Your money mistakes/accomplishments

  • Posted by a hidden member.
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    Sep 06, 2011 3:45 AM GMT
    What's a mistake you've made with your money, and what makes it a mistake? And on the flip side, what's a smart thing you've done with your money, and how do you feel about it?
  • commoncoll

    Posts: 1222

    Sep 06, 2011 4:12 AM GMT
    I'm a careful person and have good guidance from family members. I can't think of any money mistakes that I can remember.

    Remember one equation:
    Keep money coming in>money going out.

    I think twice about what I am going to spend it on. This reevaluation to see whether I needed to buy "it" has saved me from costly mistakes.



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    Sep 06, 2011 5:16 AM GMT
    Accomplishment:
    -Worked my ass of to pay my way through my AFF skydiving course and get all my own gear. No help.

    Potential Mistake:
    Haven't heard from the guy who I bought a four thousand dollar skydiving rig from in a week...I sent a check. Heres hoping.
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    Sep 06, 2011 5:23 AM GMT
    During the good days of financial freedom for me. (right after college) I wasted a lot of it on things and people that where not worth it. I made some good investments and some bad investments that turned out to be toxic. I've learn from my mistakes and I have made some corrective decisions to avoid any future financial disasters.

    The positive things I have done are I'm much more connected with the needs of others. I run a food drive a few times a week to feed the homeless without attracting the attention of the Mayor of Orlando and his army. (It's a crime feeding the homeless here and you will go to jail for it.) I fund the operation and with the help from the supermarkets and a few of my friends, I get to give the gift of food to a few people. Very rewarding.
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    Sep 06, 2011 5:36 AM GMT
    Mistake: Extremely expensive private university degree that is completely worthless and that I will be paying off for many years.
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    Sep 06, 2011 5:40 AM GMT
    Ariodante saidMistake: Extremely expensive private university degree that is completely worthless and that I will be paying off for many years.


    Much better to spend your dough on more useful things like jockstraps and briefs that accentuate your jewels perfectly. Those are definitely an investment compared to edu-ma-cation. icon_cool.gif
  • Webster666

    Posts: 9217

    Sep 06, 2011 5:45 AM GMT
    Smart---
    --Buying my home. Today, it's worth 3 or 4 times what I paid for it.
    --Investing the maximum in my employer matched retirement fund.

    Mistake---
    Maybe I'm just a jinx.
    Every time I throw money into the stock market, the market takes a dive.
    But, I still invest.
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    Sep 06, 2011 11:08 AM GMT
    smart:
    -complete financial independence by 21. live on my own, don't rely on anyone for anything.
    -401K (good asset allocation)

    not so smart:
    -impulsive spending at times
    -paying NYC rent...haha, if i was really smart i'd live out in the burbs, but i love the city for now
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    Sep 06, 2011 11:22 AM GMT
    Smart: not buying a house at the height of the market circa 2005-6 (even though it was a "logical" time for me to buy in my personal circumstances)

    Not so smart: still living in a rental and hesitating to buy now...we'll see in a year or 2.
  • calibro

    Posts: 8888

    Sep 06, 2011 11:44 AM GMT
    smart: got through all my degrees with zero loans and to this day i have zero debt.

    not smart: i wish i put more into my ira.
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    Sep 06, 2011 12:04 PM GMT
    No money mistakes yet and I'm hoping it stays that way.
  • suedeheadscot

    Posts: 1130

    Sep 06, 2011 12:15 PM GMT
    I went through a horrifically stressful time at work and had a phase of leaving my cash in the ATM and walking away!! Bad times!

    I do put away something each month - its only a little as I'm pretty crap at saving and live for the moment. That said, I do'n't have much on my credit card so guess I'm good in some circumstances!!

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    Sep 06, 2011 12:58 PM GMT
    Smart:
    1. After first year worked my ass off while in school and self financed the rest of my undergrad and grad school. Didn't have a life but also graduated with zero debt and not putting any financial burden on my parents.
    2. Live wayyy below my means. Save 30% income in IRA/stocks before I even get my paycheck. Helps me not spend frivolously.
    3. Still drive my college car that is extremely high millage and not fancy at all but still running strong.

    Mistakes:
    1. Loaned money to a friend in college when he came up short to pay for the semester. Over extended myself and ended up with no money to even buy groceries. Took me 3 years to get it back from him.
    2. Loaned roommate money for rent when he was laid off and then got a job that didn't pay enough. Now he owes me a shit ton of money and I haven't seen a dime back.

    Smart:
    Learnt from my last two mistakes and not lending money to ANYONE again! It strains relationships and you pretty much end up looking like an asshole trying to get your own money back while all you were trying to do was help.
  • Csrobbie2000

    Posts: 359

    Sep 06, 2011 4:42 PM GMT
    Smart:
    Started my 401K and stock porfolio at 22
    Paid off my student loans at 23
    Bought my house at 26

    Mistakes:
    I used to have an addiction to shopping, so I spent a lot of money on clothes that I don't need
    I lent a friend 4K, and the next thing I know - he disappeared
  • dancedancekj

    Posts: 1761

    Sep 06, 2011 4:51 PM GMT
    I made the mistake of not working through undergrad and grad school to have tried even in a really miniscule amount to lessen my student loans now.

    Not sure if I would do it any differently however. Some of the experiences I had instead of working were invaluable to my future maturation and success.
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    Sep 06, 2011 4:54 PM GMT
    pocketnico said
    Ariodante saidMistake: Extremely expensive private university degree that is completely worthless and that I will be paying off for many years.


    Much better to spend your dough on more useful things like jockstraps and briefs that accentuate your jewels perfectly. Those are definitely an investment compared to edu-ma-cation. icon_cool.gif


    The mistake was the field I chose for my degree (Visual Arts). I went to a university with very prestigious law and business degree majors. Had I majored in one of those it would have been a much smarter investment.
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    Sep 06, 2011 5:00 PM GMT

    SMART
    Took a $10,000 gift from my partner for ONE retail establishment and turned it into a 15 store chain worth $3.5 million in three years.

    DUMB
    Trusted my partner to handle the money. He forged my name on some financial documents for which he ended up in prison...but by the time the trial was over, so was the business and I lost everything.
  • sonnet129

    Posts: 116

    Sep 06, 2011 5:06 PM GMT
    Less said about it the better. Know nothing about it.
  • Lincsbear

    Posts: 2605

    Sep 06, 2011 5:41 PM GMT
    Smart: going to university without student loans or tuition fees.

    Stupid: not buying a property when they were dirt cheap.

    I look at the guys with huge great mortgages working themselves to an early grave and dying still in debt....

    It`s all in the game....
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    Sep 06, 2011 6:01 PM GMT
    When I first was out on my own I was horrible with money and terribly irresponsible. I didn't file taxes even. Now I'm the exact opposite.
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    Sep 06, 2011 6:04 PM GMT
    Bought a house in 2007 for 200k, now worth about 130.
  • Posted by a hidden member.
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    Sep 06, 2011 6:15 PM GMT
    Accomplishment: I bought a house!
    Mistake: I bought a house!
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    Sep 06, 2011 6:25 PM GMT
    BAD: Starting several businesses that failed and getting into debt. Postponing planning for retirement because of said debt. Getting into a LTR with a man who was bad with money.


    GOOD: Paying off all debt and becoming debt free. Saving for retirement. Pay cash for everything.

  • Posted by a hidden member.
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    Sep 06, 2011 7:29 PM GMT
    endo saidAccomplishment: I bought a house!
    Mistake: I bought a house!


    Word. icon_cry.gif

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    Sep 06, 2011 7:33 PM GMT
    I love this thread!


    Accomplishments


    Loans for education. My car and home entertainment systems- Ipad

    Mistakes

    Loans for education- I could have done with less icon_sad.gif if someone told me
    All the money I spent on junk food MCdonalds etc... I want to puke thinking about all my junk food money.