What is your worst and most expensive financial mistake?

[HorseHeist]

Long time ago now, but mine was in my early twenties. Managed to buy two very unsuitable horses in succession over a short period of time They must have cost me thousands, to deal with the subsequent mess. Which was a lot of money going back almost a couple of decades.

I keep wondering if I'd put that money in a pension, what would it be worth now? I would have been off to a great start pension wise at an early age.

What stupid financial decision did you make, that sticks with you years later?

Marrying the wrong person who was also terrible with money

I very nearly bought a house in 2011 but the seller took so long to find somewhere that by the time they were ready to move we would have only been in the house a few months before travelling. And I had other work stuff going on that made it seem to stressful. The house now would be worth more than double what we paid for it. I eventually bought in 2016 but still walk past the other one and think I should have just bought it and rented it out while away.

I was relocated to US and had just bought an apartment in Jersey City. I cashed in some investments and had an extra $100k (after putting down the minimum required for a mortgage). The choice was further reduction of mortgage (remember mortgage interest in US is tax deductable in the US) or re-invest the money. I decided to invest the money in what turned out to be a fraudulent scheme. The perpetrators conned people out of >$50m. The case is still running through the courts 6 yrs later. But thats probably my most expensive mistake.

We was trapped with northern rock too, 2009-2020 the highest rates of anyone wanting knew but we couldn’t get a mortgage due to us getting in a mess when I was ill we paid nothing off in that time it was such a relief to get away from it x

That is so brave of you to report him, you will have protected so many others, I hope it made things a little easier for you x

Having kids

BOTH marriages. Bankrupted me once, nearly did a second time. Took me 25 years after the second divorce to get my credit rating back up to "Excellent." Now live very happily with my third domestic partner, who has whisker, purrs, and does not blow my income on anything other than jingle balls and catnip mice.

Switching from a public sector to a voluntary sector job. Same salary when I switched, but I underestimated how much less the voluntary sector pension would be worth and wage progression has been non-existant!

Buying a house in 2006 with Ex partner and then splitting up 9 months later due to him cheating for nearly the whole time we were together 5yrs left with a 400k mortgage he moved out foreign thankfully weren’t married I had such a time to get house sorted with bank and ended up moving out and surrendering it I should have stayed in it and paid it myself lovely area will always regret it

Being talked into selling our house cheaply in 2009 as everything was going to drop in price and if we rented for a year we would pick up a bargain. Utter tosh. No bargains and we couldn't get a mortgage as I was a consultant. It took us 14 years to save enough after paying £412k in rent and moving costs everytime an incidental landlord put the rental on the market (usually in the spring when we had 'dressed the house with our curtains and a few antiques). Nine rentals. We were always told that the house was a long term let. We only had two good landlords. This weekend I was thanked by our most recent landlord for being a good tenant. I bloody cried after years of abuse. The buyer of our hone from 2009 is still there and looking at a 100% profit as we live an hour from London and it became a post Covid hot spot. The bastard estate agent still can't look me in the eye.

My parents both died when I was 20 and 23, I wasted my inheritance and should have brought a house. This was 1999 I had 3 kids(then 3 more afterwards) have always had to rent but if I had been sensible I could have brought a 3/4 bed house back then in my area for about £60k and we wouldn't have had money worries all my life

And another

DuranNotSpandeau - same here. It would have been great to have snapped up a cheap property I even looked at some Canary Wharf penthouses but it seemed such a financial burden (so grown up) at the time.

Buying a sofa from DFS on finance, usually we buy second hand. It arrived damaged, we had a lot of hassle getting it repaired and it was sent away for 9 weeks. It was never quite right, cost way more than we would usually consider paying and didn't fit in our new house when we moved so had to sell it. At least we had paid it off by then, just about.

Walking into Louis Vuitton about ten years ago just for a “look”. Ended up buying a bag for about £2k on a CC that had a zero balance at the time. Didn’t realise until I got home that LV don’t accept returns only exchanges. Still have the bag and I reckon I’m still paying for it!

You could sell it and pay off the CC.

Sorry, two grand on a handbag. I must be from a different planet.

You sound wonderful and thanks for putting that scum in prison, that took a lot of courage.

My self invested personal pension! I had a reasonably diversified portfolio, but I invested in a couple of companies that were doing really well, both FTSE companies. Both have gone under and I have lost quite a bit of money! I have moved to a pension provider now, but I really don't hold out a lot of hope.

My mom ( in US) was an amateur investor. She turned down an opportunity to buy Apple stocks. Would be a billi....... today!

A few stand out:

Not having confidence to apply for grad schemes after my first (big company) Grad scheme job made redundant. Ended up living back at my parent's house, and doing a job well below my ability level from which I don't think my career or confidence ever recovered. I wouldn't have met DH if I hadn't though, so swings and roundabouts!

We then bought a house back in 2001(?) and did ok with a friend lodging. Then DH lost his job, and lodger moved in with his GF.....so we sold up and bought a smaller, cheaper house. In a worse area. Big mistake. If we'd just hung on a few months everything would have been fine 🙄 and we'd have made £100k more than we did.

Oh, and I would never have opted to be a teacher.

Oh no. Why on earth did you not join sooner?

If we all shared his principles the world would be a much better place.

Because I was more interested in spending the tiny amount I’d have to contribute in the pub, and thought I’d never get old. Bloody idiot!

I had the same mindset as you as was not planning on paying it but my Dad sat me down and explained women often had worse pensions than men and he did not want that happening to me and also told me to try to put a bit extra in while I was single with no kids to worry about, just in case later if I had children and couldn't pay I'd still have those early years in. I trusted my Dad as I knew he wanted the best for me so then agreed to pay into the pension scheme. I'm glad he sat me down because otherwise I'd be worse off now I'm 61 and drawing my Teachers Pension which I could get at 60.