I was reading the post “Never Have I Ever” over at Sustainable Life Blog where you list 5 things you never did, and it was a very fun exercise.
While coming up with my answers, I found that it was easier to think of things I ‘did’ instead of things I ‘never did’. All of my financial mistakes I have made during my life came flashing across my mind, and I was having a harder time coming up with things I ‘never’ did. Had the game had a qualifier of “Never I ever did ‘this’ after the age of 30”, I would have been fine…
So, I am making a new game called “A Mistake I Made was…” (I couldn’t find a way to for “ever” or “never” to work in the title.) I would love if you would write 5 personal finance mistakes you have made in the comment section of this post. The focus is personal finance, but if you are the perfect specimen of personal finance, then feel free to list anything!
I will start:
A mistake I made was I bounced a check in college. This snowballed into a bunch of bounced checks because I was young and inexperienced and didn’t realize how one bounced check can turn into many bounced checks.
A mistake I made was I paid quite a bit in credit card debt when I was first starting out. I also used my credit card like an ATM.
A mistake I made was I went in to debt for my wedding. The wedding was not a mistake, but having a wedding larger than I could pay for was a mistake.
A mistake I made was buying a new car out of college instead of used.
A mistake I made was painting our house instead of putting up siding. The ‘Duration’ paint the painting company used was supposed to be great, but it was garbage and is peeling, and the wood is rotting. We spent a lot of money on that exterior paint job and it did not hold up nearly like I hoped it would. (We had the painting company come out and do repair work, but now it is out of warranty and it has been a long battle.)
Keep in mind, numbers 1-4 were all during my young adult life when I was crawling out of student loan debt. I have not paid a dime in interest since I was about 25 years old. (We have bought used cars since then, but we could afford it.) My paint mistake was more recent, but I had no way of knowing what a disaster that would be.
Ok, your turn….