What's the worst financial mistake you ever made?

[Sonic Boom of the South]

Hold up is op the same mafukka that stay talking like he some wise financial guru and talks about how dumb it is to buy a home?


The sheer audacity of this irresponsible idiot.

 

[Beedad]

Came in here to post this. GMB

 

[Majestyx]

going to college

 

[Yo Mama]

Marriage.

 

[winb83]

Make & model of the vehicle

2024 Honda Civic EX Sedan to a 2025 Honda Civic Sport Touring Hatchback.

 

[6ixSigma]

Cashing out 401k’s when leaving an employer

Should have left that money there. Would be sitting rite today

 

[6ixSigma]

Undergrad university debt.

Should have picked a significantly cheaper university and not taking loans just so I could “get a refund”

 

[winb83]

Hold up is op the same mafukka that stay talking like he some wise financial guru and talks about how dumb it is to buy a home?


The sheer audacity of this irresponsible idiot.

Key difference is I didn't go into the purchase telling myself I was making a good decision. I knew I was blowing money and went in knowing that. People have a right to blow their money on things they want.

I also have never said it's dumb to buy a home I said buying a home to live in is typically a poor financial decision in the current enviroment. There are other reasons to buy a home that aren't financial like stability for family but from a money numbers standpoint the opportunity cost to buy a home and the ongoing cost to maintain it as you live in it along with other unrecoverable cost like property taxes and mortgage insurance will leave you with less money in some cases than renting and investing the difference.

You take the value of the home and multiply it by 5% then divide by 12 and if you can rent for less that that renting is the better financial choice. Homes typically go up 4% a year at best on average. The S&P 500 typically goes up 10% a year on average.

 

[Mike Nasty]

Replacing the transmission in a Mercury Cougar. Should have just bought a new car.

 

[Mike Nasty]

I also have never said it's dumb to buy a home I said buying a home to live in is typically a poor financial decision in the current enviroment. There are other reasons to buy a home that aren't financial like stability for family but from a money numbers standpoint the opportunity cost to buy a home and the ongoing cost to maintain it as you live in it along with other unrecoverable cost like property taxes and mortgage insurance will leave you with less money in some cases than renting and investing the difference.

This shyt gives me a headache.

 

[OneManGang]

Putting money into AMC stock thanks to the coli!

 

[BlackBall]

Getting married And car shield

 

[winb83]

This shyt gives me a headache.

Of course it does. In general people prefer to live as brainlessly as possible and to think and do math would hurt their heads.

Conventional wisdom says buy a home it's a forced savings account. Unconventional wisdom says if you can rent low enough you don't need a forced savings account and can get better returns elsewhere. The fact that most people don't have the discipline to save and invest themselves is irrelevant. That's a choice not mandatory.

 

[Givethanks]

Getting kicked out of college.

Wasted about 6k I think

 

[Brandsdale]

Going to University

Paid over $6000 for right first year out right and then took a loan for remaining 1.5 years. I also did a summer coarse which was an unpaid internship (required for you to graduate) and it cost $2000 for the summer AND I had to quit my day job since they wouldn’t allow me to switch to part time.

Lmao come to realize I think that final year of school got me smoking quite a bit