Your dumbest financial mistakes

Nurses General Nursing

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Before nursing school, and maybe even after getting those nice nursing checks, what were some of the dumbest purchases made. Big or small. I have heard some good financial advice on this site. But people learn from our mistakes too. Most of my dumb mistakes came from being young. As a teen my boyfriend (now husband) and I took his last paycheck from gettting fired and went to six flags. Spent the whole check, not knowing the next time we would have money. Once graduating, we ate out at least 4 times a week until someone on this site made me aware as to how much I was actually spending(Family of 4). I thought nursing school would be a bad investment when I racked up loans not knowing if I was gonna pass. But it was probably the best investment.

My best friend bought a current year STANDARD suzuki forenza for over twenty grand right out of nursing school. It immediately depreciated and she ended up in an upside down situation when trying to trade it in the next year.

Specializes in ED, ICU, Education.

I bought a brand new car BEFORE I started my first job in the US. Ended up having it repossessed after about 6 months because there were immigration issues and I wasn't able to start work until a year later. I was also evicted in the US (cause I wasn't working). Needless to say, over 5 years later, I have payed off all my debt, own a car, a Harley, and a home, but still need someone to co-sign.

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Specializes in LTC.

while i was in nursing school (and only 20 years old) i spent three years not working, going to school, and racking up $80,000 in sallie mae student loan debt to pay for school and support my daughter and myself. now i'm a nurse and my loan payments are $900 a month :eek:. for the next 20 years. i could have supported us better with no debt and my waitressing job!

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Specializes in Peri-Op.
Wow- Timeshares are really the biggest legal scams out there. I've never known ANYONE who bought a timeshare that actually utilized it..

I have two of them and use both of them and their benifits yearly. The key is not to impulse buy them. I also go to about 3 presentations a year just for the free stuff they hand out. I have been to a total of about 25 presentations in my travels, usually do two on the first day of a week long(9 day) trip and this pays for everything including the rental car for the rest of the trip. I also utilize the trade aspect of timeshares and trade my weeks away for other places in the world I go. I DO NOT advise anyone that does not travel regularly to buy a time share though. I personally take 5-6 weeks a year of vacation to various spots.

As to the question at hand. The worse financial mistake so far is to have credit cards as soon as I turned 18 and continue to have them. I dont use them anymore, I am just paying them off now, as quick as possible. Actually I do use one card that gives me points back that I can use as cash or other things. The reward is about equal to the very low interest rate... I hate Bank of America though.....

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Specializes in Peri-Op.

Also, as far as the timeshare gifting. You can call your timeshare company and ask if they have a charity they use to gift it to. You get full retail room value worth of a charitable donation. I just learned about this, this year. Your room at a resort is usually about $300/night x 7 days. Couple of thousand dollar deduction for your taxes.....

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These are good posts everyone!:) I hope to keep them coming. Now I don't feel like the only one.

Oh I have made this mistake plenty of times. Loaned a family member $600 for downpayment on a car. Was supposed to pay me on next payday. Years later and nothing. Loaned another family member $1100. I know I will not see a dime of it back. I'd probably be rich if I got back money I'm owed.

I also had a credit card at a young age. Still paying it off after racking up fingerhut charges.

I am glad that people are posting about their timeshare. I had recently contemplated purchasing a disney timeshare after I visit.

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Specializes in Psych..

Buying a beautiful, sleek, black Jaguar.

Loved the car, hated the high cost of repairs...and there were many.

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spending 150 on hair shampooes and hair condtions.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I spent $4,600 in tuition to attend a medical assisting program at a private trade school back in 2000 when I was 19 years of age. I was never able to find employment as a medical assistant after having completed the MA program, so this is a financial mistake from which I have learned.

Also, buying a house in 2005 (the peak of the housing bubble) was a financial mistake, because my property is now worth $20,000 less than when I had originally made the purchase. I now envy the mobility and freedom of renters.

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Specializes in Peds/Neo CCT,Flight, ER, Hem/Onc.

1. Marrying a man with no ambition and a preference for young girls (NOT married anymore)

2. Loaned a friend a large sum of money that I will likely never see returned. Didn't hurt me financially but put a underlying layer of ickiness into our relationship.

3. DIDN"T START SAVING FOR RETIREMENT UNTIL I WAS IN MY 40'S!

I capped the last one for you younglings. Don't do this...seriously. Now I have to work until I'm at least 67 years old to get full retirement and even then I'm probably gonna have to eat dog food. You never know what life is going to throw at you. I am single with no children so it is all on me. When I was in my 20's and even 30's, retirement just seemed so far away. I cringe at the thought of how much better off I'd be if I had only put away 10% of my paycheck into some sort of retirement account. Now I have to sacrifice a lot more to bring me up to date. Does anybody know which tastes better...Alpo or Biljack?!:eek:

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Whoa.....girlfriend! I know all about husbands that aren't perfect (have had two, still married to one that I love very much) but that is not cool. Can you say divorce?

Can't afford the divorce! Trust me, it has been my #1 option for a while. But when I can't even afford groceries, I don't know how I can afford a $2500 lawyer.

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Worst mistake-buying ANY new vehicle.

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Specializes in Oncology; medical specialty website.
1. Marrying a man with no ambition and a preference for young girls (NOT married anymore)

2. Loaned a friend a large sum of money that I will likely never see returned. Didn't hurt me financially but put a underlying layer of ickiness into our relationship.

3. DIDN"T START SAVING FOR RETIREMENT UNTIL I WAS IN MY 40'S!

I capped the last one for you younglings. Don't do this...seriously. Now I have to work until I'm at least 67 years old to get full retirement and even then I'm probably gonna have to eat dog food. You never know what life is going to throw at you. I am single with no children so it is all on me. When I was in my 20's and even 30's, retirement just seemed so far away. I cringe at the thought of how much better off I'd be if I had only put away 10% of my paycheck into some sort of retirement account. Now I have to sacrifice a lot more to bring me up to date. Does anybody know which tastes better...Alpo or Biljack?!:eek:

FlyingScot, you and I are in the same boat. I could kick myself for not having started putting money into a retirement fund as soon as I started working. I can't believe how much money I wasted on clothing, jewelry, non-essentials. Now I am in my late 40s, and I think all the time about what will happen to me when I get older. I started putting money into a 401K (now a 403b) a few years ago, but it sickens me to think of how much money I could have if I'd started when I was younger.

Take heed, young nurses. Start saving for your retirement NOW! If you start saving $12K a year at age 25, by 65y you'll have over $3 million, assuming an 8% rate of return (I just read this in an article in US News and World Report).

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