Want to own up to any money mistakes?

[rob62521]

I'm thrashing myself right now for something I did recently. My mom died, and I am trying to sell her house. I wanted to sell it "as is" because I did not want to put any more money into the house nor any time since both dh and I work full time and we are not what you consider handy. We contacted a someone who buys homes "as is" and he gave us an offer. We were set to accept that offer when a friend of ours wanted to have his son buy it. I spoke with the first person and they said they wouldn't be upset if we sold it to the friend's son so we proceeded. So, I went to the lawyer and had the papers drawn up and we signed the contract. All well and good so far.

Well, my friend wanted to go in and clean the house so it would be ready to move into when sonny got the loan. However, stupid me didn't ask his definition of cleaning. I was OK with the carpeting shampooing and the wall cleaning and even the fixing of drywall. What upset me was when he took off all the doors on the interior and threw them away and ordered new ones with hinges and doorknobs. The only reason we knew he did it (after the fact) was we stopped in to see how the "cleaning" was going along. I told him I was very alarmed at this because if sonny didn't get the loan, this could be a problem. He reassured me that if his son didn't get the loan, the kid's mom would get the loan instead.

Well, long story short, the kid didn't get the loan, mom decided to teach him a lesson and not get the loan for him and I feel obligated to pay this friend for the cleaning materials and new supplies. I feel so stupid. I should have known better than to deal with a friend. The good news is the first guy will still take the house at the price he originally offered. I just am out over a grand because I trusted my friend.

[JanH]

Re: Want to own up to any money mistakes?

A dozen years ago, when we bought this house, I had no concept of termite stuff. Growing up, we never had bugs or termites cos mom had under the house sprayed all the time. You can't do that now, and I never asked anyone about bugs. So I let the house's termite contract lapse. Yep, sure enough, the house ended up with termites and I was out a bundle to get it treated. I felt so stupid. Would have been a fraction of the cost to just have continued the contract. I have one now! Had termites again after hurricane rita, so it was "free" treatment.

[Ima saver]

Re: Want to own up to any money mistakes?

Bought some stock during the big tech craze. It was worth big bucks when I paid for it; it is worth about $2 today!

[Broken Arrow]

Re: Want to own up to any money mistakes?

Heh. Where do I begin?

[disneysteve]

Re: Want to own up to any money mistakes?

Biggest money mistake I can think of offhand was getting talked into a variable universal life policy when I was young and naive. I ultimately cancelled that policy and chalked up my losses to experience. It actually turned out well in the end, though, as Prudential got sued in a class action suit for deceptive marketing of those policies and I received a refund of most of what I had paid in premiums.

[JanH]

Re: Want to own up to any money mistakes?

When first married, we bought one of those universal life policies, too. What a waste of money! But we didn't know any better. Got rid of it finally.

[Jacklad]

Re: Want to own up to any money mistakes?

The biggest money mistake we ever made was not keeping up with our homeowner's insurance coverage. At the time we'd bought our home, we insured for a reasonable amount. What we didn't stop to consider was that we wouldn't always be in the "just starting out" phase. We lost everything when we had a house fire - while the balance of the mortgage was paid off, we were left with very little left for the contents. That had been fine at first, but eight years later with 3 kids, decent furniture, appliances and electronics, we weren't even in the ballpark. Outfitting all the kids with *everything* (including new baby furniture, etc. as our youngest was an infant) cost a fortune by itself.

Now we review our policies annually, take a video camera and tape a walkthrough of the house (noting any additions) and keep a copy of the tape at hubby's office. We don't skimp on house or auto insurance, period.

Jackie

[pearlieq]

Re: Want to own up to any money mistakes?

Oh, where to begin...

Spending a ton on nothing in college, giving up a good-paying job with no decent reason, booking a too-expensive reception hall for our wedding and losing the $1000 deposit, breaking our lease early when we bought our new house and paying through the nose for that, and getting giddy when DH got a high-paying consulting job. Instead of saving as much as we should have, we bought a lot of luxuries.

I could go for a while on this...

[PRICEPLUS]

Re: Want to own up to any money mistakes?

Bought a Chinese Telecom stock that I can't even give away now. I took a bath but learned a valuable lesson. Always research things yourself and never take a "tip" from a good friend!

[toys]

Re: Want to own up to any money mistakes?

One of many...


I finally decided to use one of those debt consolidation companies to help me organize and deal with my overwhelming credit card debt. I did no research. I just chose a company from the myriad of spam (hindsight, trust me, I know, I know) I had on the subject.

I sent them hundreds (thankfully not thousands) towards cleaning-up my debt. They never sent any money to a single credit card company, muchless contacted anyone (as promised) to assure the companies that I had made this payment schedule.

After a few months, when ALL of my creditors continued to call because I was no longer sending them payments... and neither was any supposed company... I finally stopped sending money to that debt-consolidation group.

[rob62521]

Re: Want to own up to any money mistakes?

Do you think we've all learned from our "mistakes?"

[disneysteve]

Re: Want to own up to any money mistakes?

I signed up to the MediaTic programme in my school five years ago because I wanted the stupid Apple computer... Needless to say, I learned absolutly nothing there and waste 2K for a useless laptop that I can do almost nothing with it. My teacher said I wouldn't be able to make it in regulier classes without the programme... Tsss... I'm doing fine without the stupid programme thank you... And thanks for wasting my stupid 2000$, now I totally hate everything that's made with the Apple name in it.

I'm not sure why you are angry at Apple if the class wasn't helpful, but that doesn't make the computer worthless. A 5-year old computer should still be just fine for web surfing, word processing, games, etc. If you don't want it for some reason, have you thought about selling it on ebay. Apple computers are among the best made. Very dependable. You won't get $2,000 for it but I'm sure you could get a decent price.

[Elgin526]

Re: Want to own up to any money mistakes?

Two things, really. Putting so much of the wedding on the CC insteading of paying for more of it upfront. And then taking so long to do a balance transfer from the high interest card to a 0% offer. I cringe at the interest I paid!

Now? We pay the CC we use in full every month (even if it kills us, and this month it's gonna kill us!), and are on track to pay off the 0% offer in 16 months (that's after the 0% expires though, so I'll try and do another balance transfer when the time comes).

[Joan.of.the.Arch]

Re: Want to own up to any money mistakes?

The two sofas I have bought in ten years were both mistakes. Neither was well made. I really think they are intended to be disposable. Use it for a few years while it is a current style, then throw it away and buy new. Well, I bought these sofas not for how they look, but how they "fit." I have a back problem and need furniture with good support. Like Goldilocks, I had t go from piece to peice in about ten different stores to find a sofa that fit. But both these sofas turned out to be just junk. After the first, I thought I knew more about sizing up furniture quality, but apparently not. Less than two years from purchase of the second sofa and I am already disgusted. I do not want disposable furniture. I want something that is going to last. I hate this junky crap.

[LuxLiving]

Re: Want to own up to any money mistakes?

Selling my little studio condo! Should of found a leasing agent and rented that puppy out all these years.