I got together with the wrong person. That woman cost me $15k in 3 months, burned through all of my savings for her amusement and made me take a $6k loan for furniture and a flat. Lemmings, what’s your sad story?
Do NOT do business with family.
Bought a house through my sister. She was supposed to give us $19K @ closing. We got $3K.
Fucking cunt!
I didn’t have a prenup drawn up. Bye house.
Once fell for a high yield bitcoin scam.
Not buying $100 bitcoin when it was $0.00001
Thats just the gen-z version of not investing in apple in the 90s. Missed opportunities are not the same as actual mistakes, they all involve risk and things that blow up like BTC are rare and hard to see before they are take off. Its best to not kick your self over not having a time machine.
Then it would probably be getting credit cards.
Kids, don’t get credit cards, sure there are some benefits but unless you are anal about your finances 24/7, you are going to mess up at some point. Instead, just save your money if possible and pay cash for everything. I know housing is super expensive and one can’t just save money for a roof so there are some exemptions, but don’t let the exceptions become the norm. Also, fuck those loans to buy daily stuff in multiple payments, there should never be a reason for you to need that (hopefully I’m not super disconnected from current financial reality)
Credit cards are fine if your responsible with them. Don’t run balances (unless you have to), use them as a buffer for your checking account, not a loan. Try and find one associated with your main bank, set a low balance limit (less than your savings, and try to get your savings over that limit), has decent rewards and has low fees. They are not in the business of screwing their existing customers, unlike a retail card, which has less of an incentive to behave.
The key adventage if you good at being a boring banking customer is dispute resolution. In the case of debit cards, you have to go after your own money. With credit cards, the bank has to go after its money, and they can put more effort into it than you can. (Plus enough credit card disputes will cause the card processor to drop the vendor, so… You have that card to play).
And your 100% correct on the micro-loan nonsense, thats not finance or credit, they are a scam.
My finger was hovering over buying about 250$ worth of bitcoins at around 0.20USD a pop. Back then I was pretty broke. I had been unemployed for a bit was burning through savings and struggling to pay rent, so it was hard to justify.
Same here, my paycheck barely covered my expenses and putting down $100 on some “crypto funny money” seemed like throwing money away
Probably not exactly what you meant, but not going to college with my group of friends that did. They went for computer science because they were interested in it and are now doing very well for themselves. I was never that interested in it and am more “hands on” with physical stuff so I didn’t feel like I should “waste” the money on that degree and figured I would spend time trying to figure out what I could do.
I never “found myself” and am currently living in someone’s garage making not much money working in a factory that’s going to be over 90°F today with 75+% humidity… So in my case the financial mistake was not taking out a loan. :/
You’ve probably heard this a million times, but why not learn a trade?
I tried my hand at HVAC but I absolutely cannot stand not having a schedule, nothing worse than getting home and getting a call that I have to go back out for… that and I live in an overpopulated area so driving in traffic every day was just adding to the stress. I was never more miserable than when working that job. :/
HVAC isn’t the only trade. HVAC is a TON of reactive work due to heating/cooling loss, which has immediate tenant impact that needs to be taken care of ASAP.
Any utility work is likely in the same boat.
Depending on your area you could look into framing, masonry, concrete. If you’re detail oriented you can get into cabinetry, tiling. Windows/doors/flooring is good for consistent work. Roofing will likely be consistent but it’s hard af and fucking dangerous, I wouldn’t recommend.
You want to look for businesses that do new construction/commercial if you’re looking for steady work. If you’re getting into the industry you’ll likely start as a laborer, but if you’re a good worker that shows up on time you’ll quickly outgrow that because a TON of laborers are super unreliable, drugged out, shady etc. It’s hard work, and often fairly thankless at first, but if you have a good attitude and show that you want to learn you’ll get a taste of different stuff and can maybe narrow down where you want to focus. It could mean you take a pay cut at first depending on what you’re making now, but if you can get picked up as an apprentice in a union you might get over that hump (depends on your area and the union… I’ve seen IBEW brothers who work in restaurants when there isn’t enough work to get them out on jobs. Totally depends on your area/season/trade).
Another possibility is mechanic, diesel is not going anywhere as well as bodywork/paint, but I’m not really sure how that industry is to break in to. If you’re not a car guy you might struggle to get your first hire unless you’re willing to do cleaning or other stuff at a shop/dealer and work your way up, but I don’t really know.
The best time to start a career was when you were 18, perhaps. The second best time is tomorrow. It’s up to you what you want to do with your life but most of us don’t get stuff handed to us so if you want something better for yourself you’ll have to look for the opportunities and push for them.
I appreciate the detailed response! Definitely food for thought.
If you weren’t interested in computer science, going to college for it probably would have been a mistake. It sounds like your mistake was not finding your career niche early enough.
I had two: I fell for a predatory gym membership for 24/7 Hour Fitness that charged my card even though I couldn’t enter the damn place without paying for an access card because “it expired”. The fuCK? And years later, fell for another one because the credit card was imposed on me by an Amazon subcontractor during training. They made it seem mandatory for logistical reasons, and I was oblivious. They made it as hard as possible to cancel the damn thing so a lot of people fucked over their credit.
I’ve learned a lot since.
Gym memberships with predatory tactics are wild. An average Joe wouldn’t think of needing to be cautios even with gym memberships
I trusted a family member.
They promised to let me rent the house I had grown up in until I have the money to buy it. At the beginning, I was still a university student with a part-time job so this quickly ate up my savings but I figured it was worth it. Then, about a year after I had finally finished university and had started working full time, they suddenly decided to set an ultimatum of about six months for me to buy the house or leave, even threatening to hire a gardener at my cost to make the property more attractive to buyers.
I pleaded, fought, tried to get a loan but of course without any savings as security, nobody would give me one. I had to move into an apartment, that’s smaller, older and more expensive than the house that had been my home for 23 years. While I’m not in debt, I still struggle to build up enough savings to get a loan for a home, even after eight years on a software engineer’s salary.
I’ve completely cut ties with that side of the family and I still occasionally have nightmares about the whole situation.
I’ve completely cut ties
Fucking hell I was gonna say, you call that family??
Barely.
We can’t choose who we’re related to but we can absolutely choose not to talk to them ever again.
I was the tech director of a small video game start-up. Our investment dried up but I didn’t want to lay off our employees so I kept the company going, burning through my savings, and not taking a salary myself, while hoping the finance director could sort out new investment.
He couldn’t. We had to wind the company up anyway and I had nothing left. That lead to some hard times.
I had been in the US military for around 4 years when I was sent to a mandatory financial education course. Turns out, it was just a guy promoting TSP (Thrift Savings Plan), a sort of optional 401K-type program the military offered. This was back when the military still had a pension program instead of a mandatory 401K option.
I didn’t know anything about financial investments and the guy was basically speaking an alien language to me. But one thing stuck out to me: he claimed that if I started making the max monthly contributions from my paycheck at the beginning of my career (which the govt would match with their own contributions), I could have roughly $1 million saved by the time I was retirement-eligible at 20 years of service.
I was already 4 years into the service so I was way behind, but it still sounded like a good opportunity. I raved about it to my dad, who had spent a lot of time working on his own personal investments. He grew up dirt poor with barely enough money to feed and clothe himself, and by the time I was born, he and my mother were considered upper-middle class for the '80s. He was very money-focused and a living example of the old Boomer mentality of “picking yourself up by your bootstraps,” so I usually trusted him for financial advice.
He told me that he’d never heard of this “TSP thing” and that it sounded like a scam. He told me to avoid it and look into other “more legitimate” options for investing my money.
So I didn’t enroll in TSP. I knew nothing about how to invest money or who could get me started, so I did nothing else with my paycheck, besides stashing as much as I could into a savings account.
For all my dad’s knowledge on money and investments, he was awful at teaching anything. He didn’t have any detailed step-by-step advice, just generic stuff like “set up a Roth IRA” (whatever that was) and “pay attention to what’s happening on Wall Street.” I really shouldn’t have turned to him for advice, but I was young and naive and he appeared to know what he was doing.
Fast-forward a decade later, my wife (who was also serving in the military by that time) mentioned something about her TSP account and asked me about my contributions. I told her I never signed up for that program. Her jaw dropped. Over a decade of service and I had invested nothing?! She immediately signed me up for TSP and had me dump as much as I could into the account.
Today, I’m 3 years retired and I got a decent chunk of change tucked away in my TSP; enough to get me out of a financial struggle if need be. But it’s nowhere near $1 million.
All I had to do was sign up and tell it to take money out of my paycheck before I got paid. That was it; it was so simple! I could’ve had over $1 million in investments by now. Instead, I’m surviving on my measly military pension and some disability payments from the VA.
I’m not hurting financially, but I’m also not rich by any stretch of the imagination. Minus my debts (mortgages, large repairs, county-mandated home projects, etc.), I’m probably breaking about even, if not a little in the red. So I don’t really have money to throw around.
I had a solid govt paycheck for 20 years! If I had just created a TSP account all those years ago, I could have tons of money to retire with. Heck, if I had learned even a little bit about investing my money, I might have been able to “class-jump” like my dad did all those years ago. Later in my military career, I made a point to educate our young service members about their financial options, so they could get the head-start I missed out on.
Tbf, the tsp by default I believe throws your money in a G fund which is basically bonds iirc. So you’d be better off but if you never actually managed it it would’ve netted you far less than you think.
Still, better than not being in it. Good on you for helping others avoid the pitfalls you experienced.
As the other commenter said, it now puts you in the closest life cycle fund to your 67th birthday. They also automatically start you contributing 5%, which would get you the 5% match. Basically immediately doubling your investment.
They changed it a few years back to default to the Lifecycle fund which matches your retirement date.
This is so much better. Glad they did that.
Your mistake wasn’t the woman.
It was your inability to say no and set boundaries, especially when it involved money.
That kinda sounds like victim blaming
She would have left of her own accord without damaging the saving account. Boundaries would have made this a self-solving problem.
Droppping out of college after 5 years. Instantly got me 30k debt.
Oof.
And wait a minute, I just saw you in the Europe community. Hi. 😊
And wait a minute, I just saw you in the Europe community. Hi. 😊
This is like when you see a neighbor in the frozen aisle and wave politely but then ten minutes later you see them again in the bakery and you’re like, not sure how to react because it’s weird to wave again but even weirder to pretend like you didn’t see them so you end up saying something stupid like “we gotta stop meeting like this” and then your own inherent cringe bounces around inside your head for hours
I sold all my Nvidia stick right before the AI boom.
Haha, I bought 200 shares at $10.12 and sold at $12 along with a bit of other stocks I had because I needed a down payment for my house. After splits since, last time I decided to depress myself looking at one of those calculators it would be like 800k.
I’ve learned playing (free) poker though, you’ll eat yourself alive if you focus on the woulda/could/shoulda and end up making more mistakes. In poker (and investing) you do the best you can with incomplete information and sometimes it sucks. Move on.
I was mining bitcoin in the very early days (when bitcoins were worth pennies). No idea how much it was and is worth now, but I am pretty sure I’d never have to work again if I still had access to these bitcoins.
My story is when you could first buy them when they were worth pennies and a friend wanted to invest with me in them. Only wanted us to each put in $100 at first. Just didn’t believe they’d catch on.
I mean, you weren’t really wrong about them catching on. Usage by everyday people is vanishingly rare and it’s certainly not trending in a positive direction. They’re just… worth a lot now… for some reason.
I was down on my luck and had to sell a dozen bitcoin for like $80 a pop so I feel you lol
On May 22, 2010, now known as “Bitcoin Pizza Day,” Laszlo Hanyecz, the Florida man, agreed to pay 10,000 bitcoins for the delivery of two Papa John’s pizzas.
[…]
Nine months after the purchase, Bitcoin reached parity with the U.S. dollar, making the two pizzas worth $10,000. In 2015, the fifth anniversary of Bitcoin Pizza Day, the two pizzas were valued at $2.4 million. On May 22, 2024, Bitcoin was at just over $69,181 making the pizzas worth…you get the point.
https://www.investopedia.com/news/bitcoin-pizza-day-celebrating-20-million-pizza-order/
I remember sites where you could play games and bitcoin was basically used as a score/prize - if I’d spent half my lunch hours playing I’d be set for life nowadays.
It’s best not to lose your mind over it, like the guy who has been searching for his lost disk in a dump for 10+ years. Here have a funny gif to cheer you up:
I also had a Bitcoin wallet on an old laptop I used of my fathers that he eventually sent to the dump that I very much considered trying to get back for a while. But I decided down that road lay madness. It still makes me sick to think about. Not as much as it used to. I’ve come around to literally throwing multiple lifetimes worth of money away.
Me too… I had 130$ in btc and just bought games on steam.
