Comments on: Worst financial mistake?

By: Knowing something vs. doing it is different | Tomasz Gorecki | Debt In Your 20's Is The Kiss of Death

Sun, 24 May 2009 17:49:05 +0000

[...] Worst financial mistake [...]

By: Jen

Jen — Sun, 24 May 2009 15:55:45 +0000

My biggest financial mistake was refinancing my house!! Our original mortgage was fine.. but when the housing boom hit and we had really good “equity” in our house we consolidated everything (CCs &Car loans) into one “BIG mortgage”. Now it is all tied to our house- UGH!! Right now this is OK-we can make the payments, and have no other debts and even with the houseing market dropping our house is still valued about $70,000 over the martgage. BUt IF anything happens.. and we can’t pay the mortgage– UGh!! And the interest we are paying – for 30 years of spreading out that debt!! Why? Why? Why?

By: Worst financial mistake? | Jack's Money Saving Blog

Worst financial mistake? | Jack's Money Saving Blog — Fri, 22 May 2009 15:52:44 +0000

[...] here: Worst financial mistake? Share and [...]

By: SailboatFamily

SailboatFamily — Fri, 22 May 2009 15:22:41 +0000

Mine was putting money into Prosper. I put up $3,000, and after 3 years, I’m still upside down by $200. It was my mistake, not Prospers. I shouldn’t have lent the money to even AA’s since they default at crazy rates.

By: Worst financial mistake? « Blog my100tips.com

Worst financial mistake? « Blog my100tips.com — Fri, 22 May 2009 13:12:40 +0000

[...] View original here: Worst financial mistake? [...]

By: pfincome

pfincome — Fri, 22 May 2009 01:34:35 +0000

Purchasing a house that was way too big for our family. We can afford it just fine right now and are living comfortably. However, I cringe every time the AC kicks on in the summer and we are trying to cool 1,500 sq ft. more space than what our family needs.

By: Diane

Diane — Fri, 22 May 2009 00:36:30 +0000

Okay, I must admit those last sentences “3 kids in 4 years” made me laugh out loud! I have 2 boys spaced 5 years apart and that worked quite well for me, but to each his own.

My worst financial mistake was either marrying my ex-husband – or staying past the point of disaster when he came unglued over the failure of his business, refusing to get a job, file taxes or file bankruptcy. With $750K in business debt there weren’t many options!

I did finally file for divorce, file bankruptcy, as I was responsible for business debt I didn’t even know about (community property state). 12 years later I’ve finally recovered.

I’d say one of the worst financial mistakes you can make is to marry someone with a different financial pattern if you are conservative.

By: Margaisa

Margaisa — Thu, 21 May 2009 21:23:06 +0000

I am sure this is unusual..but let is be a warning to unwed people!
My biggest mistake was not doing a credit/background check on my 2nd husband. He owed $75 THOUSAND to the IRS for “mis” leading the tax people…and he “forgot” to tell me upfront. Our entire marriage was spent fixing his mess… which he told me was his ex’s fault..(it was not) and I took on the burden…and when the marriage ended…I was holding the totally empty bag. I did win in court..and has to pay me “retribution” for the next 7 years…but my credit is almost beyond repair. Needless to say…before you even say yes to coffee…have him/her bring a credit report to the table…I am not joking.

By: Gina

Gina — Thu, 21 May 2009 21:06:11 +0000

#1 – Paying for our wedding on a credit card (similar to Kim) – we still have that balance on the ccard – we’ve been married 9 yrs.

#2 – Not being on a budget for our first 6 yrs of marriage (similar to Carrie). We’ve been on track since the little one arrived – she was our financial epiphany – but not out of debt yet.

By: Carrie

Carrie — Thu, 21 May 2009 19:58:13 +0000

Our worst financial mistake (not just one mistake, really) was overspending for the first 5 years of our marriage (we’ve been married for 8 years now). We could have saved so much money if we had tracked our spending and made better decisions. At least we’ve been on-track for the last 3 years.