When you were a kid, did you ever play the game of “If I had a million dollars, here’s how I would spend it”? Casual conversations would ensue with your friends about mansion with spiral staircases, gorgeous homes on the beach in Hawaii, private jets that would fly in and out of your backyard and the ranches you planned to own and fill with exotic animals. Little did we know at the time that it takes a lot more than a million dollars to own those things, and that it’s much harder to accumulate funds than to lose them.
In the spirit of having a realistic view of money, Reddit users have recently been confessing the worst financial mistakes they’ve ever made, and we thought it might be useful to pass along their knowledge, if it'll help any of you pandas avoid making the same mistakes. From plunging themselves into debt with student loans to trusting that their spouses would be wise with money, we’ve gathered some of the most painful mistakes down below. Keep reading to also find interviews with Reddit user The_guy321, who sparked this conversation in the first place, financial advisor Michael Kitces, and Jen Smith, co-host of the Frugal Friends podcast.
Be sure to upvote any responses that hit home or that you’ll keep in mind for the future, and then feel free to share any financial faux pas that you’re guilty of in the comments below. Then, if you’re interested in checking out a Bored Panda article featuring tips that can help you save a little extra money, look no further than right here!
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#21
Nearing the end of the dotcom boom (it hadn't busted yet) I had a about s**t ton of stock options to exercise. I was about to do it, when I heard that my Dad was entering the hospital for a cancer operation. I put the stock options exercise on hold for a week and went to be with my Dad (and Mom).
While my Dad was in the hospital, my company released an earnings warning and our stock price got annihilated. When I did eventually exercise my options, I was down about $1,000,000 from where I was before my Dad entered the hospital.
For the record, my Dad is OK. And if faced with the same situation I would make the same decision. It might have been a big *money* mistake, but it was not a mistake.
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96points
I sincerely hope all of you pandas are in a secure place financially, but if you're looking to save a little bit more or start spending more wisely in this new year, I'm sure you can gain some knowledge from the responses on this list. Keep upvoting the answers that might spare you or someone else from making the same mistakes, and let us know in the comments any other financial lessons you've had to learn the hard way. Then, if you're interested in checking out another Bored Panda article that might help you save some extra cash, you can find that right here!
#22
I paid for my ex-girlfriend's college tuition for three semesters as she 'just one semester left'-ed me for all three. That was AFTER she got a letter stating she was no longer eligible for the Pell Grant or further loans. So, the banks said, 'No more,' but I paid for another year and a half, while also paying all the household bills and supporting her kid.
We broke up, and she had the nerve to talk about what I supposedly OWE her.
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90points
#23
i went to america for 10 days to visit a buddy of mine. cost me a fortune and i arrived to find he had been absorbed into his new girlfriend and was not the guy who left. Anytime he was away from her he was miserable and didnt want to do anything when he was with her all they wanted to do was have sex so they tried to get rid of me. massive waste of money and the loss of a friendship
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87points
#25
Not mine, but my dad's. He bought like $500 worth of collectable Star Trek dinner plates in the 80's thinking they'd be worth a ton of money in a few years. They're not.
82points
#27
Procrastination.
I have paid so many procrastination fees for late bills, and missed opportunities that the mind boggles.
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75points
#28
thought i was just being a generous and kind person helping people out and never really expected them to pay me back. i was an IDIOT
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73points
#30
I was not good at checking my company email inbox, nothing important came through there anyway (we mostly used Slack). And that is how I missed the deadline for my company’s IPO. They offered us stock at $10 and it opened at $40.
Now I read my emails.
65points
#31
I discover bitcoin very early: I bought 100 of them at 63 cents a piece.
Sold the whole bunch for 300 dollars.
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64points
#32
Spending all my student loan refund checks instead of saving those f*****s to, oh, I don't know - PAY OFF MY STUDENT LOANS.
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64points
#33
I invested $890 into a stock and it later became a little over 1.5 million dollars. I did not take the money out because I thought it would go up. I quit my job because I thought I was going to be rich. My stock crashed to worthless, I’m struggling to get by. I could’ve had a house, started a business. Now I have nothing
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63points
#34
Sold my MTG collection in 1998. Almost full power9, 40 revised duals, all the playable cards from beta, legends etc. Sold them for $1000 and bought booze and meth.
Would be able to pay for a house with those cards now.
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58points
#35
Bought a condo in July of 2007. The timing literally could not have been worse. Could have bought it for virtually half the price if I waited a year. Sold it just last year for less than I bought it (after inflation).
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54points
