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My worst money mistake

124

Comments

  • ILW
    ILW Posts: 18,333 Forumite
    Matt1977 wrote: »
    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.

    Have you seen what a half decent Mini fetches now?
  • hillcats
    hillcats Posts: 899 Forumite
    Part of the Furniture 500 Posts Photogenic
    Hmmm, joint credit card & current account !
    She just spends, spends, spends...

    Seriously, none I can think of.
    ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
    NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
    BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 2027
  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    hillcats wrote: »
    Hmmm, joint credit card & current account !
    She just spends, spends, spends...

    Seriously, none I can think of.

    ORIGINAL MORTGAGE AMOUNT £106,454.00 (Start Sept 2007)
    AUG 2012 O/S AMOUNT £63,685.48 DEBT REDUCED BY £42,768.52 By Std Regular, Over-Payments & Off-Setting.

    Bank of England + 0.19% Tracker Mortgage (IF OFFSET REPAYMENT) Discounted (Sept 2007-2010) then increased to Bank of England + 0.62% for remainder of mortgage term (2027)


    ...er...

    Am I right? You have £43K of a 1.12% mortgage offset?

    Take the £42,768.52 out of the mortgage immediately, and shove it in a Cahoot 2 year bond at 3.6%. That gives you £1,231.73 interest per annum net. You will pay an extra £479.01 mortgage interest. That's an annual free profit of £752.72!

    I had my £200K fully offset and when (in my case) it went down to 1½%, I stuffed it into 4% bonds and am clearing over £3,600 a year net.
  • Saving
    Saving Posts: 31 Forumite
    Loughton_Monkey wrote: »
    I have successfully avoided what I believe are the two worst financial mistakes anyone can make. These are:

    1. Having children.
    2. Getting a divorce.

    Both of these things are (a) extremely expensive, and (b) totally unnecessary. Avoid them like the plague.

    Well said!
  • oldvicar
    oldvicar Posts: 1,088 Forumite
    homelessskilledworker wrote: »
    Mine was a couple of grand on Marconi
    .....

    Got any National Grid?

    Look at which knight has just turned up as chairman.
  • nollag2006
    nollag2006 Posts: 2,638 Forumite
    Rented a house in my early twenties.

    Paying someone elses mortgage is a complete waste of money.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 24 August 2012 at 8:31PM
    Thrugelmir wrote: »
    a TVR400se

    Otherwise known as the "TVR Wedge."

    Or just the "wedgy" for short.

    An abomination of disastrous 1980's fugliness. Quite possibly the most loathed example of British automotive design since the TR7, and bearing a striking resemblance to a slice of cheese on wheels.

    Although, in fairness, the cheese would have handled better.
    Beauty of a car.

    Oh dear....

    Just...... Oh dear.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • ILW
    ILW Posts: 18,333 Forumite
    Who knows where TVR got it's name from?
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ILW wrote: »
    Who knows where TVR got it's name from?

    Trevor Wilkinson, the founder.

    TVR was a condensed version of his first name.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    ILW wrote: »
    Who knows where TVR got it's name from?

    Company formed around 1949 by Trevor Wilkinson. TVR comes from TVR in the name 'Trevor'.

    Had he been called Batholemew, it would almost certainly have been called BMW
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