So, last week I asked you guys to let me know what you thought were your biggest money mistakes – and many of you took up the challenge and shared them with me. What did you have to say and what can we learn from you?
Clare said “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.”
Mike from Four Pillars said “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.”
Michelle said “I should have saved money before having our first baby – they are very expensive and I didn’t believe my mom when she told me just how much it would cost!”
Kacper said “I should learn some basics of investing on stock market before jumping into it and picking different stocks almost at random.”
Steve said “I wish I had talked to my parents before they got too old to do anything about their money. Now they just don’t have enough to live on and us kids are picking up the slack.
K2 said “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.” 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”
Zachary said “Not enrolling in my college-job’s 401(k) program when I was 18.”
Ken said that although he hasn’t made 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.”
And the lucky winner of another personal finance book from my bookcase is Michelle, who hopefully will enjoy the book I am going to send to her. Michelle, shoot me your mailing address so I can get this out to you as soon as possible!