I thought I would share a few of the dumbest financial moves I have ever made. As I wrote these, I experienced some feelings of frustration, regret, pain, a distress that I felt when I was totally broke.
- Financing a new car with 105-percent financing (I even financed the sales tax)
- Financing a used truck with 100-percent financing
- Financing another used truck with 100-percent financing
- Operating our finances without a written plan (budget)
- Preparing a budget, but failing to follow it
- Buying a “fixer-upper” home and seriously underestimating the costs – time and money
- Buying the stock of a company that was free-falling (Conseco) – it went on to be zero value
- Paying full price for a new home – without negotiating anything down
- Loading up credit cards and paying the minimum balance for several years
- Spending every dime I made without saving anything (no margin = guaranteed financial failure)
Care to share some of yours?