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Original poster

What is your worst and most expensive financial mistake?

303 replies

HorseHeist · 19/05/2023 21:37

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 Hmm 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?

OP posts:
barmycatmum · 20/05/2023 01:23

Drama school (for acting) was the worst financial decision I have ever made. 😂

the other is a near-miss: nearly married a gambling addict.
I spent a LOT of unrecoverable funds on the wedding/ honeymoon, but it could have been worse - if I had married him, I’d be deeply in trouble.

MrsFezziwig · 20/05/2023 01:31

I changed jobs in the 1970s and at that time we were allowed to take out the superannuation we had paid in (three years’ worth in my case). I wasn’t very well off and it was about £500, which seemed like a huge amount at the time. Obviously if I’d left it in, it would have equated to quite a large amount extra on my pension when I finally retired. I think they stopped allowing you to take it out shortly afterwards.

Claricethecat45 · 20/05/2023 01:48

ANOTHER ...Horse, here .....worse than, as I then bought a replacement who turned out to be even more tricky than the first; so hard to accept really that money goes nowhere to replace talent. I did eventually learn and happily never ever made the same 'error of judgement' since.....last horse was best horse and wont be replaced now....I got lucky!!! But OMG...the Money I virtually gave away....I cringe

MrsAvocet · 20/05/2023 02:03

Buying a house in 1992 when prices were fairly high and selling in1996 when they were rock bottom . And taking out an Endowment mortgage for it. Should have listened to my Mum.
Actually we didn't do as badly as a lot of people at the same time and then we made a pretty big profit on the house we bought in 96 and sold in 2000 - and we got rid of the Endowment fairly quickly too, but it felt like a disaster at the time. I wish I had had the nerve to hold on to that house and rent it out when we moved though as it's worth a bloody fortune now. We could have just about afforded it but it felt like too big a risk. I'm very risk averse so never likely to make my fortune, but probably won't ever lose a vast amount either.

nealjacob53 · 20/05/2023 02:12

sold my lovely house which had great memories in hove and moved to spain, worst thing ever, im now in rented flat in brighton ,will never get back on housing .this was 20 years ago and i still think what was i thinking

LemonTreeSkies · 20/05/2023 02:18

Not buying the gorgeous, large, three bedroom, water view flat for $60k because it didn’t have a balcony 🙄
This was over 25 years ago and would be worth a fortune now. I also know I would have been very, very happy living there.

greenspaces4peace · 20/05/2023 02:42

When I was 25 and quit my job (dh transferred) I was paid out my pension (which I didn’t know I paid into) that money was quickly squandered. That should have been saved somehow somewhere vs baby toys and clothing etc.
When in my 40’s I took on a small job at the local college on top of my regular job, a colleague told me you couldn’t put into two pensions, I believed her.
wasted money, my grandmother gave me a bronze statue, I paid $2K to have it appraised and was none the wiser afterwards and had in my hands a stupid 10-15 pg booklet with photos but zero relevant information.

merrymelodies · 20/05/2023 02:44

Getting married! 😡

merrymelodies · 20/05/2023 02:49

Actually, I should clarify: allowing XH to convince me that staying home to look after DC was cheaper than paying for childcare if I went back to work. And he was an abusive, narcissistic (diagnosed!) shithead who took me to court over his refusal to pay child support.

Notcontent · 20/05/2023 03:38

Marrying my exH.

JennyJenny8675309 · 20/05/2023 03:44

Bought a boat on a whim, which was a stupid and expensive decision. They say the two best days of boat ownership are the day you buy it and the day you sell it. 🤣

ChequeredPastel · 20/05/2023 03:59

Got addicted to buy now pay later Very.co.uk stuff. Lots of cheap, overpriced clothes that I wore once. A lot ended up in the wardrobe with tags on, or Very said I’d kept
when i hadn’t, but hard to prove when I was sending back hundreds of pounds a week. I then managed to get my partner addicted also. Stupidly ended up 30k in debt between us and took out multiple consolidation loans.

We’re paying it off now and I’ve kicked the habit, but boy it was ridiculously addictive.

I try to see it as a mistake we made in our 20s so we could be fiscally responsible in our 30’s but it still stings!

Bluebells1970 · 20/05/2023 04:00

I got talked into taking out a joint gym membership with a friend - she got a reduced rate as my additional member, only the money had to come from one direct debit ... mine. My membership was £100 a month, hers was £70. I was a SAHM due to my eldest having been excluded from school, so it was a lot of money for me at the time. She paid the 1st two months, but then got into a new relationship and stopped coming with me 3 times a week so didn't think she should have to pay Hmm I had to pay £700 over the year for her to not come, still irritates me years on.

Alwaysworryingoversomething · 20/05/2023 04:41

Leaving a well paid job because I was stressed and sick of it.

Now in a much worse paid job (£1k less per month) but more stressed and sick of it!

orangegato · 20/05/2023 04:41

Degree. My out of control student spending. Not offering on bargain houses before the prices doubled.

IamThegreaterMole · 20/05/2023 04:59

Career re-training, I would have been better off and happier if I hadn’t done it.
I thank myself often that I didn’t get married, a divorce would have left me in a far worse situation than I have now. At least I have my own house and am relatively stable on my own.

jclm · 20/05/2023 05:09

My career choices... Doing a PhD (four years) and holding on for an academic job (a further five years). The PhD was funded (tuition fees and living expenses covered) however I missed out on four years of pension due to status as a student. Then working in fixed term, low paid research jobs whilst I was trying to get a permanent lectureship. This didn't happen and I side stepped into third sector research (another low paid, temporary job).

I am now working an entry level research job (though permanent, with fantastic pension) in the civil service alongside newly graduated 22 year olds. I will work my way up but it feels I have wasted 20 years!

listsandbudgets · 20/05/2023 05:10

Not me but my friend bought the WRONG house. Viewed 2 on same road woth similar addresses ( think 79 or 97) loved one hated the other put in his offer and only realised his mistake when he got the keys.

Ours was a failure to some shares.We thought there may be a problem but weren't quick enough..Shares were suspended meaning no one could buybor sale and then xompanynwent into administration..Unfortunately we had rather a lot.of their shares and it cost us a small fortune

listsandbudgets · 20/05/2023 05:10

Failure to SELL some shares

statuesarestill · 20/05/2023 05:16

Marriage.

HerRoyalNotness · 20/05/2023 05:18

Selling my flat in Auckland to buy a House in the NE which hasn’t increased a single pound in value in 17yrs 🤬

CastleTower · 20/05/2023 05:19

@Paul2023

Not necessarily. In the NE, lots of houses have only just got back to the price they were before the financial crash. We recently bought a house for about 15% less than the previous owner paid in 2007.

@listsandbudgets
Incredible! What did he do?

anotherexclusion · 20/05/2023 05:30

Lost in 30k in 3 years buying a flat with a stupidly short lease that I ended up selling at auction 15 years ago.

I try not to think of the other flat I could have just about bought at the time instead of the short lease one - studio in the Barbican anyone?!

Although its possible my upcoming divorce may end up being up there too.

Icedblondelatte · 20/05/2023 05:38

Bought a house in 2015 in a city where house prices have constantly decreased since then. It's now worth 65k less than we paid for it. Not even a house we really liked that much but at the time but for the previous two years house prices had been increasing so much we were worried if we left it any longer to buy we'd never be able to afford it. Knowing how much less it's worth now just makes me really hate the house.

exLtEveDallas · 20/05/2023 05:53

Not listening to my dad.
Back in 1996 I finally divorced my jerk H. I spent the next year paying off debts, living hand to mouth to do so until they were cleared.

Start of 1997, when all my money was mine again, dad said to buy a house he’d seen that had guaranteed rental potential - he even offered to be the ‘on-call’ landlord/handyman etc.

I didn’t listen. I bought a posh car instead of a house. Yes, the fab car bought me a lot of joy, but the house would have secured my future.

Now I look back and realise that if I’d done what he said I would have been clear by now, and maybe I wouldn’t have made other decisions that I did.

Sorry dad, you were right.

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