My Biggest Financial Mistake

This is a special post from Shondell at Call Me What You Want Even CheapĀ as part of the Yakezie blog swap. This week, we are all discussing our worst money mistake. Check out my post on the same topic on her site.

I can’t even count the number of money mistakes I’ve made in my life. Although I recently paid off my mortgage, it didn’t come easy or without making mistakes on the way. Now that I look back, there are several things that I should have done differently which would have put me in a better position today. In any case I am still extremely grateful for my mortgage pay off.

I would have to say one of my worst money mistakes would have to be taking money advice from a broke friend. I don’t know if I am the only one that has done this, but I’ve learned the hard way that it’s a bad idea. What’s even worst is I’ve taken advice from a few broke friends. It’s kind of like going to a lawyer for medical advice. No one does that, so why did I go to broke people for money advice?

It was more comfortable to talk to a close friend about money than it was someone else and back in the day. I didn’t know many wealthy people and most of my friends were broke, so that was the easiest route. But also the dumbest route.

I’ve gotten myself into get rich quick schemes. I have loaned people money when I should have known better. Have you ever lent someone money and then felt guilty when you asked for your own money back? I can’t tell you how many times I’ve been in that situation. The sad part is, I’ve lost a few friends over lending them money.

I am a bit wiser now and have learned from my dumb money mistakes. What are some things you’ve done with money that you wouldn’t do again?

ImageĀ ineffable_pulchritude/flickr

Comments

  1. Moneylifeandmore says

    While it isunfortunate at least you learned a lesson. I always try to consider the source when people give me advice. If they aren’t successful at it their advice may not be good.

  2. says

    I’ve made a few dumb mistakes, like when in college getting housing at 2 different locales one year. Actually, I ended up subleasing one of them after a few months, but that wasn’t the most responsible move then. It was a long time ago!

    As for taking advice from people, it might not always be bad to listen to those who have made bad decisions. They might be so burned by the situation, that they learned valuable lessons that others didn’t have to.