys, appreciate them. I will leave the comments open all week and will assemble everything I receive into a new post next Monday – and will announce the winner of the book as well.

  8. Ken says:

    Haven’t made too many mistakes.

    I probably should have contributed to IRA earlier on, while in high school and college. But if i would have i would have been broke as i didn’t earn enough to cover the limits and in college i needed that money to live. Maybe i would have worked have worked more to make up for it.