Your dumbest financial mistakes

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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 Trauma Surgery, Nursing Management.
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.

Oh honey, how I feel your pain! If at all possible, and if you can both agree on it, you can file for divorce without an attorney. I did this, but the divorce was amicable (we didn't draw rainbows and unicorns on the document, but we didn't hate each other) and neither of us wanted to spend money on a lawyer when we could both write up the document, edit it and edit it and edit it until we were both happy with it. It took about a year of back and forth, but it was not as bad as handing your a$$ to a lawyer. My BFF just lost $50,000 to a lawyer because she was vindictive and wanted him "to pay for all the mean stuff he did." Now she has all this debt...they BOTH ended up losing out simply because they hated each other. I am sure this is common in the divorce world.

Do you have a friend or know of someone who has a legal background that can point you in the right direction? It sounds like you would have a pretty cut and dried case if he quit working. Especially if he QUIT (didn't get fired) soon after your employment and you have proof of the date.

I feel for ya. :uhoh3:

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Specializes in Peri-Op.
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.

google online divorce for your state. you can do these in TX for about $200 total cost.

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Specializes in School Nursing.
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).

Unfortunately, 1000k a month to put into retirement, at any age, isn't really realistic unless you're making a lot more money than the average nurse.

I think one should definitely find a good retirement plan and put money away, but we all manage to live ages 20-40 on much less, as well as ages 40-65 without a 3 million cushion.. I doubt it's necessary to have 3 mil. for your last 2-3 decades of life.. JMO

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Specializes in Med/Surg, Geriatrics.

#1- I didn't get serious about saving for my retirement until I was 37, I lost a lot of years of compounding. If I had only saved 10 or even 5% of my earnings, I would be exponetially better off than I am now. I am now saving/investing 40% of my salary but it will take that much until I'm 60 in order to be okay and I will be okay. I better hope there is no work stoppage, illness or decrease in salary.

#2- Assuming that my husband had the same financial goals I do instead it turns out he doesn't believe in saving, says at least once a month how he wishes he could access his TSP, whenever I ask what is his plan to help our daughter with college or where is his emergency fund, he references that darned TSP!! I wish he would just forget about it!! The only reason he contributes is to get the match(they give 6% which is incredible) and to reduce our annual taxes.

We make both make good money, frankly we could be wealthy by now if we had been smarter but fell prey to the right nows and the monthly payment mentality. Now I finally get it, have no credit card or car loan debt. Our housing is only about 9% of our annual salary. Now I know better, young nurses take heed........

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Specializes in Med/Surg, Geriatrics.
Unfortunately, 1000k a month to put into retirement, at any age, isn't really realistic unless you're making a lot more money than the average nurse.

I think one should definitely find a good retirement plan and put money away, but we all manage to live ages 20-40 on much less, as well as ages 40-65 without a 3 million cushion.. I doubt it's necessary to have 3 mil. for your last 2-3 decades of life.. JMO

It's quite possible, you don't need as much to live on as you think especially if you keep your housing costs low and avoid debt. I currently put away more than twice that amoutn every month and only make slightly more than the average nurse. Even if my salary went down by 20% which would put me below average, I could sill afford to put away over 1000K per month because I have no consumer debt except for the shared mortgage. First mistake is to think it's impossible! Wealth is within your reach.

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Specializes in Edu,MS, Ortho,Trauma, Tele, Dialysis, HH.

Not putting anything into our savings account after years of working as a nurse! Ugh! Could have at least seen a good amount in the bank. Oh well...

Be Blessed Always!:nurse::redbeathe

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It's quite possible, you don't need as much to live on as you think especially if you keep your housing costs low and avoid debt. I currently put away more than twice that amoutn every month and only make slightly more than the average nurse. Even if my salary went down by 20% which would put me below average, I could sill afford to put away over 1000K per month because I have no consumer debt except for the shared mortgage. First mistake is to think it's impossible! Wealth is within your reach.

I started saving in my 20s and one thing to remember is that if you are putting it into a 401k or similar tax deferred account, then your taxable income goes down so less money goes to the IRS. I currently put about 20% of my salary into my retirement savings.

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Specializes in Geriatrics, Home Health.

I don't think starting my English degree was a financial mistake, but finishing it was.

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When I purchased my home in 1999, I was offered a 15 year mortgage. I declinded at the time saying I will not be in my house longer than 5 years.

It will be 11 years in December. And it would have been paid off by the time my son graduated high school.

Now, I'm stuck in a 30 year mortgage which I have about 20 more years on, simply due to refinancing twice. Once to pay off credit cards, once for nursing school. If I knew then what I know now, I would have never refinanced, nor would I have gotten a 30 year mortgage.

You live and learn......

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Specializes in Med/Surg, Geriatrics.
I started saving in my 20s and one thing to remember is that if you are putting it into a 401k or similar tax deferred account, then your taxable income goes down so less money goes to the IRS. I currently put about 20% of my salary into my retirement savings.

Well done!

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Specializes in Peds/Neo CCT,Flight, ER, Hem/Onc.
I started saving in my 20s and one thing to remember is that if you are putting it into a 401k or similar tax deferred account, then your taxable income goes down so less money goes to the IRS. I currently put about 20% of my salary into my retirement savings.

Smart, Smart girl!!!!!! or guy!

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Specializes in Health Information Management.

I'm counting the days till I finish my degree, land a reasonably compensated job in my field, and can pay the bills without fear and start throwing money into my family's retirement and college funds. I know that sounds like a really geeky dream, but it is going to be so wonderful when I have enough money to pay the basic household bills without holding my breath and crossing my fingers! (And no, my spouse and I aren't profligate spenders, nor did we buy a house at the height of the bubble or anything of that sort; we're just really poor and have a preschooler.) As soon as I have ANY extra income, it's going towards our future needs. Too bad I'll be at least 35 by the time that happens.

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