What is one of your worst financial decisions? Oof, I’ve made too many. That’s an unfortunate but typical reality for someone with a substance abuse disorder. Recently, a woman asked other women what their worst financial mistakes were. Here are THEIR honest confessions.
1. Maxing Out Credit Cards
What’s worse than maxing out your credit cards? How about only making minimum payments? Several women identify with making this poor financial decision at some point in their lives.
2. Substance Abuse
This one hits me right in my 20s and 30s. Abusing substances, including alcohol, is an expensive and destructive way to mess up your financial future (among other things).
3. Excessive Shopping
Guilty. Fresh out of high school, I remember excessively shopping for clothes, purses, and shoes. Several other women in the forum relate to this reckless way of spending.
4. Extravagant Wedding
A user asks, “Does spending 20k on a wedding count? I’m not a social person, so basically, it was just a really expensive panic attack” Numerous others have made and understand this terrible financial decision. People wish they would have instead used the money to travel or put a down payment on a home.
5. Unreasonable Vet Bill
I feel terrible for one woman who admits to spending over $32,000 on her dog’s vet bills “Over a period of time.” Unfortunately, she used $20,000 from a “Super retirement fund” and had to take out loans for the rest. Ultimately, she failed to “Meet the repayments and had to declare a part nine debt agreement.” Nevertheless, she expresses that despite being a poor financial decision, she would do it again for her dog.
6. Timeshare
Multiple women agree that spending money on a timeshare was their worst financial decision. Someone suggests, “Timeshares are like pianos. You can usually find people willing to practically give one away for the cost of taking it off their hands.”
7. Getting a Degree
Getting a degree isn’t entirely useless today, but it depends on what you’re obtaining your degree in. For example, no one is contesting that we don’t need doctors, but degrees in Philosophy or a subject you’re not going to apply in the field you’re getting into. They are an expensive mistake for many.
8. The Wrong Men
Countless women share staggering stories about being in toxic, abusive, and financially draining relationships. A forum member points out, “I find it interesting how many women here are saying boyfriends, husbands, and dating when men always try to claim we use them for money.”
9. Taking Out a Payday Loan
Have you ever taken out a payday loan? It’s a vicious cycle, and though I’ve not been stuck in one, I’ve witnessed several others pay to get their paychecks back each month. “The interest caused it to spiral, and I got to the point the company was absorbing my entire paycheck before I could pay any bills. Then I’d have to borrow again, which was an ugly cycle,” a woman clarifies.
10. Gambling
An unfortunate number of women share that their worst financial decisions involved gambling large sums of money, including retirement, settlements, and paychecks away.
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Source: Reddit.
Elizabeth Ervin is the owner of Sober Healing. She is a freelance writer passionate about opioid recovery and has celebrated breaking free since 09-27-2013. She advocates for mental health awareness and encourages others to embrace healing, recovery, and Jesus.