What is the biggest financial mistake you made in your twenties?
- Thread starter j.smooth4
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Some of these things ya'all are saying actually worked out well for me....I lent a friend $2k once and he actually paid me back in three weeks....racked up $65k in student loans from two degrees, but with a mix of working the government incentives and managing my money well was able to pay it back fine and I think the degrees were worth it.
Biggest mistake I made...I was teaching inmates in a jail when I was offered a different position by an old boss of mine who was going to recommend me to replace her. I'd never worked in management before and wanted the experience. When I decided to take the job, I thought I did the "respectable" thing and gave my employer notice that I wouldn't be coming back for the next school year.
But I just assumed that since I was still working the entire school year, that my health insurance and such would extend through the summer like they did for everyone else. Nope....the district cut off all my benefits the second the last day of school ended and didn't even tell me.
Two weeks later, I broke my hand and had to go to the hospital. They took my insurance on the spot, but when they ran it later it was rejected and they told me I was uninsured.
If I had just waited to the end of the summer to get my notice, then I would have kept my insurance through the whole summer. But if I had done that, they would have had less time to get a replacement teacher for the inmates....it was a crap decision to have to make.
Biggest mistake I made...I was teaching inmates in a jail when I was offered a different position by an old boss of mine who was going to recommend me to replace her. I'd never worked in management before and wanted the experience. When I decided to take the job, I thought I did the "respectable" thing and gave my employer notice that I wouldn't be coming back for the next school year.
But I just assumed that since I was still working the entire school year, that my health insurance and such would extend through the summer like they did for everyone else. Nope....the district cut off all my benefits the second the last day of school ended and didn't even tell me.
Two weeks later, I broke my hand and had to go to the hospital. They took my insurance on the spot, but when they ran it later it was rejected and they told me I was uninsured.
If I had just waited to the end of the summer to get my notice, then I would have kept my insurance through the whole summer. But if I had done that, they would have had less time to get a replacement teacher for the inmates....it was a crap decision to have to make.
Kenyan West
lazy fba philly nikka,
Turned 21, made around 55k. Didn't save shyt.
Spent 1k+ on drinking excursions in multiple cities with my borderline personality disorder having hoodrat exgirlfriend. Broke up with her, got back with her the next year and did it again.
Cashing out my 403b, because of debt, but spent it on whatever the fukk.
Lost the most money I've ever had at a gig because they forced me into a role I didn't like and said fukk it. Got fired. Wasted most of the severance.
Collections, collections collections. My credit will be trash for at least 2-3 years.
Found a little crazy hustle, made 10k in like three months from my crib. Would wake up to money notifications. Thought it would last forever, but that shyt got shut down. Didn't save the money.
Had 5k in credit card debt, paid it off and racked it back up.
Lost of job ruined my moms credit because I couldn't pay the bill after she lost her job.
Found out I could get internet free (city wifi) at the crib recently, but instead paid 120 a month for five years. Should have done the research.
Didn't take financial assistance when I needed it because of pride.
Just maaad irresponsible with the green. Just turned 30, starting the road to recovery. New gig tomorrow, but most of that shyt is going to bllls and cleaning up my credit. Not a huge annoyance, that splurging lifestyle was left in my twenties. You live and you learn, I suppose.
Spent 1k+ on drinking excursions in multiple cities with my borderline personality disorder having hoodrat exgirlfriend. Broke up with her, got back with her the next year and did it again.
Cashing out my 403b, because of debt, but spent it on whatever the fukk.
Lost the most money I've ever had at a gig because they forced me into a role I didn't like and said fukk it. Got fired. Wasted most of the severance.
Collections, collections collections. My credit will be trash for at least 2-3 years.
Found a little crazy hustle, made 10k in like three months from my crib. Would wake up to money notifications. Thought it would last forever, but that shyt got shut down. Didn't save the money.
Had 5k in credit card debt, paid it off and racked it back up.
Lost of job ruined my moms credit because I couldn't pay the bill after she lost her job.
Found out I could get internet free (city wifi) at the crib recently, but instead paid 120 a month for five years. Should have done the research.
Didn't take financial assistance when I needed it because of pride.
Just maaad irresponsible with the green. Just turned 30, starting the road to recovery. New gig tomorrow, but most of that shyt is going to bllls and cleaning up my credit. Not a huge annoyance, that splurging lifestyle was left in my twenties. You live and you learn, I suppose.
shynewhatts
Pro
I took out multiple loans a g each within a week and went flossing . Shut down my bank account and told them in 7 years my debts clear anyways fukk i still have 4 to go
Made Myself A Boss
#Trolltruck
Bought an old beat up condo outside of DC where I was paying$1800 (it was on the top floor) plus $600 in condo fees per month because someone told me it was better to buy than rent an apartment
I stopped paying my mortgage after about 8 months.. That place was absolute trash
I stopped paying my mortgage after about 8 months.. That place was absolute trash
DirtyMoney
Banned
1.Sold a house and didn't declare it.
2.Blew $25k investment in stocks on a marginal call not checking the acct that friday 4pm.
3.Blew another $25k on stocks which i withdrew and partied with.
4.Blew 40k+ travellin for 2 yrs and buying friends tickets to come hang.
5.Kinda moved some money illegally 2yrs ago for which i may do some time, which is scary.
6.Never learnt financial responsibility.
2.Blew $25k investment in stocks on a marginal call not checking the acct that friday 4pm.
3.Blew another $25k on stocks which i withdrew and partied with.
4.Blew 40k+ travellin for 2 yrs and buying friends tickets to come hang.
5.Kinda moved some money illegally 2yrs ago for which i may do some time, which is scary.
6.Never learnt financial responsibility.
Blowing half of my $25K inheritance from my late father (I did use the other half to buy a truck which I still have 13 Years later). Most of it went to sex related shyt (porn (early 2000s), swinger parties , massage parlors , etc. )
Victim of those Nigerian internet dating scams
Ironic that I was warning a friend who was talking to a girl online about the same shyt months prior. Lost nearly $5K in three months . Believe it or not, it could've been a lot worse for me financially. At one point, I had ten different payday loans at the same time. Luckily I'm in California and I didn't get charged interest . So I was able to pay the $2K of the loans off in a few months and the companies were flexible with payment amounts 
If you NEVER had anything remote to a intimate relationship with someone before and you feel something close to it with someone from a dating site/online chat , shyt can make you do things you thought you would never do in your life, ever. I felt like I was on some drug . fukked me up when it came to dating for a while after that.
Things got a little
at the end of that internet dating mess to the point, I'm lucky nothing happened to me physically.
Losing $2200 wiring money to a eBay seller in the UK instead of PayPal for a TV. Couldn't get the money back . Paid the same amount for the same TV a while later from a REAL seller in Brooklyn .So it was like I paid double for the TV
At least the TV still works fine 11 Years later 
Balancing five credit cards at the same time while working a shytty, but well paying computer sales job at Fry's Electronics. Lost the job abruptly and maxed out the credit cards trying to live off them like they were real money
Seven years later and my credit score is still recovering from it.
Victim of those Nigerian internet dating scams
Ironic that I was warning a friend who was talking to a girl online about the same shyt months prior. Lost nearly $5K in three months . Believe it or not, it could've been a lot worse for me financially. At one point, I had ten different payday loans at the same time. Luckily I'm in California and I didn't get charged interest . So I was able to pay the $2K of the loans off in a few months and the companies were flexible with payment amounts If you NEVER had anything remote to a intimate relationship with someone before and you feel something close to it with someone from a dating site/online chat , shyt can make you do things you thought you would never do in your life, ever. I felt like I was on some drug . fukked me up when it came to dating for a while after that.Things got a little
at the end of that internet dating mess to the point, I'm lucky nothing happened to me physically.Losing $2200 wiring money to a eBay seller in the UK instead of PayPal for a TV. Couldn't get the money back . Paid the same amount for the same TV a while later from a REAL seller in Brooklyn .So it was like I paid double for the TV
At least the TV still works fine 11 Years later Balancing five credit cards at the same time while working a shytty, but well paying computer sales job at Fry's Electronics. Lost the job abruptly and maxed out the credit cards trying to live off them like they were real money
Seven years later and my credit score is still recovering from it.
GoGetMyDamnBelt_
All Star
Well, I'm 21 now and I've made wise financial choices so far with a lot of advice from older people but when I first got hired by TSA at 19, I financed a car with a 18% APR 
I refinanced and it dropped to 10% but the fact I'm stuck in a loan period really makes me regret doing it.
I refinanced and it dropped to 10% but the fact I'm stuck in a loan period really makes me regret doing it.
Kilgore Trout
Banned
None cause they were amazing lessons.
I need to chill on going out and spending money on bytches.
I need to chill on going out and spending money on bytches.
havoc
Superstar
I grew up without any guidance on finance. Nobody taught me how to save money and give me any knowledge on the benefits of investing in a 401k plan. I wasted money in my early twenties on clubbing, chasing p*ssy, and spending money recklessly on trivial things. The biggest mistake I ever made is loaned my cousins $1200, and financially supported my friends with 4 stacks to create a mixtape and promote it. Those fools made some great songs could have been hits, but they decided to fall back because they were too concern about not having a balling image like Jeezy and TI. 
TheAlbionist
All Star
Chrome Rims
£5k on those bytches when I was 21... could've been well on the way to a deposit on a house that'd be halfway paid off by now rather than just starting out.
£5k on those bytches when I was 21... could've been well on the way to a deposit on a house that'd be halfway paid off by now rather than just starting out.
havoc
Superstar
180k gone in three years !!!Yikes
I went thru $180K from a trust within 3 years starting when my mom died (I was 19). No job, smoking weed 24/7, buying whatever I wanted, it was great....
Then reality drop kicked me in the fukking face when that money ran out
Im like about $15K in debt now, just starting a sales job to help with that but I don't think I'll be making enough money yet to pay next months bills. Got a boo & 3 year old girl to provide for on top of my dog and I ain't EVER had this kinda pressure in my life. I went from living with my mom, to her dying, and living nice, to swiftly going broke & struggling with my own lil family. Luckily I had great credit to hold me off for the time being but it's getting lower.
My credit score was like 760 & now it's 644
If I could go back I would've been a little more conservative with the impulse buys & maybe should've found a nice lil part time gig or something. Definitely shoulda been more on top of my month-to-month spending & monitored my budgeting. My whole goal was to move across the country & be a rapper (cliche, I know) & start building a buzz with my then-plentiful time & resources, but I didn't even finish my mixtape how I wanted before running out of money
Wish me luck brehs I went from buying halve ounces every couple weeks to scraping up change for a couple grams to split with my girl on 420
My goodness, breh. 
How you didn't talk to a financial advisor to assist you in managing 180k ?