My worst money mistake

homelessskilledworker

Joeskeppi wrote: »

My biggest financial mistake was being awarded £8k compensation in 2002 and not buying a house with it.

Where in the UK could you buy a house for £8K??

Thrugelmir

Getting married. Then being shafted in the divorce process (as I found out some years later when it was too late to take any action). Upside was that it changed my outlook on what the main priorities are in life.

The other was running a TVR400se for 8 years. Beauty of a car. Shame that a set of soft compound Yokohama tyres only lasted 6,000 miles.............. and that was driving sensibly.

MacMickster

My worst financial mistake was saying to Mrs MacMickster shortly after we were married "If you really like it then just get it".

I can't remember what it was that I was telling her to just get, but she remains absolutely sure that I meant her to just get anything that she really likes for the rest of our lives.

Loughton_Monkey

Thrugelmir wrote: »

Getting married. Then being shafted in the divorce process ........

There you go!

Women are sentimental creatures. When you think the passion has gone out of the relationship, they like to take a just a small token to remember things by.....

.... like your house. Your money. Your children. And your pension.

Matt1977

My financial mistakes tend to be car related:

Re-MOT-ing my 1979 Mini in 1996 for a cost of £240 when I should have scrapped the damn thing.

Taking finance out in 2002 to buy a 3 year old car. Could have got a bank loan that might have been cheaper, or become a dedicated follower of 'Bangonomics' and bought with cash.

Buying my current car. Big engine means its costly to run and the clutch broke, leaving me with an expensive repair bill.

molit

landbanking....only 5k, and made me much more astute money wise...i view that as my lightbulb moment in terms of lerning about money. Expensive way to do that though

HAMISH_MCTAVISH

Not paying the extra fee for a lifetime base + 0.5% tracker in 2007, and instead taking the (cheaper fee) 2 year deal. A base +2% lifetime SVR ain't bad by today's standards, but it could be better.

And should certainly have bought a BTL before "the crash".... Parked it on the cheapest tracker I could find, and enjoyed the huge rent increases since.

the_flying_pig

HAMISH_MCTAVISH wrote: »

...And should certainly have bought a BTL before "the crash".... Parked it on the cheapest tracker I could find, and enjoyed the huge rent increases since.

Might I respectfully also suggest that, say, five years earlier might have have been a tiny wee bit better time to take the plunge into multiple pwoperdee ownership than 2007? As a rule, getting something for half price or less is a good thing.

wymondham

Matt1977 wrote: »

Re-MOT-ing my 1979 Mini in 1996 for a cost of £240 when I should have scrapped the damn thing.

no... how can that be a mistake, mini's are part of the family!!!!!! unlike the BMW rubbish around now!

Loughton_Monkey

wymondham wrote: »

no... how can that be a mistake, mini's are part of the family!!!!!! unlike the BMW rubbish around now!

...er....

Some mistake, surely?

Who makes the Mini these days?