What's the worst financial mistake you ever made?

[winb83]

About 7 years ago I went to one of those buy here pay here car dealers that offered a car for a dollar down. I was broke and I thought that was the easiest way to get a car. They never even ran my credit they just negotiated based on what payment I could afford.

I got raped on that loan. I was paying $260 every 2 weeks on the car. Had a 25% APR and 36 months on the loan. Damn car bluebook for about $8000 and my loan was like $12000 or so. I was gonna pay them $19,000 or so when all was said and done. I never looked into any of that stuff because at the time I couldn't afford a down payment.

After insurance I was paying well over $600 a month to drive that car. I was racking up the debt and walked into my local credit union to get one of those consolidation loans because all the monthly payments I had were out of hand. This was like a year into it. The loan officer ran my credit and was baffled about why I had such a shyt loan. They bought the loan from that dealer and I got a 4% APR and one monthly payment from them.

6 months later it all caught up with me cause I was so broke earlier on I was copping used tires from a hood tire spot to put on the car and one blew out and the car was totaled. I had GAP insurance with the credit union so I walked away from it paying nothing. It's been almost 5 years since then and I haven't had a car payment since.

 

[BruhManFromTheFifthFlo]

Just know that mine involved crab cakes

 

[Kornball The Conqueror]

buying a new base model car at full price

 

[winb83]

Second mistake would be adding this chick I was dealing with to my cell phone plan. She told me we'd split the bill. We never split the bill. In fact she had the phone for several months and never paid a dime. I ended up paying to break the contract because it was costing me so much. She told me she'd pay me back and that too never happened.

Third mistake was trying to help a friend with a security deposit on a rental home. I loaned them the money for it and the shyt fell through. The deposit was returned to them but I never got it back. Their car mysteriously got broken into and the money was stolen. In truth they probably took that money and blew it.

 

[winb83]

4 years later that's still the worst decision I made in my life.

Collectively though I'd say spending the first 15 years of adulthood as a mindless consumer. I should have been saving and investing more.

I can't get my 20s back and I can't make up the lost opportunities investing would have given me.

All you 20 year old kids reading this stop what you're doing right now and open a brokerage account. Put whatever you can afford into it weekly. If you don't know what stock to buy purchase fractional shares of VOO or SPY. Consistently do that every week even if it's just $25 a week. Whenever you get a raise increase the amount.

 

[winb83]

My present worst financial mistake is sitting in the parking lot right now.

In 2024 I spent $27K on a brand new car. In 2025 I traded that same car back in to the same dealership I bought it from with under 5K miles on it for $21.5K (still owed $7K on it at the time) and added a $12.5K down payment also got a $750 promotion to buy a $34K version of the same model car I had 1 trim higher and a Hybrid instead of a regular ICE.

Really dumb move. There was nothing wrong with the car I had. The fact that I could actually afford to do it still doesn't make it not stupid.

 

[Elim Garak]

When I filed for bankruptcy years ago I wish I had done it years earlier.

 

[summwunn]

 

[Strapped]

Second mistake would be adding this chick I was dealing with to my cell phone plan. She told me we'd split the bill. We never split the bill. In fact she had the phone for several months and never paid a dime. I ended up paying to break the contract because it was costing me so much. She told me she'd pay me back and that too never happened.

Third mistake was trying to help a friend with a security deposit on a rental home. I loaned them the money for it and the shyt fell through. The deposit was returned to them but I never got it back. Their car mysteriously got broken into and the money was stolen. In truth they probably took that money and blew it.

At you believing a chick would actually pay you

 

[Strapped]

My present worst financial mistake is sitting in the parking lot right now.

In 2024 I spent $27K on a brand new car. In 2025 I traded that same car back in to the same dealership I bought it from with under 5K miles on it for $21.5K (still owed $7K on it at the time) and added a $12.5K down payment also got a $750 promotion to buy a $34K version of the same model car I had 1 trim higher and a Hybrid instead of a regular ICE.

Really dumb move. There was nothing wrong with the car I had. The fact that I could actually afford to do it still doesn't make it not stupid.

Make & model of the vehicle

 

[Bunchy Carter]

I donated $5,000 to help build Akon city

 

[thenatural]

When I filed for bankruptcy years ago I wish I had done it years earlier.

Why do you say that?

 

[KillerPups]

going to college as a knucklehead with no plan

 

[Elim Garak]

Why do you say that?

Continued trying to payoff various debts instead of just hitting the reset button. If I had did it earlier I probably could have owned a home by now.

 

[Ashtrey]

Putting money into AMC stock thanks to the coli!