1. Leased a BMW 6 series for $1250/month for three years and then immediately hopped into another BMW lease for $1050/month. After 6 years I had nothing to show for it.
2. Letting my credit card debt skyrocket (in my defense, I was out of work and almost homeless), paying them off, then doing it again (this time I was just stupid). “It’s only a hundred bucks, I’ll pay it off quick”, then 10 grand later It’s “holy shit, how did that happen”?
3. Buying a “money pit” house. It was an architecturally significant 1920s building with all kinds of interesting features. But the house was perpetually in need of expensive repairs and replacements.
4. Going into debt for my parents. Took out extra student loans, dropped out of school a few times because they kept asking for money and I needed to work two jobs to support us, put a new car under my name that eventually got repossessed because they said they would pay it but didn’t and dumped it on me. Turns out they have a gambling addiction.
Getting myself together now, I was such a pushover back then.
5. In late 2007, I had enough of my job, had been there 10 years and was done. Quit, thinking I could immediately replace my job. Had no clue of the upcoming recession, couldn’t find a job anywhere. Lost my savings, my retirement, then my house to foreclosure. It destroyed my credit. Eventually got a good job again (took 2 years), rented for 7 years. Back on my feet again financially. Lesson: don’t quit your job until you have a replacement lined up.
6. Taking out loans for my mom to keep us from being homeless. It didn’t work. 3 times being homeless all because she spent the money paying her boyfriend’s bills and buying him stuff.
7. Putting my ex on my credit card. I wanted to help build his credit, like I had with my mom.
8. The dumbass maxed the 11k limit, of course. 780 credit score, perfect history, and a great card all down the drain. And I’m paying $400 a month for the foreseeable future in order to knock the balance down.
And he gets away with it scott free.
9. I signed up for, went to, and graduated from a For Profit College that was also unaccredited in the state I lived in. I was 25 at the time and had been cycling between dead end jobs for several years.
I had just gotten into a serious relationship and desperately wanted a means to take the next step professionally. They swore up and down that accreditation was just around the corner and showed me all kinds of paperwork showing how their graduates made x amount of money post graduation in the field I entered. I realized about 2/3rds of the way through how badly I was being scammed financially, but decided to ride it out so that I at least had a degree. Then it turned out that the degree was seen as a negative asset on my resume by most potential employers.
The government decided in 2016 to quit subsidizing federal loans to that school all together. That school then immediately went bankrupt and shut all of their doors. The private loan companies, which it turns out where backed by the school itself, also immediately went bankrupt and stopped operating and most private debt was dissolved. Unfortunately for me not until after I had been paying on them faithfully for _years_.
10. Cosigned for loans. Yes, loans. Two separate car loans for two separate boyfriends (not at the same time) and a mortgage.. and a credit card. Thankfully, I was able to fix my credit.. and never do that again.
11. Worked from 13-18 making around 50k total and only saving 2% of it, all while having virtually no bills. Wish I saved 90%
12. Let myself become house poor. I bought the “cool house”. It was the right size, vaulted ceilings, fun layout, and was within my price range. But utilities killed me.
Plus I had to replace the roof, furnace, windows, and AC. What still killed me was the vaulted ceilings with poor insulation. Plus it was an acre that needed watering to stay alive. The water and electric bill did me in. By the time I figured it out it was 2008…so I couldn’t sell.
Finally changed houses, new house is more conventional, I added a bunch of insulation to the attic, and it is much better now. But it will probably take me 10 years to recover financially from the previous house.
13. I’m stupid. My parents suggested I take out private loans for school when I was 18. I attempted to work in that industry which pays close to nothing unless you’re famous, as you imagine that didn’t work out, so years later I decided to go and get my bachelors and masters to my parents suggestion they said.. take out loans you’ll be fine (I clearly should have done my own research), I do have a job now which I am grateful for.
I don’t think I ever really understood the concept of loan interest or loans in general to be frank, I wast naive and immature. Unfortunately now that I am older and planning a family I see the impact this has on my future and I’m not sure I’ll ever be able to pay this off. I won’t make this post long and drawn out because frankly, it’s not worth it.. I’m not worth it. My family has always made poor decisions and they didn’t go to school, so I thought going to school would enrich my life, but now I feel it’s made it worse. I’ve never even seen this much money in my lifetime. Maybe I’m in a bout of self pity, maybe I’m selfish, I’m not sure.. all I know is I do not want to be here anymore. How in the world will I ever have a home and a family?
14. Start investing too late