One good financial decision and a whole lotta bad ones
October 8th, 2007 by Ana
As part of the M-Network’s big group post today, here are my ONE good financial decision…and a whole lotta bad ones! Like most of the other members of the network, I found it much easier to think of the things I have done wrong with money, and could only come up with one right - possibly even semi-smart! - financial decision.
The ONE good financial decision was when I made certain I could afford my mortgage. The real estate agent tried to talk me into going $35,000 more than what I was looking for, but I dug my heels in (in true stubborn Capricorn fashion) and refused to go above what I personally determined my limit to be. As a result, my mortgage payment over six years later is only $610 PITI and is only 20% of my income during the school year. I am quite happy to say I do not need to worry about getting on the VA Foreclosure list…and rumor has it there are over 3,000 foreclosures in this town of only 150,000 for just this month.
Now, for my long list of “stupid” when it comes to money:
- Getting a credit card when I was an 18 year old freshman at college. Let’s see here…I had no job and tuition bills and had to buy textbooks…what was I thinking??
- Financing the Ford Escort ZX2 that I have finally paid off.
- Financing the 1984 Ford fullsized Bronco from a buy-here pay-here lot because they were the ones who had what I wanted… not to mention my credit was shot from getting that Citibank credit card as a dumb 18 year old college freshman. It’s a toss-up as to which one soaked me for the most interest.
- Buying a horse on the bank credit card I got as a 19 year old. No, I am not kidding. I think I finally paid that horse off in 2000…three or four years after I sold him.
- Fifteen years of smoking, and thirteen years of drinking (legally).
- Sixteen years of my adult life not making a budget. OK, so I really didn’t understand the concept, but it really did hurt me. “What you don’t know won’t hurt you,” is such a lie.
- Not investing!!! I had six years in the army and countless jobs that offered a 401k plan, and have never taken advantage of it. Now I am 34 and getting very nervous about not having anything saved for retirement…now that I realized I would live past the age of 30.
Well, that is the short list just from off the top of my head. So, what does the rest of the network say?
- Plonkee has her “Least Bad and Least Good Decisions“
- Pinyo says these are “My Best and Worst Financial Decisions“
- PaidTwice reports on her “Best and Worst Financial Decisions: From the Trenches“
- Lynnae says “My Best and Worst Financial Decisions: They Might Surprise You!”
- GLBLguy has his “6 Financial Decisions: Don’t Learn the Hard Way!“
- Christian PF confesses to his “Best and Worst Financial Decisions“
- Dough Roller rolls out his personal “Best and Worst Financial Decisions” also
- Single Guy Money’s “My Financial Decisions: The Good and the Bad“
Enjoy, everyone!
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October 8th, 2007 at 8:00 am
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October 8th, 2007 at 12:14 pm
Financing a horse on a credit card? That’s one I’ve never heard before.
Credit cards on college campuses are an evil, evil thing. That’s where my finances started to go downhill too.
October 8th, 2007 at 3:49 pm
You bought a horse with a credit card???? That is the funniest thing I have heard in a long time. I am still laughing as I write this comment.
October 8th, 2007 at 8:03 pm
How do you buy a horse on a credit card? Two words: CASH ADVANCE!
October 8th, 2007 at 11:08 pm
I don’t understand sometimes why people ever use cash advance. The fees and high interest are major pitfalls. Hope you learned your lesson!
October 8th, 2007 at 11:56 pm
Raymond…I learned it the HARD way…I was 19 years old, had passed the AP Calculus test, but didn’t realize what the charges on that cash advance would be. Further proof there is no such thing as a cheap horse!
October 9th, 2007 at 8:01 am
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October 9th, 2007 at 6:31 pm
The horse one is classic. A true southerner (or Texan… they would qualify too!).
The point is, you’re making progress. You’ll be out of debt before long, and then once you graduate, you’ll be making very nice money. Just be smart with it and invest instead of allowing lifestyle inflation to creep up on you and you’ll be fine.
October 11th, 2007 at 5:40 pm
I hear “not investing”. I had plenty of opportunity to put something away when I was younger. . . now I am 33 with a wife and three kids. . . And I am finally trying to put something away. It is a lot harder now than it would have been when I was 21.
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October 19th, 2007 at 1:28 pm
Good post. I like it when people show humility and learn from their mistakes. I esp. love the idea that you bought a horse using a credit card. That’s too funny! I got my first credit card as a freshman in college and it went downhill from there.
October 23rd, 2007 at 6:53 pm
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April 4th, 2008 at 6:48 am
Well, I suggest that you start saving for your retirement fund fast because when you are going to old, you might need that money, of course if you end up old, but if you don’t, you can stipulate in your will who can get the money and make someone very happy.
April 6th, 2008 at 4:27 pm
You did things your own way and got exactly what you wanted. Good for you. I wish I had the same luck. I’m paying 45% of my monthly income for mortgage. Before the divorce it was easier splitting the expenses but buying a house on your own is very hard.
May 1st, 2008 at 10:14 am
Sometimes intuition is all we have and a little bit of logic. What you did was a smart decision and don’t feel sorry, but some things can be fixed. You just need to rethink your strategy and all will be just ok.
May 19th, 2008 at 9:41 pm
Ha! I don’t remember when I made the last good financial decision. Actually, with 1 week before the payment day I am (in the best possible way) on 0…non… empty pockets. I don’t know what I am wasting money on… I always buy all the crap staff from ebay and amazon! I simply can’t help it!