So what is the worst Financial Mistake you have ever made?

[CB Jones]

Not investing in retirement in my mid twenties. As I'm getting closer to retirement age....I look back and call myself a dumbarse.

Had I just invested the money I spent on tobacco for 15 years.... I would have had a nice little pot of money.

I did save a friend from making a huge mistake though....he had friends trying to convince him into going in with them to purchase Iraqi Dinar. Lol.

 

[Chrisinmd]

Had I just invested the money I spent on tobacco for 15 years.... I would have had a nice little pot of money..

I hear you there. But my issue was not tobacco it was gambling and alcohol

 

[Yokozuna514]

Not investing in retirement in my mid twenties. As I'm getting closer to retirement age....I look back and call myself a dumbarse.

You are definitely not alone here and to be fair no one that wasn't upper middle class in the 80's thought of investing in retirement let alone investing period. I am always amazed how little they teach kids about the power of investing and time so from a young age, I have always tried to explain it to my kids.

Now as they are at an age where they earn their own money and can think of things to do with it, investing comes to mind. They have dabbled with investing and savings for a few years and can 'seemingly' understand the basics of personal finance.

In any event, we try and make our kids better than we were. Hopefully they listen and learn from our mistakes.

 

[Argus]

1. Not saving and investing earlier. (Compound interest is, indeed, an incredible thing, but you have to start early. Better late than never, though).
2. Buying a ton of toys and junk I don't need.

I have made a few good decisions at least, though:

1. Not getting into debt, and never paying a single cent in credit card interest.
Seriously, credit cards are absolutely awful. Yearly rates of like 30%? Even Warren Buffet doesn't earn returns like that!
2. Not buying money traps, like expensive cars, houses/apartments, etc. Generally living within my means.