Everyone makes mistakes – even financial experts. The beauty of this is that you can learn from the mistakes of others, to make sure you don’t make the same ones. Let’s be honest, right now with inflation at an all-time high, the fewer financial mistakes we can make, the better. Thankfully, financial experts have shared some of their biggest financial regrets. Make sure you don’t make them, too!
- “One of my biggest spending regrets is luxury items I barely used, specifically designer handbags in my 20s and other brand clothing. I’m all for buying quality items, but it has to make sense when it comes to cost per wear. I had a collection of items I was barely using that would’ve been a better sense if the money was invested. I learned this in retrospect.”
- “My biggest spending regret is spending over $50,000 on a wedding that I didn’t want and only had to placate my Latino parents as their eldest daughter. They wanted me to have a fairytale wedding, so they ended up using $15,000 from their retirement account to help me pay for my wedding, while I covered the rest. I’m now divorced, so there’s that. It was definitely a waste of money, and if I could do it all over again, I would have done a much smaller thing (or better yet to be honest, not gotten married at all).”
- “One of my biggest spending regrets is purchasing a timeshare. It was a hasty decision that comes with an annual fee that does nothing but go up in price every year. Prior to purchasing the timeshare, I should’ve understood it was likely something I wasn’t going to use every year. Before purchasing something with a contract or annual fee, you should list the pros and cons. You should also determine whether that annual fee increases each and every year, and if so, whether or not the increases fit into your budget.”
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Source: Huffington Post